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Cover-All Announces Third Quarter 2012 Financial Results

Stocks in this article: COVR

Mr. Roblin concluded, “Our Development Suite of tools that we have coming on line provide for flexible deployment approaches that are designed to meet any customer’s needs. We believe we are the only vendor to offer off the shelf, fully built out ISO products utilizing modern technology that offer superb intuitiveness and fully built out robust functionality and we are now adding the tool sets for customers to customize and maintain the products themselves as an additional option to our dynamic platform. Cover-All’s experience in the complexities of Policy Administration combined with the latest modern technology architectures and product inventory make Cover-All’s Policy solution the leader in the marketplace”

Financial Results for the Three Months Ended September 30, 2012

Total revenues for the three months ended September 30, 2012 decreased to $3.3 million compared to $3.4 million for the same 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 (which represents contracted continuing revenue) was $2.2 million for the third quarter of 2012, up 5.7% from $2.1 million in the same period in 2011. 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 decreased demand for customizations.

Total expenses (cost of revenue and operating expenses) for the third quarter of 2012 were $4.8 million, up 16.4% compared to $4 million in the comparable period of 2011. Operating loss for the three months ended September 30, 2012 was $(1.5) million compared to $(701,000) in the comparable period in 2011. EBITDA was $(393,000), or $(0.02) per diluted share, for the three months ended September 30, 2012 compared to $(168,000), or $(0.01) per diluted share, for the third quarter last year. Net loss for the three months ended September 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 $(710,000), or $(0.03) per basic and diluted share (based on 25.4 million basic and diluted weighted average shares), in the same period of 2011.

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