- For the three months ended September 30, 2012, total revenues were $3.3 million compared to $3.4 million for the comparable period in 2011, a decrease of 3.4%, mainly due to a decrease in professional services revenues.
- License revenue for the three months ended September 30, 2012 was $238,000 compared to $1,000 for the same period in 2011.
- Support Services revenue for the three months ended September 30, 2012 was $2.2 million compared to $2.1 million in the same period in 2011, an increase of 5.7%.
- Professional Services revenue for the three months ended September 30, 2012 was $864,000 compared to $1.3 million for the same period in 2011 due to the timing of orders and availability of customization personnel.
- The balance sheet remains solid with stockholders’ equity at $14.4 million as of September 30, 2012. The Company completed the third quarter of 2012 with $1.8 million in cash and cash equivalents, $1.1 million in working capital and $2.0 in long-term debt.
- ACE Puerto Rico will implement the latest version of Cover-All Policy to modernize handling its Commercial Auto and Commercial Package lines of business.
- Old Republic General Insurance Corporation, a subsidiary of Old Republic International Corporation, began implementation of Cover-All’s new Policy solution, fully built out insurance Bureau Products, and its newly released Test Studio for use by its affiliate, Old Republic Construction Program Group.
- Release of Advanced Automated Policy Renewal as a new enhancement to Cover-All’s Policy functionality adds intuitive configuration capabilities and provides P&C insurers the flexibility to tailor their automated policy renewal processes beyond just rating and issuance.
- Cover-All’s Business Intelligence solution was recently profiled in a report evaluating insurance data mastery systems published by Celent, a Boston-based research and advisory firm specializing in financial services.
- BlueWave Claims was recently profiled in two reports evaluating insurance claims systems; one published by Novarica, a New York-based research and advisory firm specializing in financial services, and the second published by Aite, a Boston-based research and advisory firm also specializing in financial services.
- Imperium Commercial Finance Master Fund LP provided a $2.25 million credit facility for working capital purposes which will support Cover-All’s product/services expansion and growth initiatives.
Cover-All Announces Third Quarter 2012 Financial Results
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