Cover-All Technologies Inc. (NYSE-AMEX: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced financial results for the fourth quarter and year ended December 31, 2011.
- For the full year 2011 revenue was $17.6 million compared to $17.5 million for the full year 2010.
- License revenue was $4.8 million in 2011, an increase of 108.5% from $2.3 million in 2010.
- Support Services revenue, which represents contracted, continuing revenue, was $8.3 million in 2011, an increase of 3.0% from $8.1 million in 2010.
- Professional Services revenue was $4.5 million, a decrease of 36.6% compared to $7.1 million in 2010.
- Earnings before interest, taxes, depreciation and amortization (“EBITDA”*), a non-GAAP metric, was $3.0 million for 2011, or $0.12 per diluted share, compared to $3.1 million, or $0.12 per diluted share, for 2010.
- The Company’s balance sheet remains strong with stockholders’ equity at a record $16.9 million as of December 31, 2011. The Company completed 2011 with $3.3 million in cash, $3.2 million in working capital and no debt.
- The Company released additional jurisdictions for its latest NexGen products which support the rate, quote, issuance, subsequent transactions and statistical reporting of ISO ® lines of business.
- The Company authorized a share buyback of up to 1,000,000 shares of the Company’s common stock, par value $0.01 per share, or approximately 4% of the Company’s outstanding common stock.
- The Company acquired the assets of BlueWave Technology, including its innovative insurance claims solution software, PipelineClaims™, in a cash transaction effective December 30, 2011. The full-year results include approximately $137,000 in expenses related to the acquisition, which were reported in the fourth quarter of 2011.
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “While we had a strong 2011 with another revenue record, we are extremely excited about 2012 as we are seeing the property and casualty marketplace beginning to understand Cover-All’s significant transformation from a perceived niche, legacy player to a provider of total solutions for property and casualty organizations driven by innovative design, technology and expertise. The volume of our product development and the impact of the recent BlueWave acquisition are creating a “buzz” the likes of which we have never seen. In response, we have expanded our 2012 sales and marketing budget by more than 40%. Our early indications are that 2012 will be the year that we see significant revenue gains from both existing customers and new prospects based on our growth strategy initiated in 2010.
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