SECURITIES AND EXCHANGE COMMISSION

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 2007


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 ___


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 ___  No  X


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


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SAPIENS ANNOUNCES Q3 2007 RESULTS

Company Reports Fourth Consecutive Quarter of Operational Profit


Cary, N.C. – November 14, 2007 - Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS), a member of the Emblaze/Formula Group (LSE:BLZ.L) (NASDAQ: FORTY and TASE: FORT), announces today its results of operations for the third quarter of 2007.

Financial Highlights

•

Fourth consecutive quarter of Operational Profit

•

Completion of final proceeds of $20 million private placement

U.S. GAAP

•

Q3 2007 Operating Profit increased to $185,000, up from Q3 2006 Operating Loss of $210,000

•

Q3 2007 Net Loss reduced significantly to $288,000, down from Q3 2006 Net Loss of $623,000, the Company's net results of operations would have been break-even, absent the devaluation of the US Dollar against the New Israeli Shekel

Non-GAAP

•

Q3 2007 Operating Profit of $445,000, a significant improvement over the Q2 2007 Operating Loss of  $57,000


•

Net results of operations in Q3 2007 are break-even, an improvement of over $900,000 from Q2 2007


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

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

U.S. GAAP

Q3 2007

Q2 2007

Q3 2006

Revenues

10,532

10,680

11,302

Operating profit (loss)

185

162

(210)

Net loss

(288)

(715)

(623)

Basic and diluted profit (loss) per share

(0.01)

(0.05)

(0.05)

 

   

Non-GAAP

Q3 2007

Q2 2007

Q3 2006

Revenues

10,532

10,680

11,302

Operating profit (loss)

445

(57)

(162)

Net loss

(28)

(934)

(575)

Basic and diluted profit (loss) per share

0.00

(0.06)

(0.04)


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Operational Highlights

•

Launch of solution for Israeli pension funds, first customer to be Helman Aldubi

•

Signed approximately $2.0 million with an existing UK customer for license and migration services  

•

Alliances with new partners in the US to increase sales

•

Improvement of internal processes and utilization worldwide, at all offices, to streamline with new focus


Roni Al-Dor, President and CEO, commented "We proudly report our fourth consecutive quarter of operational profit. With the $20 million private placement behind us, and our new CFO and new VP of R&D firmly in place, we are ready to expand and grow. I am particularly excited by, and proud of, our existing customers who have entered into new agreements with us for the porting and migration of the Sapiens solution to new platforms. We will capitalize on our unique position to grow with our existing customers and to capture new customers in the multi-billion dollar insurance markets."



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.


These 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.

 


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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



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, Prudential, 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.


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SAPIENS INTERNATIONAL CORPORATION N.V.

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)

      
      
      
   

9/30/2007

 

12/31/2006

   

(Unaudited)

 

(Audited)

      

Assets

    
      
 

Cash and cash equivalents

 $     16,624

 

 $      3,108

 

Short-term investments

               42

 

              32

 

Trade receivables, net

        10,228

 

       11,010

 

Other current assets

          1,913

 

         1,689

 

Total current assets

        28,807

 

       15,839

      
      
 

Property and equipment, net

          1,279

 

         1,495

 

Other assets, net

 

        28,557

 

       28,285

      

Total assets

 

 $     58,643

 

 $    45,619

      
      

Liabilities and shareholders' equity

   
      
 

Short-term bank credit and current maturities

   
 

   of long-term debt and convertible debentures

 $       9,695

 

 $    15,603

 

Trade payables

 

          1,134

 

         2,019

 

Other liabilities and accrued expenses

          8,770

 

         7,370

 

Deferred revenue

 

          5,591

 

         3,463

 

Total current liabilities

        25,190

 

       28,455

      
      
 

Long-term debt and other long-term liabilities

          1,808

 

         1,439

 

Convertible debentures and warrants

          9,148

 

       11,796

 

Shareholders' equity

        22,497

 

         3,929

      

Total liabilities and shareholders' equity

 $     58,643

 

 $    45,619

      

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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

  

9/30/2007

 

9/30/2006

 

9/30/2007

 

9/30/2006

  

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Revenues

       

Products

 $     1,137

 

 $    2,179

 

 $     5,036

 

 $    8,030

Consulting and other services

 $     9,395

 

       9,123

 

      27,183

 

     25,068

Total revenues

      10,532

 

     11,302

 

      32,219

 

     33,098

         

Cost of revenues

       

Products

 $        519

 

       1,471

 

        3,052

 

       4,993

Consulting and other services

 $     6,054

 

       5,799

 

      17,446

 

     16,489

Total cost of revenues

        6,573

 

       7,270

 

      20,498

 

     21,482

         

Gross Profit

        3,959

 

       4,032

 

      11,721

 

     11,616

         

Operating expenses

       

Research and development, net

 $        703

 

          682

 

        1,679

 

       1,968

Selling, marketing, general and administrative

 $     3,071

 

       3,535

 

        9,336

 

     10,304

Restructuring expenses

 $            -

 

            25

 

           210

 

          681

         

Operating Profit (Loss)

           185

 

(210)

 

           496

 

      (1,337)

         

Financial expenses, net

 $        (515)

 

          (372)

 

        (1,631)

 

       (1,586)

Other income (expenses), net (b)

 $            42

 

            (41)

 

           (273)

 

          (135)

         

Net Loss

 $          288

 

 $       623

 

 $      1,408

 

 $    3,058

         

Basic and diluted loss per share (c)

 $         0.01

 

 $      0.05

 

 $        0.08

 

 $      0.24

         

Weighted average shares used to      compute basic and diluted loss per share (c)

     20,853

 

    13,707

 

    17,095

 

     12,909




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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

  

9/30/2007

 

9/30/2006

 

9/30/2007

 

9/30/2006

  

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

GAAP operating profit (loss)

 

            185

 

         (210)

 

            496

 

        (1,337)

Amortization of capitalized software developments

 

         1,059

 

       1,172

 

         3,127

 

         3,404

Capitalization of software developments

 

           (849)

 

      (1,124)

 

        (3,324)

 

        (3,553)

Stock-based compensation

 

              50

 

            -   

 

              87

 

              -   

Total adjustments to GAAP

 

            260

 

          48

 

           (110)

 

               (149)   

Non-GAAP operating profit (loss)

 

            445

 

         (162)

 

            386

 

        (1,486)

         

GAAP net income (loss)

 

           (288)

 

         (623)

 

        (1,408)

 

        (3,058)

Total adjustments to GAAP as above

 

            260

 

          48

 

           (110)

 

                              (149)

Non-GAAP net income (loss)

 

             (28)

 

         (575)

 

        (1,518)

 

        (3,207)

         

Non-GAAP basic and diluted profit (loss) per share (c)

 

           0.00

 

        (0.04)

 

          (0.09)

 

          (0.25)

Weighted average shares used to compute basic and diluted profit (loss) per share (c)

 

       20,853

 

      13,707

 

       17,095

 

       12,909


Reconciliation of GAAP to Non-GAAP Results for First Three Quarters of 2007


  

For the three months ended

  

9/30/2007

 

6/30/2007

 

3/31/2007

  

(Unaudited)

 

(Unaudited)

 

(Unaudited)

GAAP operating profit (loss)

 

185

 

162

 

149

Amortization of capitalized software developments

 

1,059

 

885

 

1,183

Capitalization of software developments

 

(849)

 

(1,134)

 

(1,341)

Stock-based compensation

 

              50

 

              30

 

7

Total adjustments to GAAP

 

            260

 


          (219)

 

(151)

Non-GAAP operating profit (loss)

 

            445

 

            (57)

 

(2)

       

GAAP net income (loss)

 

            (288)

 

          (715)

 

(405)

Total adjustments to GAAP as above

 

             260

 


          (219)

 

(151)

Non-GAAP net income (loss)

 

             (28)

 

          (934)

 

(556)

Non-GAAP basic and diluted profit (loss) per share (c)

 

           0.00

 

          (0.06)

 

(0.04)

Weighted average shares used to compute basic and diluted profit (loss) per share (c)

 

       20,853

 

       15,514

 

14,854


Note

a: Certain prior year's amounts have been reclassified and corrected to conform with current year presentation

b: Includes taxes, equity losses and minority interest


c: Due to the net loss in 2006 and 2007 the inclusion of dilutive securities would be antidilutive.



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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.






Sapiens International Corporation N.V.

(Registrant)




Date:  November 14, 2007

By:

/s/  Andrew Treitel


Andrew Treitel

General Counsel and Corporate Secretary