This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cover-All Announces First Quarter 2012 Financial Results

“The optimism about our estimated growth in 2012 expressed at the conclusion of the last fiscal year was based upon the anticipated adoption of our new Policy products by existing customers, cross-selling and attracting new customers with our new expanded capabilities. Although we were disappointed by our license revenue results for the first quarter of 2012, we believe that this is due to the nature of the sales and customers’ decision cycles, which in some cases have extended beyond what we had anticipated. To be sure, we expected, in general, that our revenue for 2012 would be skewed toward the latter part of the year. In other words, the underlying rationale for our previous guidance of record revenue for 2012 has not changed. Accordingly, as discussed further below, I am reiterating our previous guidance estimates based on an expanding and deepening interest from both existing and prospective customers.

“Our results in the first quarter 2012 include an EBITDA*, a non-GAAP metric, loss of $.02 per diluted share caused by an increase in expense for sales/marketing and the increased costs associated with the acquisition of BlueWave Claims. Our GAAP loss of $.06 per diluted share includes approximately $.04 per diluted share which was largely attributable to the continued amortization of the development costs of our new products.

Financial Results for the Quarter Ended March 31, 2012

Total revenues for the quarter ended March 31, 2012 were $3.6 million, compared to $5.2 million for the same period in 2011, a decrease of 31.7%. License revenue for the first quarter of 2012 was $130,000, compared to $2.0 million for the same period in 2011. Support Services revenue for the first quarter of 2012 was $2.1 million, essentially unchanged compared to $2.1 million for the same quarter last year. Professional Services revenue for the first quarter of 2012 was $1.3 million compared to $1.1 million for the same quarter in 2011.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs