“Our results in the second quarter 2012 include an EBITDA gain of $0.03 per diluted share caused by an increase in expense for sales/marketing and the increased costs associated with the acquisition of the PipelineClaims TM assets of BlueWave Technology,” concluded Mr. Roblin. “Our GAAP loss of $(0.00) per diluted share includes approximately $0.03 per diluted share which was largely attributable to the continued amortization of the development costs of our new products.”
Given the current pipeline of new customers and indications of interest from existing customers for upgrades but taking into account the uncertainty of the timing of customer decisions as well as the reduced amount of time remaining in 2012 to recognize professional services and support revenues, management today revised its full-year 2012 revenue goal of between $19 million and $23 million, down from their earlier projection of $22 million to $25 million. This would represent an increase of between 8% and 30% compared to 2011 revenue level, which was a Cover-All record.
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.
Stockholders’ equity was $15.7 million as of June 30, 2012 compared to $16.9 million as of December 31, 2011. Total assets increased to $20.9 million as of June 30, 2012 compared to $20.5 million as of December 31, 2011. As of June 30, 2012, the Company had $562,000 in cash, $763,000 in working capital and no long-term debt.
Conference Call Information
Management will conduct a live teleconference to discuss its 2012 second quarter financial results at 5:00 p.m. ET on Tuesday, August 14, 2012. Anyone interested in participating should call 1-877-941-4774 if calling from the United States, or 1-480-629-9860 if dialing internationally. A replay will be available until August 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 4558552 to access the replay.