This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Cover-All Announces Third Quarter 2012 Financial Results

Stocks in this article: COVR

Financial Results for the Nine Months Ended September 30, 2012

Total revenues for the nine months ended September 30, 2012 decreased to $12.3 million compared to $13.6 million for the same period in 2011, a decrease of 9.7%, mainly due to a decrease in license revenue. License revenue for the nine months ended September 30, 2012 was $2.7 million compared to $3.8 million for the same period in 2011. Support Services revenue (which represents contracted continuing revenue) was $6.4 million for the nine months ended September 30, 2012, up 2.8% from $6.3 million in the same period in 2011. Professional Services revenue for the nine months ended September 30, 2012 was $3.1 million compared to $3.5 million for the same period in 2011 due to decreased demand for customizations and timing of new orders.

Total expenses (cost of revenue and operating expenses) for the nine months ended September 30, 2012 were $15.3 million, up 23.4% compared to $12.4 million in the comparable period of 2011. Operating loss for the nine months ended September 30, 2012 was ($3.0) million compared to an operating income of $1.2 million in the comparable period in 2011. EBITDA was $(190,000), or $(0.01) per diluted share, for the nine months ended September 30, 2012 compared to $2.5 million, or $0.10 per diluted share, for the first nine months of last year. Net loss for the nine months ended September 30, 2012 was $(3.0) million, or $(0.12) per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), compared to a net income of $1.2 million, or $0.05 per basic and diluted share (based on 25.2 million basic and 26.1 million diluted weighted average shares, respectively), in the same period of 2011.

Mr. Roblin continued, “We have truly evolved from a niche player, which has been a primary focus of our transformational strategy over the last two years. This is reflected in the ongoing recognition we are receiving from the industry analysts who follow our market space. During the 2012 third quarter alone, we were profiled in three industry reports for our business intelligence and claims systems products. This type of independent, third-party recognition raises our credibility and visibility and has allowed us to compete more fully in the marketplace. The changes we made in our sales and marketing team during the first quarter of 2012 are gaining traction and our sales organization is currently focused on closing the multiple opportunities we currently have in our pipeline. As these deployments go live, we are gaining reference accounts that will allow us to accelerate our sales opportunities in the future.”

2 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs