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 15, 2001 Cover-All Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COVR.OB) (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 ) (the "Company") today announced results for the quarter ended March 31, 2001. Total revenue for the three month period ended March 31, 2001 was $1,694,000 compared to $2,279,000 in the same period in 2000. Net loss for the three month period ended March 31, 2001 was $(98,000), or $(0.01) per share, compared to $(778,000), or $(0.05) per share, in the same quarter of 2000. 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: "Cover-All's improved operating results for the first quarter are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. and cost reductions initiated in 2000. We are also seeing the results of our focus on delivering quality results to our customers on time and on budget. The overall results are encouraging with the exception of disappointing new license revenues, partially caused by the recent economic uncertainty in the US." "We are now aggressively turning our efforts to growing the business with the appointment of a new Chief Marketing Officer and new marketing initiatives. We have been able to identify additional market segments and are developing new, targeted product "suites" to respond to their specific needs. Cover-All now has a significant array of products and services that can deliver value today to a number of market segments including insurance carriers, agents, brokers and third-party providers. Although some areas of the new market initiatives are just underway, we believe that they will accelerate our return to profitable growth based on new sales and 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. revenue streams." Utilizing the latest thin client and 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, Cover-All Technologies Inc. specializes in providing Internet-enabled strategic policy and premium software solutions to the property and casualty insurance industry. 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, 2001 and 2000.
Cover-All Technologies Inc. and Subsidiaries
Operating Highlights
Three months ended
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March 31,
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2001 2000
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Revenues:
Licenses $ 168,000 $ 820,000
Maintenance 1,108,000 1,056,000
Professional Services 418,000 403,000
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Total Revenues 1,694,000 2,279,000
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Costs and Expenses
Cost of Sales $ 1,288,000 $ 2,286,000
Research and Development 126,000 165,000
Sales and Marketing 280,000 188,000
General and Administrative 319,000 506,000
Allowance for Doubtful Accounts (83,000) (140,000)
Other Income (225,000) --
Interest Expense, Net 87,000 52,000
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Total Costs and Expenses 1,792,000 3,057,000
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Loss from Operations $ (98,000) $(778,000)
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Income Tax (Expense) Benefit -- --
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Net Loss $ (98,000) $(778,000)
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Basic Earnings (Loss) Per
Share $ (0.01) $ (0.05)
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Diluted Earnings (Loss)
Per Share $ (0.01) $ (0.05)
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