Cover-All Technologies Inc. Reports First Quarter Results.Business Editors 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)--May 14, 2003 Cover-All Technologies Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : COVR.OB), a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. ("Cover-All" or the "Company"), today announced revenues and earnings from operations for the quarter ended March 31, 2003. Revenues for the three months ended March 31, 2003 were $2,058,000 compared to $1,737,000 in the same period in 2002, an increase of 18.5%. Net income for the three months ended March 31, 2003 was $242,000, or $0.02 per share, compared to $82,000, or $0.01 per share, in the same quarter of 2002. John Roblin John Roblin (June 3 1774-February 28 1813) was a farmer and political figure in Upper Canada. He was born in New Jersey in 1774. After the American Revolution, he settled in Adolphustown Township. He was elected to the 5th Parliament of Upper Canada for Lennox and Addington. , Chairman of the Board of Directors, President and Chief Executive Officer of the Company, stated: "We are pleased with the results for the first quarter of 2003. Our net income for the first quarter was up 195% over the first quarter of 2002 on solid revenue growth especially in ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). and Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Expenses increased by 8% on a year-over-year comparison, however, recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. expenses for the first quarter of 2003 were down by more than 2.5% over recurring expenses for the fourth quarter of 2002. We are seeing increased demand for Professional Services as our customers modify or create new Insurance products. Demand for new software continues to focus on initiatives that can demonstrate real return on investment. We believe that My Insurance Center utilizing our existing and new software capabilities is well suited to deliver value in this marketplace and have expanded our sales and marketing activities to reach more potential customers." About Cover-All Technologies Inc. Cover-All Technologies, Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry - first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value. With our extensive insurance knowledge, our experience and our commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the way the property and casualty insurance business is conducted. Additional information is available on line at www.cover-all.com. Cover-All, My Insurance Center (MIC) and Insurance Policy Database (IPD IPD Institut für Programmstrukturen und Datenorganisation IPD Investment Property Databank (UK) IPD Integrated Product Development IPD Intellectual Property Department IPD Invasive Pneumococcal Disease IPD Implicit Price Deflator ) are trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders. 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, risks 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 (the "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, 2003 and 2002.
Cover-All Technologies Inc. and
Subsidiaries Operating Highlights
Three months ended
March 31,
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2003 2002
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Revenues:
Licenses $231,000 $231,000
Maintenance 1,121,000 1,091,000
Professional Services 541,000 301,000
Application Service Provider ("ASP")
Services 165,000 114,000
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Total Revenues 2,058,000 1,737,000
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Costs and Expenses
Cost of Sales 1,082,000 989,000
Research and Development 160,000 112,000
Sales and Marketing 201,000 230,000
General and Administrative 303,000 287,000
Interest Expense, Net 46,000 37,000
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Total Costs and Expenses 1,792,000 1,655,000
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Income from Operations $266,000 $82,000
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Income Tax Expense 24,000 -----
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Net Income $242,000 $82,000
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Basic Earnings Per Share $0.02 $0.01
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Diluted Earnings Per Share $0.01 $0.01
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