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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
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
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-4194145018.html?x=0&.v=1
Total : 3 View more »
FAIRFIELD, N.J., Nov 05, 2009 (BUSINESS WIRE) --
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
Tags: business commercial conference delaware financial results insurance online otc policy software technology
Companies: Cover-All Technologies, Inc. (COVR)
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...
FAIRFIELD, N.J., Aug 13, 2009 (BUSINESS WIRE) --
--Continuing Revenue Increases 18.6% 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 quarter ended June 30, 2009.
Operational Highlights:
-- Year-to-Date revenue increased 5.2% to $5.8 million compared to $5.5 million for the same period in 2008. Second quarter revenue was $2.7 million, compared to $2.5 million for the same period in 2008, an increase of 9.1%.
-- Continuing revenue (maintenance and ASP revenue from contracts) for the first six months of 2009 was $3.5 million, up 18.6% compared to the $3.0 million in the prior-year period. Continuing revenue for the second quarter of 2009 was $1.8 million, up 16.9% from $1.5 million in the same period in 2008.
-- Professional services revenue for the first six months of 2009 was $2.0 million, up 17.9% compared to $1.7 million in the same period in 2008. Professional services revenue for the second quarter of 2009 was $891,000, up 7.4% compared to $829,000 for the same period in 2008.
-- Total expenses (cost of revenue and operating expenses) for the first six months of 2009 was $5.2 million, up from $4.7 million in the same period in 2008.
-- Net income for the six months ended June 30, 2009 was $629,000, or $0.03 per share, compared to $872,000, or $0.04 per share, in the same period of 2008. Net income for the three months ended June 30, 2009 was $194,000, or $0.01 per share, compared to $292,000, or $0.01 per share, in the same quarter of 2008.
-- The Company's balance sheet remains strong with stockholders' equity at $7.9 million as of June 30, 2009. The Company completed the second quarter of 2009 with $4.4 million in cash, $5.0 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 continues to ramp its continuing, or recurring, revenue base, increasing our long-term revenue visibility and resulting in our tenth consecutive quarter of profitability. Simultaneously, we are utilizing our strong financial position and profitability to increase investments in research and development to broaden our product offering and ultimately expand the Company's earnings power. Our R&D initiatives have enabled us to launch our new Workers' Compensation product as part of our My Insurance Center(TM) (MIC) NexGen suite, as well as our Massachusetts Commercial Automobile Rating & Policy Issuance product. Our Workers' Compensation product is already in production at one major carrier and went live with a second customer in July, 2009.. Our Massachusetts Commercial Automobile Rating & Policy Issuance product was launched after developing and testing this product for an existing customer. These two products are a clear example of Cover-All's ability to respond to our customers' business needs with proven technology, and we expect to announce additional product launches during the second half of the year to further augment our MIC platform."
Year-to-Date Financial Results
Total revenues for the six months ended June 30, 2009 were $5.8 million, compared to $5.5 million for the same period in 2008, an increase of 5.2%. License revenue was $306,000, compared to $869,000 for the same period in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $3.5 million for the first six months of 2009, up 18.6% from $3.0 million in the same period in 2008. Professional services revenue for the first six months of 2009 was $2.0 million, up 17.9% compared to $1.7 million for the same period in 2008.
Total expenses (cost of revenue and operating expenses) for the first six months of 2009 increased 11.9% to $5.2 million from $4.7 million for the same period in 2008. Net income for the six months ended June 30, 2009 was $629,000, or $0.03 per share (based on 24.9 million weighted average diluted shares), compared to $872,000, or $0.04 per share (based on 24.0 million weighted average diluted shares), in the same period of 2008.
Mr. Roblin continued, "We have strategically increased our investment in sales and marketing, with the goal of expanding Cover-All's presence in the marketplace. Already, we have received a positive review by Celent, a leading independent analyst firm. This review, in the report 'Policy Administration Systems for Commercial Lines P/C Insurers US 2009,' is widely circulated in the insurance industry. In Celent's analysis of our technology, breadth of functionality, and size of our customer base, no other vendor ranked as high when considering these three factors together. This report has already been well-received in the marketplace and helps to provide Cover-All even greater creditability with new customers."
Second Quarter Financial Results
Total revenues for the three months ended June 30, 2009 were $2.7 million, compared to $2.5 million for the same period in 2008, an increase of 9.1%. License revenue was $83,000, compared to $171,000 for the same period in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $1.8 million for the second quarter of 2009, up 16.9% from $1.5 million in the same period in 2008. Professional services revenue for the second quarter of 2009 was $891,000, up 7.4% compared to $829,000 for the same period in 2008.
Total expenses (cost of revenue and operating expenses) for the three months ended June 30, 2009 quarter increased 15.3% to $2.6 million from $2.2 million. Net income for the three months ended June 30, 2009 was $194,000, or $0.01 per share (based on 25.0 million weighted average diluted shares), compared to $292,000, or $0.01 per share (based on 24.1 million weighted average diluted shares), in the same quarter of 2008.
Stockholders' equity was $7.9 million as of June 30, 2009 compared to $7.8 million as of December 31, 2008. Total assets increased to $10.4 million as of June 30, 2009 compared to $11.0 million as of December 31, 2008. As of June 30, 2009, the Company had $4.4 million in cash, $5.0 million in working capital and no debt.
Conference Call Information
Management will conduct a live teleconference to discuss its second quarter 2009 financial results at 4:30 p.m. ET on Thursday, August 13, 2009. Anyone interested in participating should call 1-877-941-1465 if calling from the United States, or 1-480-629-9678 if dialing internationally. A replay will be available until August 20, 2009, which can be accessed by dialing 1-800-406-7325 within the United States and 1-303-590-3030 if dialing internationally. Please use passcode 4134625 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=0000689B.
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 our extensive insurance knowledge, our experience and our 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, 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
June 30, December 31,
2009 2008
(Unaudited)
Assets:
Current Assets:
Cash and Cash Equivalents $ 4,392,761 $ 4,686,470
Accounts Receivable (Less Allowance for Doubtful Accounts
of $25,000 in 2009 and 2008) 1,699,429 2,055,815
Prepaid Expenses 467,097 334,804
Deferred Tax Asset 840,000 840,000
Total Current Assets 7,399,287 7,917,089
Property and Equipment - At Cost:
Furniture, Fixtures and Equipment 623,547 623,547
Less: Accumulated Depreciation (338,851 ) (300,164 )
Property and Equipment - Net 284,696 323,383
Capitalized Software (Less Accumulated Amortization of
$11,536,419 and $11,049,157, respectively) 1,778,142 1,848,111
Deferred Tax Asset 840,000 840,000
Other Assets 110,151 110,151
Total Assets $ 10,412,276 $ 11,038,734
Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts Payable $ 318,738 $ 227,007
Accrued Expenses Payable 331,605 1,061,065
Deferred Charges 22,503 22,503
Unearned Revenue 1,750,002 1,800,485
Total Current Liabilities 2,422,848 3,111,060
Long-Term Liabilities:
Deferred Charges 112,592 123,844
Total Long-Term Liabilities 112,592 123,844
Total Liabilities 2,535,440 3,234,904
Commitments and Contingencies -- --
Stockholders' Equity:
Common Stock, $.01 Par Value, Authorized 75,000,000
Shares; 24,786,656 and 24,690,227 Shares Issued and
24,584,786 and 24,488,357 Shares Outstanding,
Respectively 247,866 246,902
Paid-in Capital 29,367,295 29,185,646
Accumulated Deficit (21,573,431 ) (21,463,824 )
Treasury Stock - At Cost - 201,870 Shares (164,894 ) (164,894 )
Total Stockholders' Equity 7,876,836 7,803,830
Total Liabilities and Stockholders' Equity $ 10,412,276 $ 11,038,734
COVER-ALL TECHNOLOGIES INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATION
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
Revenues: (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Licenses $ 83,415 $ 170,899 $ 306,393 $ 869,399
Maintenance 1,252,475 958,672 2,497,479 1,947,515
Professional Services 890,619 828,886 1,986,567 1,684,316
Applications Service Provider ("ASP")
Services 512,964 551,959 1,003,688 1,005,594
Total Revenues 2,739,473 2,510,416 5,794,127 5,506,824
Cost of Revenues:
Licenses 232,990 258,386 492,320 536,881
Maintenance 624,155 620,302 1,196,555 1,074,887
Professional Services 412,171 359,581 938,522 741,323
ASP Services 379,782 244,791 772,633 552,967
Total Cost of Revenues 1,649,098 1,483,060 3,400,030 2,906,058
Direct Margin 1,090,375 1,027,356 2,394,097 2,600,766
Operating Expenses:
Sales and Marketing 222,421 156,998 436,523 391,325
General and Administrative 467,145 417,161 929,551 973,010
Research and Development 226,010 166,583 438,414 382,211
Total Operating Expenses 915,576 740,742 1,804,488 1,746,546
Operating Income 174,799 286,614 589,609 854,220
Other Income (Expense):
Interest Expense -- (4,531 ) -- (9,063 )
Interest Expense - Related Party -- (1,308 ) -- (2,616 )
Interest Income 1,895 3,041 5,867 3,043
Other Income 17,181 8,419 33,300 26,609
Total Other Income (Expense) 19,076 5,621 39,167 17,973
Income Before Income Taxes 193,875 292,235 628,776 872,193
Income Taxes -- -- -- --
Net Income $ 193,875 $ 292,235 $ 628,776 $ 872,193
Basic Earnings Per Common Share $ 0.01 $ 0.01 $ 0.03 $ 0.04
Diluted Earnings Per Common Share $ 0.01 $ 0.01 $ 0.03 $ 0.04
Weighted Average Number of Common
Shares Outstanding for Basic
Earnings Per Common Share 24,586,000 23,520,000 24,565,000 23,441,000
Weighted Average Number of Common
Shares Outstanding for Diluted
Earnings Per Common Share 25,010,000 24,085,000 24,915,000 24,043,000
SOURCE: Cover-All Technologies Inc.
For information on Cover-All: 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
Tags: annual report automobile business commercial conference debt deficit delaware earnings equity financial results insurance investment licenses marketing massachusetts online otc policy prices products property research and development revenue sales sec securities software tax taxes technology treasury
Companies: Cover-All Technologies, Inc. (COVR)
Total : 11 View more »
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
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.
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 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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Holding company with subsidiary which provides software products for property/casualty and health care insurance industries. (Nasdaq: COVR).
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Roblin, John W - Cover-All Technologies Incorporated, Fairfield, NJ : Reviews and maps - Yahoo! Local, 973.461.5200. Get Ratings, Reviews, Photos and more on Yahoo! Local.