Cover-All Technologies Reports EPS of Four Cents Which is the Fourth Consecutive Quarterly Increase in Profitability.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. 12, 1998--Cover-All Technologies Inc. (Nasdaq SmallCap Market:COVR and PHLX PHLX See: Philadelphia Stock Exchange PHLX See Philadelphia Stock Exchange (PHLX). :CVA CVA abbr. cerebrovascular accident CVA, n See accident, cerebrovascular. CVA cerebrovascular accident. CVA Cerebrovascular accident, see there ) (the "Company") today announced revenues and earnings from operations for the quarter ended Sept. 30, 1998. It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have the company's fourth consecutive quarterly increase in profitability since the company's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in 1995 and an 85% increase in revenue for the third quarter ended Sept. 30, 1998 as compared to the same period in 1997. Driving the company's turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. was a significant increase in new license revenue and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Total revenue for the three month period ended Sept. 30, 1998 was $3,811,000 compared to $2,058,000 in the same period in 1997. For the nine months ended Sept. 30, 1998, total revenue was $10,314,000 as compared to $4,279,000 in the same period of 1997. Net income for the three month period ended Sept. 30, 1998 was $728,000, or $0.04 per share, compared to a net loss of $(240,000), or $(.01) per share, in the same quarter of 1997. Net income for the nine months ended Sept. 30, 1998 was $1,630,000, or $0.10 per share, compared to a net loss of $(2,836,000), or $(0.17) per share, in the same quarter of 1997. Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Magowan, chairman and chief executive officer of the company stated that: "The Company continues to achieve sales and implementation success with its flagship TAS TAS abbr. 1. telephone answering system 2. true airspeed 2000 product line, which allows the Company to deliver complete modular policy and claims administration solutions to Property and Casualty insurers. Although the first shipments of TAS 2000 solutions were delivered in late 1997, revenues from TAS 2000 already represent the largest part of revenue for the company in 1998. Prospects remain promising that TAS 2000 will fuel continuing revenue and earnings growth in the coming quarters." Cover-All Technologies Inc. is a provider of computer software for the insurance industry, specializing in rapid applications development tools and the delivery of mission critical software solutions for property and casualty policy administration. The company's object-oriented TAS software products utilize Oracle's client-server, 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. 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. -0-
The following is a summary of unaudited operating highlights for the
three and nine months ended Sept. 30, 1998 and 1997.
Cover-All Technologies Inc. and Subsidiaries
Operating Highlights
Three Months ended
Sept. 30,
1998 1997
Revenues:
Licenses $ 1,527,000 $ 994,000
Maintenance 956,000 674,000
Professional Services 1,328,000 390,000
Total Revenues 3,811,000 2,058,000
Costs and Expenses
Cost of Sales 1,637,000 1,030,000
Research and Development 240,000 0
Sales and Marketing 575,000 541,000
General and Administrative 567,000 628,000
Interest Expense (Income) 64,000 99,000
Total Costs and Expenses 3,083,000 2,298,000
Net Income(Loss) $ 728,000 $ (240,000)
Basic Earnings(Loss) Per Share $ 0.04 $ (0.01)
Diluted Earnings(Loss) Per Share $ 0.04 $ (0.01)
Nine Months ended
Sept. 30,
1998 1997
Revenues:
Licenses $ 4,952,000 $1,481,000
Maintenance 2,761,000 1,889,000
Professional Services 2,601,000 909,000
Total Revenues 10,314,000 4,279,000
Costs and Expenses
Cost of Sales 4,845,000 3,579,000
Research and Development 783,000 0
Sales and Marketing 1,409,000 1,349,000
General and Administrative 1,432,000 2,007,000
Interest Expense (Income) 215,000 180,000
Total Costs and Expenses 8,684,000 7,115,000
Net Income(Loss) $ 1,630,000 $(2,836,000)
Basic Earnings(Loss) Per Share $ 0.10 $ (0.17)
Diluted Earnings(Loss) Per Share $ 0.10 $ (0.17)
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