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Cover-All Announces First Quarter 2012 Financial Results

Stocks in this article: COVR

“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.

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