Cover-All Technologies Inc. Reports Second Quarter 2008 Operating Results.Revenues Up 42%, Net Income Up 514% Year to Date 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.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 results of operations for the six months and quarter ended June 30, 2008. Total revenues for the six months ended June 30, 2008 increased 42% to $5,507,000 as compared to $3,870,000 in the same period in 2007. Net income for the six months ended June 30, 2008 increased 514% to $872,000, or $0.04 per share, compared to $142,000, or $0.01 per share, in the same period in 2007. Total revenues for the three months ended June 30, 2008 increased 29% to $2,510,000 as compared to $1,939,000 in the same period in 2007. Net income for the three months ended June 30, 2008 increased to $292,000, or $0.01 per share, compared to $3,000, or $0.00 per share, in the same quarter of 2007. Shareholder equity has increased 66% to $3,801,000 as of June 30, 2008 compared to $2,285,000 as of December 31, 2007. 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 our second quarter 2008 financial results, our seventh consecutive profitable quarter. These financial results reflect the continued adoption by new and existing customers of our My Insurance Center[TM] platform and expansion of our development bandwidth through improved productivity, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , new hires, and advanced technology in order to handle our growth. "Our results reflect the continuing strong demand for our products and services. Profits are up considerably both for the second quarter and for the first six months of 2008 on strong revenue growth. 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). revenues in the aggregate), representing almost 85% of total revenues, were up more than 40% in the three months ended June 30, 2008 compared to the same period in 2007. "Our balance sheet is strong and continues to show growth in assets and shareholder equity. As of June 30, 2008, we do not have any outstanding debt on our balance sheet and we are generating significant cash to meet our current and future needs from operations. "We continue to expect significant growth and profitability in the last six months of 2008 as evidenced by our recent new customer announcement. In addition, the on-going development in 2008 of new My Insurance Center[TM] components and services enables us to expand our inventory of offerings available to existing and prospective customers. We are excited and committed to build upon our record profits in 2007 with an even better year in 2008." Updated Business Outlook Based upon our current business forecast, we expect to report diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of in the range of $0.08 to $0.10 for the year ending December 31, 2008 compared to diluted earnings per share of $0.05 for the year ended December 31, 2007. This projection is based on the Company's current business forecast as of the date of this press release and may be subject to risks and uncertainties (see the "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. " heading below) which could therefore cause actual results to differ from those projected above. Conference Call Information The Company has scheduled a conference call for 1:00 p.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 Friday, August 8, 2008, at which time it will review results for the quarter ended June 30, 2008. Teleconference Information: To participate in the Friday teleconference, dial 877-669-3047 (domestic) and 706-634-1767 (international). The conference ID # is 59160714. 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([R]), My Insurance Center[TM] (MIC) and Insurance Policy Database[TM] (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 or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders. Forward-looking Statements Statements in this press release, other than statements of historical information, are forward-looking statements 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 but not limited to the Company's Annual Report on 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, 2007, filed with the SEC on March 28, 2008, 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 six months ended June 30, 2008 and 2007 and the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. as of June 30, 2008 and December 31, 2007: [TABLE OMITTED] [TABLE OMITTED] |
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