Did anyone catch this? I know Joe did.
Cover-All Technologies Reports EPS of Four Cents Which is the Fourth Consecutive Quarterly Increase in Profitability
FAIR LAWN, N.J.--(BUSINESS WIRE)--Oct. 12, 1998--Cover-All
Technologies Inc. (Nasdaq SmallCap Market:COVR and PHLX:CVA)
(the "Company") today announced revenues and earnings from operations
for the quarter ended Sept. 30, 1998.
It's the company's fourth consecutive quarterly increase in
profitability since the company's restructuring 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 was a significant increase in new license revenue and
professional services.
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 Magowan, chairman and chief executive officer of the company
stated that:
"The Company continues to achieve sales and implementation
success with its flagship TAS 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 technology.
Statements in this press release, other than statements of
historical information are forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act 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.
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)
CONTACT:
Cover-All Technologies, Fair Lawn
Brian Magowan, 201/794-4800
KEYWORD: NEW JERSEY
BW1466 OCT 12,1998
15:14 PACIFIC
18:14 EASTERN |
