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Cover-All Announces Second Quarter 2012 Financial Results

Stocks in this article: COVR

“Simultaneously, we are continuing to develop, market, and deploy solutions to bolster our competitive position,” Mr. Roblin continued. “Earlier in August, we released a new automated testing solution, Cover-All Test Studio. This innovative tool enables property and casualty insurers to rapidly institute and adopt product updates and changes while still being assured of quality. We also launched our industry leading Business Intelligence App for the iPad improving the speed and ease-of-use for our customers with powerful and configurable graphic tools and reports. Although our new billing solution and Development Studio will not be released until early in the first quarter of 2013, we are already seeing significant interest in these offerings. Our new and focused marketing outreach is gaining traction in the marketplace, as the industry is recognizing that Cover-All has reinvented itself and beginning to take a fresh look at us as an entirely new company, with state-of-the-art, comprehensive offerings. Our marketplace is very competitive and the sales cycles are long (and unpredictable in many cases) but we believe we have the modern, function-rich products, knowledgeable people and customer base to compete and win. Our second quarter progress, coupled with our continued development and marketing progress, gives me tremendous enthusiasm for the future.”

Financial Results for the Six Months Ended June 30, 2012

Total revenues for the six months ended June 30, 2012 were $9.0 million compared to $10.2 million for the same period in 2011, a decrease of 11.8%. License revenue for the six months ended June 30, 2012 was $2.4 million compared to $3.8 million for the same period in 2011. Support Services revenue (which represents contracted continuing revenue) was $4.3 million for the six months ended June 30, 2012, up 1.5% from $4.2 million in the same period in 2011. Professional Services revenue for the six months ended June 30, 2012 was $2.3 million, up 7.3% compared to $2.1 million for the same period in 2011.

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