Cover-All Technologies Inc. (NYSE MKT: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced financial results for the quarter ended March 31, 2012.
Highlights – First Quarter and Subsequent to Quarter End:
- Professional Services revenues for the quarter ended March 31, 2012 increased 14.2% to $1.3 million from $1.1 million in the year-ago period driven by early adopters of Cover-All’s new NexGen Policy and Business Intelligence solutions.
- Balance sheet remains solid with stockholders’ equity at $15.6 million as of March 31, 2012. The Company completed the first quarter of 2012 with $1.2 million in cash, $1.2 million in working capital and no long-term debt.
- Cover-All’s newest acquisition, BlueWave Claims, created significant interest in the property and casualty marketplace as Cover-All broadened its solution suite, representing a major milestone in Cover-All’s strategy to expand from a niche product provider to one providing an enterprise suite of products and services.
- Since December 31, 2011, Cover-All released the latest addition to the NexGen products offering, NexGen BOP, which supports the full policy lifecycle of ISO® based Businessowners Policy (BOP) line of business, as well as both Commercial Package and Commercial Automobile for our customers in Puerto Rico.
- Cover-All’s newly acquired claim management system for property/casualty insurance companies, BlueWave Claims, was recently profiled in a report evaluating insurance claim systems published by CEB TowerGroup, a Boston-based research and consulting firm focused on the global financial services industry.
- Cover-All’s business intelligence solution, NexGen Business Intelligence, was recently included in a report profiling insurance BI solutions published by Novarica, a research and advisory firm focused on insurance technology strategy. The Novarica report, “Business Intelligence Solutions for US Insurers 2012 (Q1),” profiled 19 vendors with BI solutions available today, and describes the growing importance of BI, as well as key areas of use by property/casualty insurance companies.
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “Cover-All is well on its way to becoming a “new” company, focused on providing exciting new products, utilizing modern technology, that are able to offer customers enterprise-wide solutions. In the last two years, we have completely replaced our flagship Policy product with new technology as well as acquired business intelligence and claims product platforms (which already utilize this new technology). All of these new products are being implemented at customer sites today and are an integral part of our pipeline for future sales. In addition, we expect to have a new Billing solution and other leading-edge products coming on line later this year. With this work well underway, we are investing in sales and marketing, which expense increased more than 37% in the first quarter of 2012 over the first quarter of 2011. We also have new leadership in place in this function to accelerate these efforts.