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Cover-All Announces First Quarter 2012 Financial Results

Total expenses (cost of revenue and operating expenses) for the three months ended March 31, 2012 increased 26.6% to $5.0 million, from $4.0 million in the same quarter last year. EBITDA was $(628,000), or $(0.02) per diluted share, for first quarter, compared to $1.6 million, or $0.06 per diluted share, for the first quarter of 2011. Net loss for the three months ended March 31, 2012 was $(1.5 million), or $(0.06) per diluted share (based on 25.9 million diluted weighted average shares), compared to net income of $1.2 million, or $0.05 per basic and diluted share (based on 25.1 million basic and 26.2 million diluted weighted average shares, respectively), in the same quarter of 2011.


Given the current pipeline of new customers and indications of interest from existing customers for upgrades, management today reiterated that its full-year 2012 revenue goal is between $22 million and $25 million. This would represent an increase of between 25% and 42% compared to 2011 revenue levels.

This goal is based on the Company's current business forecast as of the date of this press release and may be subject to risks and uncertainties (see the “Forward-looking Statements” heading below), which could therefore cause actual results to differ from those projected above.

Balance Sheet

Stockholders’ equity was $15.6 million as of March 31, 2012 compared to $16.9 million as of December 31, 2011. Total assets decreased to $19.8 million as of March 31, 2012 compared to $20.5 million as of December 31, 2011. As of March 31, 2012, the Company had $1.2 million in cash, $1.2 million in working capital and no debt.

Conference Call Information

Management will conduct a live teleconference to discuss its 2012 first quarter financial results at 4:30 p.m. ET on Monday, May 14, 2012. Anyone interested in participating should call 1-877-941-4774 if calling from the United States, or 1-480-629-9760 if dialing internationally. A replay will be available until May 21, 2012, which can be accessed by dialing 1-877-870-5176 within the United States and 1-858-384-5517 if dialing internationally. Please use passcode 4536696 to access the replay.

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