Welcome!

@CloudExpo Authors: Kevin Jackson, Liz McMillan, Chris Kocher, Elizabeth White, Pat Romanski

News Feed Item

InsPro Technologies Corporation Announces Third Quarter 2012 Financial Results

InsPro Technologies Corporation (OTC Bulletin Board: ITCC), a leading software innovator and provider of an insurance administration and marketing system, InsPro Enterprise, used by insurance carriers and third party administrators, that supports individual and group business lines and efficiently processes agent, direct market, worksite and web site generated business, today announced its financial results for the quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Revenues from continuing operations increased 98% to $3,372,990 in the third quarter of 2012, compared to $1,699,802 in the third quarter of 2011 primarily due to increased professional services fees and to a lesser extent higher ASP/Hosting and maintenance revenue.
  • Loss from continuing operations increased to $1,240,515 in the third quarter of 2012, compared to a loss of $1,181,227 in the third quarter of 2011. A modest improvement in gross profit, which was the result of higher revenue largely offset by higher spending on InsPro Enterprise functional improvements, was offset by higher selling general and administrative expenses especially costs associated with recently acquired software licenses.
  • Net loss was $1,154,579 in the third quarter of 2012, compared to net loss of $982,809 in the third quarter of 2011.

Year to Date 2012 Highlights

  • Revenues from continuing operations increased 57% to $8,835,150 in the nine months ended September 30, 2012, compared to $5,636,023 in the same period of 2011. Increased professional services fees, ASP/Hosting revenue and maintenance revenue more than offset the lower license fee revenue so far in 2012.
  • Loss from continuing operations decreased to $2,699,495 in the nine months ended September 30, 2012, compared to a loss of $3,064,934 in the same period of 2011. The improved operating performance was the result of higher revenue offset by increased expense related to accelerated enhancements to InsPro Enterprise’s functionality.
  • Net loss was $6,864,779 for nine months ended September 30, 2012, compared to net loss of $1,496,548 for 2011 year to date. The increased net loss was primarily the result of a non cash loss on the change of the fair value of warrant liability of $4,508,078 in 2012, compared to gain of $929,671 in 2011.

Anthony R. Verdi, Chief Executive Officer, stated, “The continued significant growth of revenue and improving financial results only begins to tell our story in 2012. We are successfully achieving important milestones this year on four new implementations of InsPro Enterprise and at our recent Executive Forum we unveiled the initial version of our upgraded platform which adds Annuity product support to our capabilities. We remain committed to the partnership with our clients and to providing the premier results driven end to end technology solution for insurance companies and administrators.”

About InsPro Enterprise

The InsPro Enterprise suite includes Product Configuration Workbench, New Business and Underwriting, Billing and Collections, Policy Administration, Agent Management and Commissions, Claims, Document Management, Web Portals, and Data Analytics. InsPro Enterprise was designed as a single technology solution to manage all insurance processing requirements and built from the ground up to support both group and individual policies. The InsPro Enterprise design provides carriers the option to deploy the solution as an end-to-end straight through processing suite or on a modular componentized basis to address immediate areas of concern.

About InsPro Technologies Corporation

Through its subsidiary, InsPro Technologies, LLC, InsPro Technologies Corporation offers InsPro Enterprise software, an end-to-end; web-based policy administration system used by insurance carriers and third party administrators. By managing the entire product and policy lifecycle on a single integrated platform, customers are afforded opportunities to accelerate new product introductions, lower IT support costs, increase customer retention, and improve operational performance. InsPro’s solutions are offered through standard software licensing, as a hosted solution, or via Software as a Service (SaaS) delivery.

For additional information on InsPro Technologies, LLC and InsPro Enterprise please visit www.inspro.com.

Forward-Looking Statements

In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding the effects of existing and new clients, our prospect pipeline, and the investments in and potential of our technology platform. Forward-looking statements provide InsPro Technologies Corporation current expectations or forecasts of future events. Moreover, InsPro Technologies Corporation cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from the statements made, including risks described in InsPro Technologies Corporation’s most recent Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the Securities and Exchange Commission. These documents are available on the Securities and Exchange Commission’s website at www.sec.gov. InsPro Technologies Corporation does not undertake any obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.

 
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
     
For the Three Months Ended September 30, For the Nine Months Ended September 30,
  2012     2011     2012     2011  
 
Revenues $ 3,372,990 $ 1,699,802 $ 8,835,150 $ 5,636,023
 
Cost of revenues 3,237,929 1,587,656 7,844,648 5,035,330
       
Gross profit   135,061     112,146     990,502     600,693  
 
Selling, general and administrative expenses:
Salaries, employee benefits and related taxes 580,579 765,496 1,735,783 2,053,281
Advertising and other marketing 84,802 27,199 145,119 81,243
Depreciation and amortization 255,316 166,521 717,072 521,309
Rent, utilities, telephone and communications 99,652 93,526 281,353 282,363
Professional fees 176,905 99,199 385,407 307,856
Other general and administrative   178,323     141,432     425,264     419,575  
 
  1,375,577     1,293,373     3,689,998     3,665,627  
 
Loss from operations   (1,240,516 )   (1,181,227 )   (2,699,496 )   (3,064,934 )
 
Gain from discontinued operations 138,818 198,529 409,094 638,034
 
Other income (expense):
Gain (loss) on the change of the fair value of warrant liability - 103 (4,508,078 ) 929,671
Interest income 419 5,087 4,008 19,483
Interest expense   (53,300 )   (5,301 )   (70,307 )   (18,802 )
 
Total other income (expense)   (52,881 )   (111 )   (4,574,377 )   930,352  
 
Net loss $ (1,154,579 ) $ (982,809 ) $ (6,864,779 ) $ (1,496,548 )
 
Net income (loss) per common share - basic and diluted:
Income (loss) from operations $ (0.03 ) $ (0.03 ) $ (0.18 ) $ (0.06 )
Gain from discontinued operations   0.00     0.01     0.01     0.02  
Net income (loss) per common share $ (0.03 ) $ (0.02 ) $ (0.17 ) $ (0.04 )
 
Weighted average common shares outstanding - basic and diluted   41,543,655     41,543,655     41,543,655     41,543,655  
 
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
September 30, 2012 December 31, 2011
ASSETS
 
CURRENT ASSETS:
Cash $ 2,091,032 $ 3,702,053
Accounts receivable, net 2,444,375 1,506,234
Tax receivable 766 766
Prepaid expenses 285,143 116,649
Other current assets 396 2,139
Assets of discontinued operations   87,817     104,002  
 
Total current assets 4,909,529 5,431,843
 
Property and equipment, net 1,501,835 496,692
Intangibles, net - 260,050
Other assets   80,608     80,608  
 
Total assets $ 6,491,972   $ 6,269,193  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Note payable $ 66,686 $ 8,586
Accounts payable 1,906,096 644,563
Accrued expenses 712,777 521,383
Current portion of capital lease obligations 74,319 109,872
Deferred revenue   1,672,039     622,500  
 
Total current liabilities   4,431,917     1,906,904  
 
LONG TERM LIABILITIES:
Warrant liability - 1,674,226
Capital lease obligations   95,776     113,943  
 
Total long term liabilities   95,776     1,788,169  
 
SHAREHOLDERS' EQUITY:
Preferred stock ($.001 par value; 20,000,000 shares authorized)

Series A convertible preferred stock; 3,437,500 shares authorized, 1,276,750 shares issued and outstanding (liquidation value $12,767,500)

2,864,104 2,864,104

Series B convertible preferred stock; 5,000,000 shares authorized, 2,797,379 shares issued and outstanding (liquidation value $8,392,137)

5,427,604 5,427,604

Common stock ($.001 par value; 300,000,000 shares authorized, 41,543,655 shares issued and outstanding)

41,544 41,543
Additional paid-in capital 43,293,255 37,038,318
Accumulated deficit   (49,662,228 )   (42,797,449 )
 
Total shareholders' equity   1,964,279     2,574,120  
 
Total liabilities and shareholders' equity $ 6,491,972   $ 6,269,193  
 
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
   
For the Nine Months Ended September 30
  2012     2011  
Cash Flows From Operating Activities:
Net loss $ (6,864,779 ) $ (1,496,548 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 717,072 521,309
Stock-based compensation 72,632 250,354
(Gain) loss on change of fair value of warrant liability 4,508,078 (929,671 )
Changes in assets and liabilities:
Accounts receivable (938,141 ) (261,290 )
Tax receivable - 2,840
Prepaid expenses (168,494 ) (10,518 )
Other current assets 1,743 (151 )
Other assets - 1,950
Accounts payable 738,392 (348,106 )
Accrued expenses 191,394 118,309
Deferred revenue 1,049,539 531,537
Assets of discontinued operations   16,185     (84,197 )
 
Net cash used in operating activities   (676,379 )   (1,704,182 )
 
Cash Flows From Investing Activities:
Purchase of property and equipment   (939,022 )   (98,235 )
 
Net cash used in investing activities   (939,022 )   (98,235 )
 
Cash Flows From Financing Activities:
Gross proceeds from note payable 118,206 37,540
Payments on note payable (60,106 ) (33,650 )
Fees paid in connection with secured note from related party - (8,370 )
Gross proceeds from capital leases 27,442 -
Payments on capital leases (81,162 ) (117,535 )
Restricted cash in connection with letters of credit   -     1,152,573  
 
Net cash provided by financing activities   4,380     1,030,558  
 
Net (decrease) in cash (1,611,021 ) (771,859 )
 
Cash - beginning of the period   3,702,053     4,429,026  
 
Cash - end of the period $ 2,091,032   $ 3,657,167  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...