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Cover-All Technologies Inc. (NYSE MKT: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced financial results for the fourth quarter and year ended December 31, 2012.
For the full year 2012, revenue was $16.2 million, compared to $17.6 million for the full year 2011.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”*), a non-GAAP metric, was $(1,087,986) for 2012, or $(0.04) per basic and diluted share, compared to $3.0 million, or $0.12 per basic and diluted share, for 2011.
The Company’s balance sheet remains strong with stockholders’ equity at $13.1 million as of December 31, 2012. The Company completed 2012 with $1.4 million in cash and cash equivalents.
Cover-All expanded its new suite of fully built out ISO® products built with the most modern technologies which already includes ISO® Commercial Automobile, Commercial Package – Property, general liability, inland marine, crime and fidelity as well as Workers Compensation with the addition of the Business owners (BOP) product. We believe these products represent the only fully built out ISO® products using modern technology available in the marketplace today. The products support the rate, quote, issuance, subsequent transactions and statistical reporting of these lines of business.
Cover-All announced the creation of Dev Studio (scheduled for general release in Q2, 2013) which enables customers to create, modify or maintain their own insurance products on the Cover-All Policy Solution platform. This capability combined with the unmatched functionality of the Cover-All prebuilt ISO® and NCCI® products give customers and prospects the choices they need to meet their specific business needs.
Cover-All announced the availability of Cover-All Test Studio, an automated testing tool.
Cover-All announced the availability of Cover-All Policy Conversion Studio to facilitate the conversion of policies from legacy systems to Cover-All Policy on renewal.
Recent Customer Announcements:
Society Insurance, a multi-line commercial property and casualty (P&C) insurance company specializing in niche business, selected Cover-All Policy to modernize Society's entire policy platform, including rating, quoting, underwriting, policy servicing, document generation/management and distribution.
Triple-S Propiedad, a Puerto Rico-based underwriter of property and casualty insurance policies, will implement the new version of Cover-All Policy to handle the company’s commercial auto and commercial package (including property, general liability, inland marine and crime) property and casualty (P&C) lines of business.
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “2012 was a challenging year. Entering the year we projected that 2012 would be our sixth record revenue year driven by in part by expected customer upgrades to our exciting new Policy solution and in part by our belief that the marketplace would embrace our innovative solution as well. Our projections were based on certain timing estimates that proved to be overly optimistic in a competitive environment. We welcomed the opportunity to show what our software, our technology and our people can do and we believe the eight affirmative decisions - 3 new customers and 5 upgrades - in the last half of 2012 and to date in 2013 justify that approach and validate the quality and versatility of our software, technology and people.