Cover-All Technologies Inc. Reports Profitable First Quarter 2007.FAIRFIELD Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. , N.J. -- 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), 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 results of operations for the quarter ended March 31, 2007. Revenues for the three months ended March 31, 2007 were $1,931,000 as compared to $1,739,000 in the same period in 2006. Net income (loss) for the three months ended March 31, 2007 and 2006 was $140,000, or $0.01 per share, and $(290,000), or $(0.02) per share, respectively. 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 first quarter of 2007 marked Cover-All's return to profitability, and our results show significant year-over-year improvement, with double-digit growth in revenue and earnings. Services revenues consisting of maintenance, professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and 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). were up by more than 15%, from $1,491,000 to $1,728,000, over the same quarter in 2006. Total costs and expenses were down by more than 11%, from $2,029,000 in the first quarter of 2006 to $1,791,000 in the first quarter of 2007. "Cover-All invested in expanding our capabilities and services in 2005 and 2006. The results of these investments are now gaining visibility in the marketplace as our customers implement and leverage My Insurance Center to achieve increased growth and profitability. In addition, we have demonstrated the ability to deliver the quality service and support that can be a key differentiator for us in the marketplace. We have a generated a good deal of excitement and interest that, we believe, will have a positive impact on revenue growth in 2007. "As we experience rapid growth, we are also focused upon managing expenses. We are reducing fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). and are making effective use of offshore or other staffing options to enable us to vary our costs depending upon demand. One key to this strategy to expect our personnel to be broadly based and play a number of roles as our business and customers' needs require. "We believe that Cover-All is better positioned than ever before to bring outstanding value to our customers, shareholders and employees. Today Cover-All has an innovative and robust solution set in My Insurance Center, a significant customer base, including some of the largest and best known industry players, a stronger balance sheet as a result of the conversion of most of our debt in late March and credibility in the insurance marketplace, based on results realized by our customers. We are proud of these accomplishments, and we are excited about our opportunities in 2007." The Company has scheduled a conference call for 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on Wednesday, May 16, 2007, at which time it will review results for the quarter ended March 31, 2007. Teleconference Information: To participate in the Wednesday teleconference, dial 877-669-3047 (domestic) and 706-634-1767 (international). The conference ID # is 8887803. 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 online 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, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits 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, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2006, filed with the SEC on April 2, 2007, 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 months ended March 31, 2007 and 2006. [TABLE OMITTED] |
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