Cover-All Technologies Inc., Reports Earnings Per Share of $.02 in the First Quarter of 1999.FAIR LAWN Fair Lawn, borough (1990 pop. 30,548), Bergen co., NE N.J., across the Passaic River from Paterson; inc. 1924. It is residential with light industries. , N.J.--(BUSINESS WIRE)--April 16, 1999-- Cover-All Technologies Inc. (Nasdaq SmallCap Market - COVR and PHLX PHLX See: Philadelphia Stock Exchange PHLX See Philadelphia Stock Exchange (PHLX). - CVA CVA abbr. cerebrovascular accident CVA, n See accident, cerebrovascular. CVA cerebrovascular accident. CVA Cerebrovascular accident, see there ) today announced revenues and earnings from operations for the quarter ended March 31, 1999. Total revenue for the three month period ended March 31, 1999 was $3,471,000 compared to $2,871,000 in the same period in 1998. This represents a 21% increase in revenue over the same period in 1998. Net income for the three months ended March 31, 1999 was $310,000 or $0.02 per share compared to $362,000 or $0.02 per share in the same quarter of 1998. Brian Magowan, Chairman and Chief Executive Officer of the Company, stated: "The first quarter marked Cover-All's continued focus on successful deliveries to the initial TAS TAS abbr. 1. telephone answering system 2. true airspeed 2000 customers. As the TAS workers compensation products delivered to Accident Fund and Sierra Insurance Group continue to gain acceptance within the insurance sector, Cover-All is leveraging this success. Our recent marketing efforts at the NCCI NCCI National Council on Compensation Insurance (Boca Raton, FL) NCCI National Correct Coding Initiative NCCI National Company for Cooperative Insurance NCCI Namibian Chamber of Commerce and Industry Symposium symposium In ancient Greece, an aristocratic banquet at which men met to discuss philosophical and political issues and recite poetry. It began as a warrior feast. Rooms were designed specifically for the proceedings. and RIMS risk management conference validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. the strong demand for these products from insurance carriers seeking improved technology. With continuing strength of all our products and the recent recruitment of quality technical and sales managers sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → , I am confident that revenue and earnings will continue to grow in 1999." Cover-All Technologies Inc. is a provider of computer software for the insurance industry, specializing in rapid applications development tools and the delivery of mission critical software solutions for property and casualty policy administration. The Company's object-oriented software products utilize Oracle's client-server, relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. technology. More information may be obtained from the Company's web site at www.cover-all.com. Statements in this press release, other than statements of historical information, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks which may cause the Company's actual results in future periods to differ materially from expected results. Those risks include, among others, risk associated with increased competition, customer decisions, delays in productivity programs and new product introductions, and other business factors beyond the Company's control. Those and other risks are described in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company. The following is a summary of unaudited operating highlights for the three months ended March 31, 1999 and 1998:
Cover-All Technologies Inc. and Subsidiaries
Operating Highlights
Three months ended
March 31,
1999 1998
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Revenues:
Licenses $ 1,541,000 $ 1,409,000
Maintenance 1,020,000 895,000
Professional Services 910,000 567,000
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Total Revenues 3,471,000 2,871,000
Costs and Expenses:
Cost of Sales 2,298,000 1,415,000
Research and Development 240,000 264,000
Sales and Marketing 470,000 336,000
General and Administrative 313,000 417,000
Interest Expense 37,000 77,000
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Total Costs and Expenses 3,358,000 2,509,000
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Income from Operations 113,000 362,000
Income Tax (Expense) Benefit 197,000 --
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Net Income $ 310,000 $ 362,000
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Basic Earnings Per Share $ 0.02 $ 0.02
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Diluted Earnings Per Share $ 0.02 $ 0.02
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