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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| AMEX:COVR | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.95 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
2013 record revenue jumps to $20.5 million; EBITDA jumps to $2.6 million
Cover-All Technologies Inc. (NYSE MKT:COVR) today announced financial results for the fourth quarter and year ended December 31, 2013.
“We are pleased to report record revenue with meaningful revenue and EBITDA* growth for the year ended December 31, 2013 – up 26% and up 339%, respectively, year-over-year,” said Manish Shah, CEO and President of Cover-All. “We successfully executed our growth strategy for 2013 to establish a solid base and build momentum through winning new accounts in 2013.”
“We also announced a reorganization of the Company during fourth quarter 2013 which is now in full effect and should help us reduce costs in excess of $1.5 million in 2014. These cost savings will improve operating profitability and free up capital for growth strategies.”
“We are starting 2014 with a solid services backlog and greater visibility for revenue. We continue to see demand for core systems and data analytics in the US P/C insurance industry. We are aggressively pursuing marketing our new software and services to continue to build shareholder value through 2014.”
FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2013
Revenue
Profitability
Non-GAAP* Profitability
Balance Sheet
Earnings per Share Disclosures
FINANCIAL RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2013
Revenue
Profitability
Non-GAAP* Profitability
Earnings per Share Disclosures
WEBCAST AND CONFERENCE CALL INFORMATION
Management will conduct a live teleconference to discuss its financial results at 4:30 p.m. EST on Thursday, February 20, 2014. Anyone interested in participating should call 1-877-941-1428 if calling from the United States, or 1-480-629-9856 if dialing internationally. A replay will be available until March 6, 2014, which can be accessed by dialing 1-877-870-5176 within the United States and 1-858-384-5517 if dialing internationally. Please use passcode 4669615 to access the replay.
In addition, the call will be webcast and will be available on the Company’s website at www.cover-all.com or by visiting http://public.viavid.com/index.php?id=107957.
FORWARD-LOOKING STATEMENTS
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, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful implementation of our acquisition strategies and our ability to complete or integrate acquisitions, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits 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, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 29, 2013, copies of which are available from the SEC or may be obtained upon request from the Company.
*ABOUT NON-GAAP FINANCIAL MEASURES
In evaluating its business, Cover-All considers and uses EBITDA as a supplemental measure of its operating performance. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. The Company presents EBITDA because it believes it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.
The term EBITDA is not defined under U.S. generally accepted accounting principles (“U.S. GAAP”) and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. EBITDA has limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA in isolation or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, EBITDA does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than Cover-All, limiting their usefulness as comparative tools. Cover-All compensates for these limitations by relying on its U.S. GAAP results and using EBITDA only supplementally.
ABOUT COVER-ALL TECHNOLOGIES INC.
Cover-All provides property and casualty insurance professionals a robust state-of-the-art, browser-based family of Policy, Business Intelligence, and Claims solutions designed to deliver products to market faster, enhance quality, ensure compliance, and reduce costs. With offices in Morristown, NJ and Honolulu, HI, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.
Cover-All®, My Insurance Center™ (MIC) NexGen, Insurance Policy Database™ (IPD) and PipelineClaims™ are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.
Cover-All Technologies Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three months endedDecember 31,
Twelve months endedDecember 31,
2013 2012 2013 2012 Revenues:Licenses
$598,903
$1,257,178
$ 5,947,225 $ 3,921,171 Support Services 2,140,902 1,846,910 8,147,108 8,296,263 Professional Services 1,794,486 860,588 6,388,403 4,007,405 Total Revenues 4,534,290 3,964,676 20,482,736 16,224,839 Cost of Revenues: Licenses 1,267,023 1,140,950 4,794,113 4,344,837 Support Services 1,209,675 2,298,712 7,089,457 6,687,683 Professional Services 1,173,160 1,000,018 3,499,100 4,681,203 Total Cost of Revenues 3,649,857 4,439,680 15,382,669 15,713,723 Direct Margin 884,434 (475,004 ) 5,100,067 511,116 Operating Expenses: Sales and Marketing 480,759 505,557 2,255,059 2,557,273 General and Administrative* 1,060,218 763,405 2,618,543 2,026,180 Acquisition Costs –– –– –– 136,957 Restructuring Cost –– –– 319,014 –– Research and Development 681,587 374,410 2,315,198 911,688 Total Operating Expenses 2,222,564 1,643,372 7,507,814 5,632,098 Operating (Loss) Income (1,338,130 ) (2,118,376 ) (2,407,747 ) (5,120,982 ) Other (Income) Expense: Interest Expense 188,251 97,927 464,071 125,852 Interest Income –– –– –– (37 ) Other Income –– (99 ) (3,821 ) (14,638 ) Total Other (Income) Expense 188,251 97,828 460,250 111,177 (Loss) Income Before Income Taxes (1,526,381 ) (2,216,204 ) (2,867,997 ) (5,232,159 ) Income Taxes 11,914 (257,928 ) 30,380 (257,928 ) Net (Loss) Income $ (1,538,295 ) $ (1,958,276 ) $ (2,898,377 ) $ (4,974,231 ) Basic (Loss) Earnings Per Common Share $ (0.06 ) $ (0.08 ) $ (0.11 ) $ (0.19 ) Diluted (Loss) Earnings Per Common Share $ (0.06 ) $ (0.08 ) $ (0.11 ) $ (0.19 ) Weighted Average Number of Common Shares Outstanding for Basic (Loss) Earnings Per Common Share 26,348,000 25,900,715 26,173,000 25,869,969 Weighted Average Number of Common Shares Outstanding for Diluted (Loss) Earnings Per Common Share 26,348,000 25,900,715 26,173,000 25,869,969*Includes performance-based annual compensation.
Cover-All Technologies Inc. and Subsidiaries CONSOLIDATED BALANCE SHEET (UNAUDITED) December 31,2013
December 31,2012
Assets: Current Assets: Cash and Cash Equivalents $ 1,848,571 $ 1,353,892Accounts Receivable (Less Allowance for Doubtful Accounts of $25,000)
2,604,489 2,365,750 Prepaid Expenses 491,905 528,398 Deferred Tax Asset 850,500 910,998 Total Current Assets 5,795,465 5,159,038 Property and Equipment – At Cost: Furniture, Fixtures and Equipment 1,336,048 1,373,485 Less: Accumulated Depreciation 627,457 450,604 Property and Equipment – Net 708,590 922,881 Goodwill 1,039,114 1,039,114Capitalized Software (Less Accumulated Amortization of $22,305,191 and $17,658,748, Respectively)
7,964,583 10,441,992 Customer Lists/Relationships (Less Accumulated Amortization of$341,333 and $260,093, Respectively)
60,667 141,907 Deferred Tax Asset 2,674,928 2,614,430 Deferred Financing Costs (Net of Amortization of $36,082 and $7,870, Respectively) 56,201 84,413 Other Assets 424,522 362,806 Total Assets $ 18,724,070 $ 20,766,581 Liabilities and Stockholders’ Equity: Current Liabilities: Accounts Payable $ 1,059,238 $ 1,681,007 Accrued Expenses Payable 1,412,400 1,390,533 Deferred Charges 231,051 83,455 Current Portion of Capital Lease 114,640 109,878 Deferred Revenue 2,997,455 2,426,810 Total Current Liabilities 5,814,784 5,691,683 Long-Term Liabilities: Long-Term Debt 1,639,109 1,457,945 Long-Term Portion of Capital Lease 353,139 476,664 Total Long Term Liabilities 1,992,248 1,934,609 Total Liabilities 7,807,032 7,626,292 Commitments and Contingencies — — Stockholders’ Equity:Common Stock, $.01 Par Value, Authorized 75,000,000 Shares; 26,402,227 and 25,936,106 Shares Issued and Outstanding in 2013 and 2012, Respectively
264,022 259,361 Paid-In Capital 32,674,374 32,003,909 Accumulated Deficit (22,021,359 ) (19,122,981 ) Total Stockholders’ Equity 10,917,038 13,140,289 Total Liabilities and Stockholders’ Equity $ 18,724,070 $ 20,766,581Cover-All Technologies Inc. and Subsidiaries
RECONCILIATION OF U.S. GAAP NET (LOSS) INCOME TO EBITDA
(UNAUDITED)
Three months endedDecember 31,
Twelve months endedDecember 31,
2013 2012 2013 2012 Net (Loss) Income $ (1,538,295 ) $ (1,958,276 ) $ (2,898,377 ) $ (4,974,231 ) Interest Expense, Net 188,252 97,927 464,072 125,815 Income Tax Expense 11,913 (257,928 ) 30,379 (257,928 ) Depreciation 63,218 173,493 251,853 296,693 Amortization 1,209,192 1,047,038 4,755,896 3,721,665 EBITDA $ (65,720 ) $ (897,746 ) $ 2,603,823 $ (1,087,986 ) EBITDA per Common Share: Basic $ (0.00 ) $ (0.03 ) $ 0.10 $ (0.04 ) Diluted $ (0.00 ) $ (0.03 ) $ 0.10 $ (0.04 )RECONCILIATION OF SELECTED U.S. GAAP MEASURES TO NON U.S. GAAP MEASURES
(UNAUDITED)
Three months endedDecember 31,
Twelve months endedDecember 31,
2013 2012 2013 2012 Net Income (Loss) (U.S. GAAP) $ (1,538,295 ) $ (1,958,276 ) $ (2,898,377 ) $ (4,974,231 ) Reorganization Costs — — 319,014 — Net Income (Loss) (Excluding Reorganization Costs) (Non U.S. GAAP)$
(1,538,295
)
$
(1,958,276
)
$
(2,579,363
)
$
(4,974,231
)
Earnings (Loss) per Common Share (Excluding Reorganization Costs): Basic $ (0.06 ) $ (0.08 ) $ (0.10 ) $ (0.19 ) Diluted $ (0.06 ) $ (0.08 ) $ (0.10 ) $ (0.19 ) Three months endedDecember 31,
Twelve months endedDecember 31,
2013 2012 2013 2012 EBITDA $ (65,720 ) $ (897,746 ) $ 2,603,823 $ (1,087,986 ) Reorganization Costs — — 319,014 — EBITDA (Excluding Reorganization Costs) $ (65,720 ) $ (897,746 ) $ 2,922,837 $ (1,087,986 ) EBITDA per Common Share (Excluding Reorganization Costs): Basic $ (0.00 ) $ (0.03 ) $ 0.11 $ (0.04 ) Diluted $ (0.00 ) $ (0.03 ) $ 0.11 $ (0.04 )
Cover-All Technologies Inc.Ann Massey, 973-461-5190Chief Financial Officeramassey@cover-all.com
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