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Cover-All Announces Second Quarter 2012 Financial Results

Total expenses (cost of revenue and operating expenses) for the six months ended June 30, 2012 were $10.5 million, up 26.9% compared to $8.3 million in the comparable period of 2011. Operating income for the six months ended June 30, 2012 was ($1.5 million) compared to $1.9 million in the comparable period in 2011. EBITDA was $202,000, or $0.01 per diluted share, for the six months ended June 30, 2012 compared to $2.7 million, or $0.10 per diluted share, for the six months ended June 30, 2011. Net loss for the six months ended June 30, 2012 was $(1.5 million), or $(0.06) per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), compared to a net income of $1.9 million, or $0.08 per basic and $0.07 per diluted share (based on 25.1 million basic and 26.4 million diluted weighted average shares, respectively), in the same period of 2011.

Financial Results for the Three Months Ended June 30, 2012

Total revenues for the three months ended June 30, 2012 were $5.4 million compared to $5.0 million for the same period in 2011, an increase of 8.9%. License revenue for the three months ended June 30, 2012 was $2.3 million compared to $1.9 million for the same period in 2011. Support Services revenue (which represents contracted continuing revenue) was $2.1 million for the three months ended June 30, 2012, up 1.7% from $2.1 million in the same period in 2011. Professional Services revenue for the three months ended June 30, 2012 was $1.0 million compared to $1.0 million for the same period in 2011, staying relatively flat.

Total expenses (cost of revenue and operating expenses) for the three months ended June 30, 2012 were $5.5 million, up 27.1% compared to $4.3 million in the comparable period of 2011. Operating income for the three months ended June 30, 2012 was $(54,000) compared to $675,000 in the comparable period in 2011. EBITDA was $831,000, or $0.03 per diluted share, for the three months ended June 30, 2012 compared to $1.0 million, or $0.04 per diluted share, for the three months ended June 30, 2011. Net loss for the three months ended June 30, 2012 was $(39,000), or $(0.00) per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), compared to a net income of $681,000, or $0.03 per basic and diluted share (based on 25.2 million basic and 26.6 million diluted weighted average shares, respectively), in the same period of 2011.

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