|By Business Wire||
|November 14, 2012 04:02 PM EST||
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.
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,|
|Cost of revenues||3,237,929||1,587,656||7,844,648||5,035,330|
|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|
|Other general and administrative||178,323||141,432||425,264||419,575|
|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|
|Total other income (expense)||(52,881||)||(111||)||(4,574,377||)||930,352|
|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||)||$||(0.04||)|
|Weighted average common shares outstanding - basic and diluted||41,543,655||41,543,655||41,543,655||41,543,655|
|INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|September 30, 2012||December 31, 2011|
|Accounts receivable, net||2,444,375||1,506,234|
|Other current assets||396||2,139|
|Assets of discontinued operations||87,817||104,002|
|Total current assets||4,909,529||5,431,843|
|Property and equipment, net||1,501,835||496,692|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Current portion of capital lease obligations||74,319||109,872|
|Total current liabilities||4,431,917||1,906,904|
|LONG TERM LIABILITIES:|
|Capital lease obligations||95,776||113,943|
|Total long term liabilities||95,776||1,788,169|
|Preferred stock ($.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)
Series B convertible preferred stock; 5,000,000 shares authorized, 2,797,379 shares issued and outstanding (liquidation value $8,392,137)
Common stock ($.001 par value; 300,000,000 shares authorized, 41,543,655 shares issued and outstanding)
|Additional paid-in capital||43,293,255||37,038,318|
|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|
|Cash Flows From Operating Activities:|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Depreciation and amortization||717,072||521,309|
|(Gain) loss on change of fair value of warrant liability||4,508,078||(929,671||)|
|Changes in assets and liabilities:|
|Other current assets||1,743||(151||)|
|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|
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 29, 2016 11:15 AM EDT Reads: 664
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 29, 2016 11:15 AM EDT Reads: 1,329
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 29, 2016 09:45 AM EDT Reads: 2,126
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 29, 2016 09:45 AM EDT Reads: 1,027
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 29, 2016 09:45 AM EDT Reads: 1,462
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 29, 2016 07:15 AM EDT Reads: 1,635
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 29, 2016 06:45 AM EDT Reads: 2,367
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jul. 29, 2016 04:45 AM EDT Reads: 2,571
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 29, 2016 04:15 AM EDT Reads: 2,680
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 29, 2016 02:45 AM EDT Reads: 1,615
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 29, 2016 02:30 AM EDT Reads: 1,467
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 29, 2016 02:00 AM EDT Reads: 1,697
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 29, 2016 12:15 AM EDT Reads: 2,012
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 28, 2016 11:45 PM EDT Reads: 1,275
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 10:15 PM EDT Reads: 1,454
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 28, 2016 10:00 PM EDT Reads: 2,107
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 28, 2016 09:00 PM EDT Reads: 2,731
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 28, 2016 07:15 PM EDT Reads: 1,263
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 05:30 PM EDT Reads: 2,236
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 28, 2016 04:30 PM EDT Reads: 1,223