6-K

SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of November 2009

Commission File Number 000-20181

Sapiens International Corporation N.V.
(translation of registrant’s name into English)

c/o Landhuis Joonchi
Kaya Richard J. Beaujon z/n
P.O. Box 837
Willemstad
Curaçao, Netherlands Antilles
(599) (9) 7366277

(address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.



PRESS RELEASE

SAPIENS REPORTS STRONG Q3 2009 RESULTS

Q3/2009 NET INCOME OF $1 MILLION OR $0.05 PER SHARE

Cary, N.C. – November 12, 2009 – Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) (“Sapiens” or “Company”), a leading global provider of innovative insurance software solutions and enterprise platform that allow immediate response in rapidly-changing markets, and a member of the Formula (NASDAQ: FORTY and TASE: FORT) Group, today announced its results of operations for the third quarter of 2009.

Highlights for Q3 2009

  Revenues reached $12.9 million, an increase of 17% compared with $11.0 million in Q3 2008.

  Operating profit reached $1.5 million, reflecting growth of 114% compared with $0.7 million in Q3 2008

  Net Income reached $1.2 million on a non GAAP basis, compared with $0.8 million net income in Q3 2008.

  Twelve consecutive quarters of operational profit and fifth consecutive quarter of Net income.

  Total equity of $25.2 million, which represents 47% of balance sheet.

  Earnings per share for this quarter were $0.05 (fully diluted), a significant increase from $0.02 (fully diluted) earnings per share reported in Q3 08.

Roni Al-Dor, President and CEO of Sapiens, commented, “In the third quarter of 2009, we continued to improve our results and leveraged the positive trends in the market. During the third quarter of 2009, we increased our operational profit to $1.5 million and tripled our net income to $1.0 million compared to net income of $0.4 million in third quarter of 2008. Revenues in Q3 of 2009 reached $12.9 million, an increase of 17% compared to Q3 of 2008. During the first nine months of 2009, the Company reached $2.9 million net income which is a significant increase compared to the net loss of $1.3 million in the comparable period in 2008.

Mr. Al-Dor continued, “We are very proud of our performance in the third quarter as our performance in all financial measures reached record levels for the year. As the industry shows initial signs of recovery, we continue to find more opportunities to support the organic and non-organic growth of our customers and prospects.

Looking forward, we will intend to continue to expand our market reach with growing focus on the insurance industry, and enhance our investment in INSIGHT – our Insurance Solutions suite. We are cautiously optimistic that the market trends will continue to generate new business opportunities in the future.”



Reconciliation between U.S. GAAP and Non-GAAP results is summarized in the following table. For a complete reconciliation, please refer to the tables at the end of this release.

U.S. Dollars in thousands, except per share amounts

For the three months ended
For the nine months ended
U.S GAAP basis
09/30/2009
09/30/2008
09/30/2009
09/30/2008
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
 
Revenues      12,951    11,024    33,928    32,527  




Operating profit    1,489    709    3,829    1,711  




Net income (loss)    1,035    375    2,939    (1,351 )




Basic earning (loss) per share    0.05    0.02    0.14    (0.06 )




Diluted earning (loss) per share    0.05    0.02    0.14    (0.06 )




  
Non-GAAP   
Revenues    12,951    11,024    33,928    32,527  




Operating profit    1,680    1,137    4,413    2,348  




Net income (loss)    1,226    803    3,523    (714 )




Basic earning (loss) per share    0.06    0.04    0.16    (0.03 )




Diluted earning (loss) per share    0.06    0.04    0.16    (0.03 )





U.S. GAAP results include amortization of capitalized software developments, capitalization of software development costs, and stock-based compensation expenses.

Comment Regarding Non-GAAP
Sapiens’ management believes that the presentation of non-GAAP measures can enhance the understanding of the company’s ongoing economic performance, and provides useful information to investors regarding financial and business trends relating to the company’s financial condition and results of operations. Sapiens therefore uses internally the non-GAAP information to evaluate and manage the Company’s operations.

This non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Sapiens believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Sapiens’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Sapiens’ results of operations in conjunction with the corresponding GAAP measures.

Please refer to the Reconciliation of GAAP to Non-GAAP Results at the end of this release.



About Sapiens International
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of Formula Group (NASDAQ: FORTY and TASE: FORT), which is a member of the Emblaze Group (LSE: BLZ.L) is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations to adapt quickly to change. Sapiens’ innovative solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through its subsidiaries in North America, the United Kingdom, EMEA and Asia Pacific, and has partnerships with market leaders such as IBM and EDS. Sapiens’ clients include AXA, ING, Liverpool Victoria, Menora Mivtachim, Norwich Union, Occidental Fire & Casualty, OneBeacon, Principal Financial Group, Santam and Texas Farm Bureau among others. For more information, please visit http://www.sapiens.com.

Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the Company’s accounting policies, specific system configurations and software needs of individual customers and other risk factors detailed in the Company’s SEC filings.

FOR ADDITIONAL INFORMATION:  
 
Roni Giladi Roni Al-Dor
Chief Financial Officer Chief Executive Officer
Sapiens International Sapiens International
Tel: +972-8-938-2721 Tel: +972-8-938-2721
E-mail: IR.Sapiens@sapiens.com E-mail: IR.Sapiens@sapiens.com



SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

9/30/2009
12/31/2008
(Unaudited)
(Audited)
 
Assets            
   
     Cash and cash equivalents   $ 15,831   $ 7,938  
     Trade receivables, net    7,274    6,860  
     Other current assets    2,838    2,565  


     Total current assets     25,943    17,363  


   
     Property and equipment, net    936    1,055  
     Other assets, net    26,416    26,759  


Total assets    $ 53,295   $ 45,177  


   
Liabilities and shareholders' equity   
   
     Current maturities of long-term debt and convertible debentures   $ 5,071   $ 5,745  
   
     Trade payables    983    1,500  
     Other liabilities and accrued expenses    11,060    9,716  
     Deferred revenue    9,625    4,908  


     Total current liabilities     26,739    21,869  


   
     Long-term debt and other long-term liabilities    1,342    1,432  
     Shareholders' equity    25,214    21,876  


Total liabilities and shareholders' equity    $ 53,295   $ 45,177  





SAPIENS INTERNATIONAL CORPORATION N.V.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)

For the three months ended
For the nine months ended
09/30/2009
09/30/2008
09/30/2009
09/30/2008
Unaudited
Unaudited
Unaudited
Unaudited
 
Revenues     $ 12,951   $ 11,024   $ 33,928   $ 32,527  
   
Cost of revenues    $ 7,576   $ 6,649   $ 18,762   $ 19,447  




   
Gross Profit     5,375    4,375    15,166    13,080  
   
Operating expenses   
Research and development, net   $ 758   $ 885   $ 2,206   $ 2,532  
Selling, marketing, general and administrative   $ 3,128   $ 2,781   $ 9,131   $ 8,837  




   
Operating Profit     1,489    709    3,829    1,711  
   
Financial expenses, net   $ 385   $ 299   $ 748   $ 2,762  
Taxes on income   $ 69   $ 22   $ 142   $ 253  




   
Net Income (Loss)    $ 1,035   $ 388   $ 2,939   $ (1,304 )




   
Attributetable to non-controlling interest   $ -   $ 13   $ -   $ 47  
   
Net income (Loss) attributable to Sapiens    $ 1,035   $ 375   $ 2,939   $ (1,351 )




   
Earning (loss) per share  
Basic   $ 0.05   $ 0.02   $ 0.14   $ (0.06 )




Diluted   $ 0.05   $ 0.02   $ 0.14   $ (0.06 )




   
Weighted average number of shares used to computation  
of earning (loss) per share  
Basic    21,591    21,541    21,591    21,541  




Diluted    21,591    21,545    21,591    21,541  







SAPIENS INTERNATIONAL CORPORATION N.V.
Reconciliation of GAAP to Non-GAAP results
(U.S. Dollars in thousands, except per share amounts)

For the three months ended
For the nine months ended
09/30/2009
09/30/2008
09/30/2009
09/30/2008
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
 
GAAP operating profit      1,489    709    3,829    1,711  
Amortization of intangibles    1,203    1,233    3,271    3,235  
   
Capitalization of software development    (1,067 )  (855 )  (2,841 )  (2,713 )
Stock-based compensation    55    50    154    115  




Total adjustments to GAAP    191    428    584    637  




Non-GAAP operating profit    1,680    1,137    4,413    2,348  




   
GAAP net income (loss)    1,035    375    2,939    (1,351 )
Total adjustments to GAAP as above    191    428    584    637  




Non-GAAP net income (loss)    1,226    803    3,523    (714 )




   
Non-GAAP basic earnings (loss) per share    0.06    0.04    0.16    (0.03 )




   
Non-GAAP diluted earnings (loss) per share    0.06    0.04    0.16    (0.03 )




   
Weighted average number of shares used to  
computation of earning (loss) per share                      




Basic    21,591    21,541    21,591    21,541  




   
Diluted    21,591    21,545    21,591    21,541  







SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




Date: November 12, 2009
Sapiens International Corporation N.V.
(Registrant)

By: /s/ Roni Giladi
——————————————
Roni Giladi
Chief Financial Officer