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Cover-All Announces Third Quarter 2012 Financial Results

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.”

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