Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

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.

@ThingsExpo Stories
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...