Cover-All Technologies Inc. Reports Fourth Quarter and Year-end 2002 Profitable Operating 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)--March 4, 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 and year ended December December: see month. 31, 2002. Net income for the three months ended December 31, 2002 was $1,297,000, or $0.09 per share, compared to $26,000, or $0.00 per share, in the same quarter of 2001. Revenues for the three months ended December 31, 2002 were $3,380,000 compared to $1,543,000 in the same period in 2001. Net income for the twelve months ended December 31, 2002 and 2001 was $877,000, or $0.06 per share, and $55,000, or $0.00 per share, respectively. The results for 2001 include an extraordinary gain on the extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt of $804,000 (net of income taxes of $536,000), or $0.05 per share, that was recognized in the quarter ended June June: see month. 30, 2001. For the twelve months ended December 31, 2002, revenues were $8,142,000 as compared to $6,263,000 in the same period in 2001. This represents a 30% increase in revenues over the same period in 2001. Total cost of revenues decreased for the twelve months ended December 31, 2002 from $4,863,000 to $4,317,000, a decrease of $546,000 or 11% over the same period in 2001. Total expenses decreased 6% in 2002 over 2001. 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: "The fiscal year 2002 was an encouraging one for Cover-All especially considering the difficult and uncertain economic climate. Our 2002 results include earnings per share of $.06, operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. exceeding $906,000 and earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
A business that engages in transactions with outsiders. of Cover-All Technologies in 1996. Revenues were up and our 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 (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 maintenance) grew to $4,902,000, another record achievement for the Company. As we move into 2003, we are also encouraged by the response to our new solution offering My Insurance Center, which was introduced in December 2001. We expect to introduce a number of exciting new capabilities in 2003 that will further enhance our integrated, "real time" solutions. We are proud of our progress in 2002 and look forward to the opportunities in 2003." About Cover-All Technologies Inc. Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated solutions for the property and casualty insurance market - the first to deliver and maintain standard commercial rating and issuance software products. Cover-All continues to expand its insurance solutions while providing superior levels of solution alternatives and service to the industry. 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 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 operating highlights for the three and twelve months ended December 31, 2002 and 2001.
Cover-All Technologies Inc. and Subsidiaries
Operating Highlights
Three months ended Twelve months ended
December 31, December 31,
2 0 0 2 2 0 0 1 2 0 0 2 2 0 0 1
------------ ---------- ------------ ------------
Revenues:
Licenses $ 1,772,000 $ 10,000 $ 2,180,000 $ 246,000
Maintenance 1,108,000 1,136,000 4,389,000 4,370,000
Professional
Services 367,000 265,000 1,060,000 1,249,000
Application
Service Provider
Services ("ASP") 133,000 132,000 513,000 398,000
------------ ----------- ----------- ------------
Total Revenues 3,380,000 1,543,000 8,142,000 6,263,000
------------ ----------- ----------- ------------
Costs and Expenses:
Cost of Sales 1,324,000 1,090,000 4,317,000 4,863,000
Research and
Development 155,000 101,000 599,000 413,000
Sales and
Marketing 204,000 287,000 901,000 1,264,000
General and
Administrative 488,000 328,000 1,418,000 1,366,000
Allowance for
Doubtful -- -- -- (58,000)
Accounts
Other Income -- -- -- (225,000)
Interest Expense,
Net 51,000 38,000 169,000 252,000
------------ ----------- ----------- ------------
Total Costs and
Expenses 2,222,000 1,844,000 7,404,000 7,875,000
------------ ----------- ----------- ------------
Income (Loss)
Before Income
Tax Benefit $ 1,158,000 $ (301,000) $ 738,000 $(1,612,000)
------------ ----------- ----------- ------------
Income Tax Benefit 139,000 327,000 139,000 863,000
------------ ----------- ----------- ------------
Income (Loss) Before
Extraordinary
Items 1,297,000 26,000 877,000 (749,000)
Extraordinary Item -
Gain on
Extinguishment of
Debt (Net of
Income Tax of
536,000) -- -- -- 804,000
------------ ----------- ----------- ------------
Net Income $ 1,297,000 $ 26,000 $ 877,000 $ 55,000
============ =========== =========== ============
Basic Earnings (Loss)
Per Common Share
Before
Extraordinary
Items $ 0.09 $ 0.00 $ 0.06 $ (0.05)
============ =========== =========== ============
Extraordinary Item $ 0.00 $ 0.00 $ 0.00 $ 0.05
============ =========== =========== ============
Basic Earnings
Per Common Share $ 0.09 $ 0.00 $ 0.06 $ 0.00
============ =========== =========== ============
Diluted Earnings
Per Common Share $ 0.07 $ 0.00 $ 0.04 $ 0.00
============ =========== =========== ============
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