Cover-All Technologies Inc. Reports Third Quarter Operating Results.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. -- Cover-All Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Bulletin Board-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"), announced today revenues and earnings from operations for the three months and nine months ended September September: see month. 30, 2004. Revenues for the three months ended September 30, 2004 were $1,640,000 compared to $1,773,000 in the same period in 2003. For the nine months ended September 30, 2004, total revenue was $5,461,000 as compared to $5,555,000 in the same period in 2003. Net income (loss) for the three months ended September 30, 2004 was $(350,000), or $(0.02) per share, compared to $32,000, or $0.00 per share, in the same quarter of 2003. Net income (loss) for the nine months ended September 30, 2004 was $(508,000), or $(0.03) per share, compared to $277,000, or $0.02 per share, in the same period of 2003. 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, "While we have experienced a loss in the third quarter of 2004, we completed the implementation of My Insurance Center Rating & Issuance in several customer sites. It is being well received, and we are working with many additional customers to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... their upgrade plans. Based on these developments, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op for Cover-All to have yet another profitable year in 2004." MIC Rating & Issuance, an Internet-based component, is part of the Company's My Insurance Center Solution Offering and is designed to enable customers of the Company's existing Classic solution to take advantage of new capabilities and services without complex and disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. conversion effort. 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 negotiation, 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. filed with the SEC on March 29, 2004, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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 and nine months ended September 30, 2004 and 2003.
Cover-All Technologies Inc. and Subsidiary
Operating Highlights
Three months ended Nine months ended
September 30, September 30,
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2004 2003 2004 2003
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(unaudited) (unaudited)
Revenues:
Licenses $ 240,000 $ 195,000 $1,027,000 $ 483,000
Maintenance 1,060,000 1,112,000 3,362,000 3,347,000
Professional Services 186,000 325,000 609,000 1,265,000
Application Service
Provider Services 154,000 141,000 463,000 460,000
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Total Revenues 1,640,000 1,773,000 5,461,000 5,555,000
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Cost and Expenses
Cost of Sales 1,169,000 997,000 3,481,000 3,068,000
Research and
Development 194,000 137,000 507,000 404,000
Sales and Marketing 250,000 231,000 920,000 729,000
General and
Administrative 327,000 324,000 915,000 907,000
Interest Expense, Net 50,000 49,000 146,000 143,000
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Total Costs and
Expenses 1,990,000 1,738,000 5,969,000 5,251,000
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Income (Loss) Before
Income Taxes $ (350,000)$ 35,000 $ (508,000)$ 304,000
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Income Tax Expense -- 3,000 -- 27,000
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Net Income (Loss) $ (350,000)$ 32,000 $ (508,000)$ 277,000
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Basic Earnings (Loss) Per
Common Share $ (0.02)$ 0.00 $ (0.03)$ 0.02
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Diluted Earnings (Loss)
Per Common Share $ (0.02)$ 0.00 $ (0.03)$ 0.02
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