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Cover-All Blog

Aug 13 2009
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Cover-All Technologies Inc. Announces Second Quarter 2009 Financial Results

Added by Miguel Edwards

About the Author :

Miguel Edwards

Miguel Edwards joined Cover-All Technologies in May of 2009 and is the SVP of Business Development. Prior to joining the company, Mr. Edwards served as a Director of Business Engagement for WillisHRH from 2006-2009 where he was charged with ensuring the alignment of business and technology strategies. His experience also includes significant technology roles at Tyco International, EBS Dealing Resources, and Thomson Financial. Adding to his achievements, in 2008 Mr. Edwards completed an Executive MBA at Rider University.

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Company Reports 10th Consecutive Profitable Quarter – Continuing Revenue Increases 18.6% Year-To-Date

FAIRFIELD, N.J.–(BUSINESS WIRE)– Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB), a Delaware corporation (”Cover-All” or the “Company”), today announced financial results for the quarter ended June 30, 2009.

Operational Highlights:

  • Year-to-Date revenue increased 5.2% to $5.8 million compared to $5.5 million for the same period in 2008. Second quarter revenue was $2.7 million, compared to $2.5 million for the same period in 2008, an increase of 9.1%.
  • Continuing revenue (maintenance and ASP revenue from contracts) for the first six months of 2009 was $3.5 million, up 18.6% compared to the $3.0 million in the prior-year period. Continuing revenue for the second quarter of 2009 was $1.8 million, up 16.9% from $1.5 million in the same period in 2008.
  • Professional services revenue for the first six months of 2009 was $2.0 million, up 17.9% compared to $1.7 million in the same period in 2008. Professional services revenue for the second quarter of 2009 was $891,000, up 7.4% compared to $829,000 for the same period in 2008.
  • Total expenses (cost of revenue and operating expenses) for the first six months of 2009 was $5.2 million, up from $4.7 million in the same period in 2008.
  • Net income for the six months ended June 30, 2009 was $629,000, or $0.03 per share, compared to $872,000, or $0.04 per share, in the same period of 2008. Net income for the three months ended June 30, 2009 was $194,000, or $0.01 per share, compared to $292,000, or $0.01 per share, in the same quarter of 2008.
  • The Company’s balance sheet remains strong with stockholders’ equity at $7.9 million as of June 30, 2009. The Company completed the second quarter of 2009 with $4.4 million in cash, $5.0 million in working capital and no debt.

John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “Cover-All continues to ramp its continuing, or recurring, revenue base, increasing our long-term revenue visibility and resulting in our tenth consecutive quarter of profitability. Simultaneously, we are utilizing our strong financial position and profitability to increase investments in research and development to broaden our product offering and ultimately expand the Company’s earnings power. Our R&D initiatives have enabled us to launch our new Workers’ Compensation product as part of our My Insurance Center(TM) (MIC) NexGen suite, as well as our Massachusetts Commercial Automobile Rating & Policy Issuance product. Our Workers’ Compensation product is already in production at one major carrier and went live with a second customer in July, 2009.. Our Massachusetts Commercial Automobile Rating & Policy Issuance product was launched after developing and testing this product for an existing customer. These two products are a clear example of Cover-All’s ability to respond to our customers’ business needs with proven technology, and we expect to announce additional product launches during the second half of the year to further augment our MIC platform.”

Click here to download the entire Press Release in PDF format.

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