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Cover-All Technologies Incorporated


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Cover-All Technologies Inc. Announces Third Quarter 2009 Financial Results (Business Wire)

finance.yahoo.com | Nov 12, 2009

FAIRFIELD, N.J.--(BUSINESS WIRE)--Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB - News), a Delaware corporation (“Cover-All” or the “Company”), today

http://finance.yahoo.com/news/CoverAll-Technologies-Inc-bw-1217811039.html?x=0&.v=1

Cover-All Technologies Inc. to Report Third Quarter 2009 Financial Results on November 12, 2009 (Business Wire)

finance.yahoo.com | Nov 5, 2009

FAIRFIELD, N.J.--(BUSINESS WIRE)--Cover-All Technologies Inc. (OTC Bulletin Board: COVR - News), a Delaware corporation (“Cover-All” or the “Company”), today

http://finance.yahoo.com/news/CoverAll-Technologies-Inc-to-bw-2295259668.html?x=0&.v=1

Cover-All Technologies Gets a New Look (Business Wire)

finance.yahoo.com | Sep 28, 2009

FAIRFIELD, N.J.--(BUSINESS WIRE)--Cover-All Technologies Inc. (OTC Bulletin Board: COVR - News), a leading provider of comprehensive business solutions and

http://finance.yahoo.com/news/CoverAll-Technologies-Gets-a-bw-26488984.html?x=0&.v=1

 

Cover-All Technologies Inc. Announces Third Quarter 2009 Financial Results - Zibb.com

--Continuing Revenue Increases 15.7% Year-to-Date

Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB), a Delaware corporation ("Cover-All" or the "Company"), today announced financial results for the third quarter ended September 30, 2009.

Operational Highlights:

-- Continuing revenue (maintenance and ASP revenue from contracts) for the first nine months of 2009 was $5.3 million, up 15.7% compared to the $4.6 million in the prior-year period. Continuing revenue for the third quarter of 2009 was $1.8 million, up 10.5% from $1.6 million in the same period in 2008.

-- Professional services revenue for the first nine months of 2009 was $2.6 million, up 16.5% compared to $2.2 million in the same period in 2008. Professional services revenue for the third quarter of 2009 was $599,000, down 5.6% compared to $635,000 for the same period in 2008.

-- Total expenses (cost of revenue and operating expenses) for the first nine months of 2009 were flat at $7.7 million, compared to $7.7 million in the same period in 2008.

-- Net income for the nine months ended September 30, 2009 was $650,000, or $0.03 per share, compared to $2.6 million, or $0.11 per share, in the same period of 2008. Net income for the three months ended September 30, 2009 was $21,000, or $0.00 per share, compared to $1.7 million, or $0.07 per share, in the same quarter of 2008.

-- The Company's balance sheet remains strong with stockholders' equity at a record $8.0 million as of September 30, 2009. The Company completed the third quarter of 2009 with $3.7 million in cash, $4.8 million in working capital and no debt.

John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, "Cover-All maintained its profitability and expanded its continuing, or recurring, revenue base, setting the stage for continued success. The third quarter of 2008 was particularly strong, with $2.6 million in non-recurring license revenues booked, creating a challenging comparison for both the quarterly and year-to-date periods this year. However, we remain confident that we are on the right path."

Year-to-Date Financial Results

Total revenues for the nine months ended September 30, 2009 were $8.4 million, compared to $10.3 million for the same period in 2008, a decrease of 19%. License revenue was $484,000, compared to $3.5 million for the same period in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $5.3 million for the first nine months of 2009, up 15.7% from $4.6 million in the same period in 2008. Professional services revenue for the first nine months of 2009 was $2.6 million, up 16.5% compared to $2.2 million for the same period in 2008.

Total expenses (cost of revenue and operating expenses) for the first nine months of 2009 were flat at $7.7 million compared to $7.7 million for the same period in 2008. Net income for the nine months ended September 30, 2009 was $650,000, or $0.03 per share (based on 25.0 million weighted average diluted shares), compared to $2.6 million, or $0.11 per share (based on 24.3 million weighted average diluted shares), in the same period of 2008.

Third Quarter Financial Results

Total revenues for the three months ended September 30, 2009 were $2.6 million, compared to $4.8 million for the same period in 2008, a decrease of 46.8%. License revenue was $178,000, compared to $2.6 million for the same period in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $1.8 million for the third quarter of 2009, up 10.5% from $1.6 million in the same period in 2008. Professional services revenue for the third quarter of 2009 was $599,000, down 5.6% compared to $635,000 for the same period in 2008.

Total expenses (cost of revenue and operating expenses) for the three months ended September 30, 2009 decreased 19.6% to $2.5 million from $3.1 million for the three months ended September 30, 2008. Net income for the three months ended September 30, 2009 was $21,000, or $0.00 per share (based on 25.2 million weighted average diluted shares), compared to $1.7 million, or $0.07 per share (based on 25.1 million weighted average diluted shares), in the same quarter of 2008.

"We continue to execute our strategic plan and increase the long-term earnings power of the Company," added Mr. Roblin, "Simultaneously, we are leveraging our strong financial position and consistent profitability to continue investments in research and development with the goal of broadening our product offering. As a result of our efforts, the independent analyst firm, Celent, gave our My Insurance Center(TM) product an extremely positive review in a recent report widely circulated within the insurance industry. This industry acclaim is helping our marketing efforts and has resulted in a notable increase of inquiries from potential customers, validating our confidence going forward."

Balance Sheet

Stockholders' equity was $8.0 million as of September 30, 2009 compared to $7.8 million as of December 31, 2008. Total assets decreased to $10.5 million as of September 30, 2009 compared to $11.0 million as of December 31, 2008. As of September 30, 2009, the Company had $3.7 million in cash, $4.8 million in working capital and no debt.

Conference Call Information

Management will conduct a live teleconference to discuss its third quarter 2009 financial results at 4:30 p.m. ET on Thursday, November 12, 2009. Anyone interested in participating should call 877-941-8418 if calling from the United States, or 480-629-9809 if dialing internationally. A replay will be available until November 19, 2009, which can be accessed by dialing 800-406-7325 within the United States and 303-590-3030 if dialing internationally. Please use passcode 4181228 to access the replay. In addition, the call will be webcast and will be available on the Company's website at www.cover-all.com or by visiting http://viavid.net/dce.aspx?sid=00006CBF.

About Cover-All Technologies Inc.

Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry -- first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.

With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.

Cover-All(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company's control. Those and other risks are described in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, and the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009, filed with the SEC on August 13, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.

COVER-ALL TECHNOLOGIES INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
                                                             September 30,          December 31,
                                                             2009                   2008
                                                             (Unaudited)
Assets:
Current Assets:
Cash and Cash Equivalents                                    $    3,739,048         $    4,686,470
Accounts Receivable (Less Allowance for Doubtful Accounts         1,985,127              2,055,815
of
$25,000 in 2009 and 2008)
Prepaid Expenses                                                  666,120                334,804
Deferred Tax Asset                                                840,000                840,000
Total Current Assets                                              7,230,295              7,917,089
Property and Equipment - At Cost:
Furniture, Fixtures and Equipment                                 623,547                623,547
Less: Accumulated Depreciation                                    (355,659    )          (300,164    )
Property and Equipment - Net                                      267,888                323,383
Capitalized Software (Less Accumulated Amortization of            2,063,482              1,848,111
$11,762,724
and $11,049,157, respectively)
Deferred Tax Asset                                                840,000                840,000
Other Assets                                                      110,920                110,151
Total Assets                                                 $    10,512,585        $    11,038,734
                                                             September 30,          December 31,
                                                             2009                   2008
                                                             (Unaudited)
Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts Payable                                             $    154,760           $    227,007
Accrued Expenses Payable                                          427,400                1,061,065
Deferred Charges                                                  22,503                 22,503
Unearned Revenue                                                  1,789,218              1,800,485
Total Current Liabilities                                         2,393,881              3,111,060
Long-Term Liabilities:
Deferred Charges                                                  106,966                123,844
Total Liabilities                                                 2,500,847              3,234,904
Commitments and Contingencies                                     --                     --
Stockholders' Equity:
Common Stock, $.01 Par Value, Authorized 75,000,000 Shares;       247,967                246,902
24,796,656 and 24,690,227 Shares Issued and 24,594,786 and
24,488,357 Shares Outstanding, Respectively
Paid-in Capital                                                   29,481,249             29,185,646
Accumulated Deficit                                               (21,552,584 )          (21,463,824 )
Treasury Stock - At Cost - 201,870 Shares                         (164,894    )          (164,894    )
Total Stockholders' Equity                                        8,011,738              7,803,830
Total Liabilities and Stockholders' Equity                   $    10,512,585        $    11,038,734
COVER-ALL TECHNOLOGIES INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATION
                                                          Three months ended                    Nine months ended
                                                          September 30,                         September 30,
                                                          2009                  2008                  2009            2008
Revenues:                                                 (Unaudited)       (Unaudited)         (Unaudited)       (Unaudited)
Licenses                                                  $     177,887     $   2,551,197       $     484,280     $   3,520,596
Maintenance                                                     1,242,784       1,088,629             3,740,263       3,036,143
Professional Services                                           599,341         634,919               2,585,908       2,219,236
Applications Service Provider ("ASP") Services                  530,616         515,764               1,534,304       1,521,358
Total Revenues                                                  2,550,628       4,790,509             8,344,755       10,297,333
Cost of Revenues:
Licenses                                                        229,192         810,447               721,512         1,347,328
Maintenance                                                     625,058         694,208               1,821,613       1,763,290
Professional Services                                           307,960         319,607               1,246,482       960,930
ASP Services                                                    391,968         391,604               1,164,601       950,377
Total Cost of Revenues                                          1,554,178       2,215,866             4,954,208       5,021,925
Direct Margin                                                   996,450         2,574,643             3,390,547       5,275,408
Operating Expenses:
Sales and Marketing                                             252,018         130,238               688,541         572,963
General and Administrative                                      449,909         399,482               1,371,435       1,415,756
Research and Development                                        231,449         346,838               669,863         729,049
Total Operating Expenses                                        933,376         876,558               2,729,839       2,717,768
Operating Income                                                63,074          1,698,085             660,708         2,557,640
Other Income (Expense):
Interest Expense                                                --              (406       )          --              (9,469     )
Interest Expense - Related Party                                --              --                    --              (2,616     )
Interest Income                                                 216             12,067                6,084           15,111
Other Income                                                    9,018           6,165                 42,318          32,773
Total Other Income (Expense)                                    9,234           17,826                48,402          35,799
Income Before Income Taxes                                      72,308          1,715,911             709,110         2,593,439
Income Taxes                                                    51,461          22,032                59,486          27,367
Net Income                                                $     20,847      $   1,693,879       $     649,624     $   2,566,072
Basic Earnings Per Common Share                           $     0.00        $   0.07            $     0.03        $   0.11
Diluted Earnings Per Common Share                         $     0.00        $   0.07            $     0.03        $   0.11
Weighted Average Number of Common Shares Outstanding for        24,588,000      24,431,000            24,576,000      23,684,000
Basic Earnings Per Common Share
Weighted Average Number of Common Shares Outstanding for        25,163,000      25,119,000            25,005,000      24,342,000
Diluted Earnings Per Common Share

SOURCE: Cover-All Technologies Inc.

For information on Cover-All: 
Ann Massey, 973-461-5190 
Chief Financial Officer 
amassey@cover-all.com 
or 
Investor Contact: 
Hayden IR 
Brett Maas, Principal, 646-536-7331 
brett@haydenir.com

Read more...

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Companies: Cover-All Technologies, Inc. (COVR)

 

Cover-All Technologies Inc. to Report Third Quarter 2009 Financial Results on November 12, 2009 -

Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a Delaware corporation ("Cover-All" or the "Company"), today announced that management will report its 2009 third quarter financial results after the market close on Thursday, November 12, 2009.

Management will conduct a live teleconference to discuss its third quarter 2009 financial results at 4:30 p.m. ET on Thursday, November 12, 2009. Anyone interested in participating should call 877-941-8418 if calling from the United States, or 480-629-9809 if dialing internationally. A replay will be available until November 19, 2009, which can be accessed by dialing 800-406-7325 within the United States and 303-590-3030 if dialing internationally. Please use passcode 4181228 to access the replay. In addition, the call will be webcast and will be available on the Company's website at www.cover-all.com or by visiting http://viavid.net/dce.aspx?sid=00006CBF.

About Cover-All Technologies Inc.

Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry -- first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.

With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.

Cover-All(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

SOURCE: Cover-All Technologies Inc.

Cover-All Technologies Inc. 
Ann Massey, 973-461-5190 
Chief Financial Officer 
amassey@cover-all.com 
or 
Investor: 
Hayden IR 
Brett Maas, 646-536-7331 
Principal 
brett@haydenir.com

Read more...

Tags: business   commercial   conference   delaware   financial results   insurance   online   otc   policy   software   technology  

Companies: Cover-All Technologies, Inc. (COVR)

 

Cover-All Technologies Gets a New Look - Zibb.com

Zibb.com | Sep 28, 2009

Cover-All Technologies Inc. (OTC Bulletin Board: COVR), a leading provider of comprehensive business solutions and services for the property and casualty insurance industry, today unveiled the results of a rebranding initiative that has culminated in an exciting new look and a powerful web...

 

Web Sites

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Cover-All Technologies Inc. Policy for Stockholder Communications with Directors

Cover-All Technologies Inc. (the "Company") recognizes the importance of providing its stockholders with the ability to communicate with members of the Company s Board of Directors (the "Board").

http://www.cover-all.com/cover-all/clientaccess/SHCommDir.htm

Insurity > Press Releases

HARTFORD, Conn. February 21, 2006 Insurity, a provider of business-processing services and technology to the property-casualty insurance industry, has hired Sergio Oyola as regional vice president, sales, and Mark Menard as client executive, compliance reporting.

http://www.insurity.com/press.asp?cat=12&intPressID=6056

Cover-All Technologies, Inc. asp reviews asp rating asp list asp directory

Founded in 1971, CTI provides standard and customized software products together with conversion, implementation and support services to the property casualty insurance industry.

http://www.internetasplist.com/pages/score.asp?FileID=35709&e=ASP-host

My Insurance Center Software - Insurance Policy Management Software Directory

My Insurance Center is a totally web-enabled platform of technologies that includes a broad range of capabilities critically important to today s commercial insurance market.

http://www.softscout.com/software/Insurance/Insurance-Policy-Management/My-Insurance-Center.html

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Cover-All Technologies, Inc.

www.cover-all.com

Holding company with subsidiary which provides software products for property/casualty and health care insurance industries. (Nasdaq: COVR).

http://www.cover-all.com/

COVR - Cover-All Technologies Incorporated | COVR Stock Quotes ...

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Get the latest COVR - Cover-All Technologies Incorporated stock market performance data. TheStreet is the source for financial market news, trading stock, quotes, and personal ...

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COVR - Cover-All Technologies Incorporated | COVR Stock Quotes ...

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Dec 2008: Dec 2007: Dec 2006: Dec 2005: Sales: 13.47M: 9.78M: 7.29M: 7.25M: Cost of Sales: 6.18M: 4.73M: 4.03M: 3.98M: Gross Operating Profit: 7.29M: 5.05M: 3.26M: 3.28M: Selling ...

http://www.thestreet.com/quote/COVR/details/income-statement.html