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Cover-All Announces Second Quarter 2013 Results

Cover-All Technologies Inc. (NYSE MKT: COVR), a Delaware corporation (“Cover-All” or the “Company”), today announced financial results for the quarter ended June 30, 2013.

“We are pleased to report significant revenue and EBITDA* growth for first six months in 2013 – up 21% and up 994%, respectively, year-over-year,” said Manish Shah, CEO and President of Cover-All. “Five new contracts this year, including license revenue from four contracts recognized in first six months of 2013, and increasing demand for professional services drove record revenue for first six months in 2013. We continue to see increasing demand for Cover-All Policy and BI solutions and professional services. With outstanding financial results for first six months in 2013, Cover-All is poised for a record revenue year.”

“We believe that technology transformation initiatives in the P/C insurance industry are in its early stages. We are focused on taking advantage of these opportunities by offering compelling solutions for the P/C insurance industry. During the past few years we have invested strategically to become a significant solution provider in the insurance technology marketplace by offering innovative solutions which are differentiated by providing significant business benefits such as speed-to-market, ease-of-use and adaptability for changing business needs.”

FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2013

Revenue

  • Total revenues for the six months ended June 30, 2013 were $10.9 million compared to $9.0 million for the same period in 2012.
  • License revenue for the six months ended June 30, 2013 was $4.3 million compared to $2.4 million for the same period in 2012.
  • Support Services revenue (which represents contracted continuing revenue) was $4.0 million for the six months ended June 30, 2013 compared to $4.3 million in the same period in 2012.
  • Professional Services revenue for the six months ended June 30, 2013 was $2.6 million compared to $2.3 million for the same period in 2012.

GAAP Profitability

  • Operating income (loss) for the six months ended June 30, 2013 was $(256,000) compared to $(1.5) million in the comparable period in 2012.
  • Net income (loss) for the six months ended June 30, 2012 was $(444,000), or $(0.02) per basic and diluted share (based on 26.0 million basic and diluted weighted average shares), compared to $(1.5) million, or $(0.06) per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), in the same period of 2012.

Non-GAAP Profitability

  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”), a non-GAAP metric, was $2.2 million, or $0.09 per basic diluted share (based on 26.0 million basic and diluted weighted average shares), for the six months ended June 30, 2013 compared to $202,000, or $0.01 per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), for the six months ended June 30, 2012.

FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2013

Revenue

  • Total revenues for the three months ended June 30, 2013 were $4.0 million compared to $5.4 million for the same period in 2012.
  • License revenue for the three months ended June 30, 2013 was $697,000 compared to $2.3 million for the same period in 2012.
  • Support Services revenue (which represents contracted continuing revenue) was $2.0 million for the quarter ended June 30, 2013 compared to $2.1 million for the same quarter last year.
  • Professional Services revenue for the second quarter of 2013 was $1.3 million, compared to $1.0 million for the same quarter in 2012.

GAAP Profitability

  • Total expenses (cost of revenue and operating expenses) for the three months ended June 30, 2013 were $5.1 million compared to $5.5 million in the comparable period of 2012.
  • Operating income (loss) for the three months ended June 30, 2013 was $(1.1) million compared to $(54,000) in the comparable period in 2012.
  • Net income (loss) for the three months ended June 30, 2013 was $(1.1) million, or $(0.04) per basic and diluted share (based on 26.1 million basic and diluted weighted average shares), compared to $(39,000), or $(0.00) per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), in the same quarter of 2012.

Non-GAAP Profitability

  • EBITDA, a non-GAAP metric, was $217,000, or $0.01 per basic and diluted share (based on 26.1 million basic and diluted weighted average shares), for the three months ended June 30, 2013 compared to $831,000, or $0.03 per basic and diluted share (based on 25.9 million basic and diluted weighted average shares), for the three months ended June 30, 2012.

Balance Sheet

  • As of June 30, 2013, the Company had $2.3 million in cash and cash equivalents and $1.3 million in accounts receivable.

WEBCAST AND CONFERENCE CALL INFORMATION

Management will conduct a live teleconference to discuss its 2013 second quarter financial results at 4:30 p.m. EDT on Monday, August 12, 2013. Anyone interested in participating should call 1-877-941-2068 if calling from the United States, or 1-480-629-9712 if dialing internationally. A replay will be available until August 26, 2013, which can be accessed by dialing 1-877-870-5176 within the United States and 1-858-384-5517 if dialing internationally. Please use passcode 4634232 to access the replay.

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