Cover-All Technologies Inc. Reports Third Quarter 2007 Operating Results.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 quarter ended September September: see month. 30, 2007. Revenues for the three months ended September 30, 2007 were $1,889,000 compared to $1,618,000 in the same period in 2006. For the nine months ended September 30, 2007, total revenues were $5,759,000 as compared to $4,995,000 in the same period in 2006. Net income (loss) for the three months ended September 30, 2007 was $2,000, or $0.00 per share, compared to $(353,000), or $(0.02) per share, in the same quarter of 2006. Net income (loss) for the nine months ended September 30, 2007 was $144,000, or $0.01 per share, compared to $(957,000), or $(0.06) per share, in the same period of 2006. 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 results of operations show continued year-over-year improvement, with double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. revenue growth and positive earnings in the third quarter. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, our revenues are up by more than 15% and expenses are down by more than 5% over the first nine months of 2006. These results reflect our continued commitment to consistent growth, profitability and expense control. "Our outlook for the fourth quarter of 2007 and fiscal year 2008 is very positive. We are in the process of delivering significant new functionality that has been contracted for by existing customers. We are also in the process of finalizing and implementing significant new customer agreements with delivery schedules in the fourth quarter of 2007 and into 2008. These engagements will not only have a very positive effect on earnings over time but also increase our visibility in the marketplace. Cover-All is establishing a reputation as a quality solution provider to the insurance industry with its leading edge My Insurance Center technology platform, outstanding people and a demonstrated ability to deliver. "We are energized and excited by our progress and the opportunities that we have earned. We look forward to continued success in 2007 and 2008." Confirmation of Business Outlook Based upon the information discussed above, the Company confirms its prior guidance that it expects to be profitable for the 2007 fiscal year. This projection 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 what is projected above. Conference Call Information The Company has scheduled a conference call for 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Friday, November 16, 2007, at which time it will review results for the quarter ended September 30, 2007. Teleconference Information: To participate in the Friday teleconference, dial 877-669-3047 (domestic) and 706-634-1767 (international). The conference ID# is 24693154. 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. 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 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 and nine months ended September 30, 2007 and 2006. [TABLE OMITTED] Note: Numbers may not sum due to rounding |
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