Cover-All Technologies Inc. Reports Third Quarter Results and OTC Bulletin Board Trading.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)--Oct. 31, 2000 Cover-All Technologies Inc. (the "Company") today announced results for the quarter ended September 30, 2000. Total revenue for the three-month period ended September 30, 2000 was $2,233,000 compared to $2,134,000 in the same period in 1999. For the nine months ended September 30, 2000 total revenue was $6,067,000 as compared to $8,760,000 in the same period of 1999. Net income (loss) for the three-month period ended September 30, 2000 was $(215,000), or $(0.01) per share, compared to $(904,000) or $(0.05) per share in the same quarter of 1999. Net income (loss) for the nine months ended September 30, 2000 was $(1,991,000) or $(0.11) per share, compared to $(669,000) or $(0.04) per share, in the same period of 1999. Mark Johnston
Mark Johnston (born October 10, 1959) is a racehorse trainer based in Middleham, North Yorkshire, England. In 2004 he won the One Thousand Guineas with Attraction. , Chairman of the Board of Directors, stated, "The third quarter results are a clear reflection of the recovery in operations at Cover-All. In the aftermath of the final phase of the TAS TAS abbr. 1. telephone answering system 2. true airspeed software development program, total direct margins recovered strongly to be in excess of 30%. Cover-All posted an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the quarter before accounting for interest and depreciation expenses which enabled the Company to avoid raising costly new capital to finance operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. . "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. and the team at Cover-All are to be congratulated for meeting their operating targets whilst at the same time making significant improvements to Cover-All's software assets. Their efforts have provided us with a growing number of sales prospects and a positive outlook for the 2001 year." John Roblin, President and Chief Executive Officer of the Company, added, "Our third quarter results are significantly improved over the previous four quarters. Our revenues were up over the second quarter by $678,000 or 44% from sales of new Classic licenses and new TAS professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Our EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the third quarter was positive at $126,000 or $.01 per share. "We have made considerable progress in linking the industry-leading rating and policy issuance capabilities of Classic with the capabilities of the TAS business components (Billing, CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , Statistical Reporting) through our Oracle-based Insurance Enterprise Database. This platform, when completed early next year, combined with our Internet Development toolset will enable us to provide integrated, flexible, cost-effective solutions to insurers, agents and Internet aggregators. Our solutions will be available through licensing or ASP models." The Company also announced today that its common stock will begin trading on the 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. under the symbol "COVR" as of November 1, 2000, and will no longer be listed on the Nasdaq SmallCap Market. Utilizing the latest thin client and relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. technology, Cover-All Technologies Inc. specializes in providing Internet-enabled strategic policy and premium software solutions in the property and casualty insurance industry. More information may be obtained from the Company's web site at www.cover-all.com. 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, risk 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 the 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 unaudited operating highlights for the three and nine months ended September 30, 2000 and 1999.
Cover-All Technologies Inc. and Subsidiaries
Operating Highlights
Three months ended Nine months ended
September 30, September 30,
2000 1999 2000 1999
Revenues:
Licenses $ 721,000 $ 301,000 $ 1,737,000 $ 2,505,000
Maintenance 978,000 1,133,000 2,986,000 3,235,000
Professional
Services 534,000 700,000 1,344,000 3,020,000
Total Revenues 2,233,000 2,134,000 6,067,000 8,760,000
Cost and Expenses
Cost of Sales 1,524,000 1,851,000 5,456,000 6,440,000
Research and
Development 224,000 291,000 613,000 778,000
Sales and
Marketing 228,000 355,000 628,000 1,339,000
General and
Administrative 433,000 363,000 1,356,000 1,087,000
Allowance for
Doubtful Accounts (39,000) 129,000 (203,000) (145,000)
Interest Expense,
Net 78,000 49,000 208,000 130,000
Total Costs and
Expenses 2,448,000 3,038,000 8,058,000 9,629,000
Income (Loss)
from
Operations $ (215,000) $ (904,000) $(1,991,000) $ (869,000)
Income Tax
(Expense)
Benefit -- -- -- 200,000
Net Income
(Loss) $ (215,000) $ (904,000) $(1,991,000) $ (669,000)
Basic Earnings
(Loss) Per
Share $ (.01) $ (0.05) $ (.11) $ (0.04)
Diluted
Earnings (Loss)
Per Share $ (.01) $ (0.05) $ (.11) $ (0.04)
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion