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Sapiens International Corporation (SPNS) has reported 35.10 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $3.81 million, or $0.08 a share in the quarter, compared with $5.87 million, or $0.12 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.96 million, or $0.12 a share compared with $6.33 million or $0.13 a share, a year ago. Revenue during the quarter grew 17.34 percent to $57.11 million from $48.67 million in the previous year period. Gross margin for the quarter contracted 184 basis points over the previous year period to 39.33 percent. Total expenses were 90.21 percent of quarterly revenues, up from 86.04 percent for the same period last year. That has resulted in a contraction of 417 basis points in operating margin to 9.79 percent.
Operating income for the quarter was $5.59 million, compared with $6.80 million in the previous year period.
However, the adjusted operating income for the quarter stood at $7.49 million compared to $7.36 million in the prior year period. At the same time, adjusted operating margin contracted 199 basis points in the quarter to 13.12 percent from 15.11 percent in the last year period.
"Sapiens delivered another solid quarter with double-digit revenue growth and strong performance across all of our offerings and territories, driven by increased demand for our products and services," said Roni Al-Dor, president and chief executive officer of Sapiens. "I am pleased with our continued geographic expansion and our organic growth."
Sapiens International Corp expects revenue to be in the range of $270 million to $280 million for financial year 2017. For fiscal year 2017, the company expects adjusted operating income to grow at 13 percent.
Operating cash flow drops significantly
Sapiens International Corporation has generated cash of $26.04 million from operating activities during the year, down 35.61 percent or $14.40 million, when compared with the last year. The company has spent $8.32 million cash to meet investing activities during the year as against cash outgo of $18.85 million in the last year.
The company has spent $11.23 million cash to carry out financing activities during the year as against cash outgo of $14.18 million in the last year period.
Cash and cash equivalents stood at $60.91 million as on Dec. 31, 2016, up 12.06 percent or $6.56 million from $54.35 million on Dec. 31, 2015.
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