|By Business Wire||
|May 14, 2014 09:07 AM EDT||
InsPro Technologies Corporation (OTC Bulletin Board: ITCC), a leading provider of core policy administration software for Group and Individual Life, Health, and Annuity products that enables insurance carriers and third-party administrators to quickly respond to evolving market needs, improve customer service, and reduce operating costs today announced its financial results for the quarter ended March 31, 2014.
First Quarter 2014 Highlights
- Revenues decreased 22% to $3,576,599 in the first quarter of 2014, compared to $4,592,823 in the first quarter of 2013 primarily due to a $1,200,000 license fee that was recognized in the first quarter of 2013 upon the completion of the implementation of InsPro Enterprise™ for a client. The variance was partially offset by increased maintenance, professional services and ASP/Hosting revenues.
- Operating loss from continuing operations was $564,714 in the first quarter of 2014, compared to a loss of $64,791 in the first quarter of 2013. The results from operations in the first quarter of 2013 were favorably impacted by the $1,200,000 license fee.
- Net loss increased to $501,758 in the first quarter of 2014, compared to a net loss of $238,492 in the first quarter of 2013 due primarily to the $1,200,000 license fee and lower revenues which were partially offset by lower expenses, particularly software consulting and professional services expenses, and loss on the change of the fair value of warrant liability.
Anthony R. Verdi, Chief Executive Officer, stated, “We are pleased with the start to 2014 as we are making significant progress on several ongoing implementations of InsPro Enterprise and just recently announced a new client with a strong presence in the growing Group Voluntary market. Additionally, we are receiving considerable market interest in our Annuity product capabilities. We are confident in our technology, pleased with the market recognition of InsPro Enterprise and optimistic about our future opportunities.”
About InsPro Enterprise
InsPro Enterprise, a Life and Health insurance policy administration system, is a single technology solution used to manage all insurance processing requirements supporting multiple product lines as well as hybrid products for both group and individual policies on a single web-based platform. 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. 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 components.
About InsPro Technologies Corporation
Through its subsidiary, InsPro Technologies, LLC, InsPro Technologies Corporation offers InsPro Enterprise, 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 costs, increase customer satisfaction 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 current and future capabilities and products supported, growth in the number of clients, quality and growth potential of our technology platform, including related services, and providing the financial support and other resources needed to demonstrate the strength of this growing technology business and to continue to reinvest in the product. Forward-looking statements provide InsPro Technologies Corporation’s 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’ most recent Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the Securities and Exchange Commission and 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 March 31|
|Cost of revenues||2,952,433||3,372,376|
|Selling, general and administrative expenses:|
|Salaries, employee benefits and related taxes||657,495||651,964|
|Advertising and other marketing||51,929||56,172|
|Rent, utilities, telephone and communications||90,662||93,421|
|Other general and administrative||181,415||178,290|
|Total selling, general and administrative expenses||1,188,880||1,285,238|
|Operating loss from continuing operations||(564,714||)||(64,791||)|
|Loss on the change of the fair value of warrant liability||-||(279,799||)|
|Total other expense||(7,444||)||(287,454||)|
|Loss from continuing operations||(572,158||)||(352,245||)|
|Income from discontinued operations||70,400||113,753|
|Net income (loss) per common share - basic and diluted:|
|Loss from operations||$||(0.01||)||$||(0.02||)|
|Income from discontinued operations||0.00||0.01|
|Net loss per common share||$||(0.01||)||$||(0.01||)|
|Weighted average common shares outstanding - basic and diluted||41,543,655||41,543,655|
|INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|March 31, 2014||December 31, 2013|
|Accounts receivable, net||2,513,689||1,660,564|
|Other current assets||2,066||2,564|
|Assets of discontinued operations||24,224||31,540|
|Total current assets||4,603,965||4,465,189|
|Property and equipment, net||883,006||959,902|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Current portion of capital lease obligations||78,885||57,932|
|Due to related parties||10,000||10,000|
|Total current liabilities||3,818,333||3,251,572|
|LONG TERM LIABILITIES:|
|Capital lease obligations||6,892||23,184|
|Total long term liabilities||614,091||630,383|
|Preferred stock ($.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, 3,809,378 shares issued and outstanding (liquidation value $11,428,134 and $9,892,134, respectively)
Common stock ($.001 par value; 300,000,000 shares authorized, 41,543,655 shares issued and outstanding)
|Additional paid-in capital||43,424,341||43,411,172|
|Total shareholders' equity||1,114,547||1,603,136|
|Total liabilities and shareholders' equity||$||5,546,971||$||5,485,091|
|INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
|For the Three Months Ended March 31,|
|Cash Flows From Operating Activities:|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Depreciation and amortization||175,455||177,172|
|Loss on change of fair value of warrant liability||-||279,799|
|Changes in assets and liabilities:|
|Other current assets||498||(5,704||)|
|Assets of discontinued operations||7,316||23,044|
|Net cash used in operating activities||(611,948||)||(152,977||)|
|Cash Flows From Investing Activities:|
|Purchase of property and equipment||(70,601||)||(68,888||)|
|Net cash used in investing activities||(70,601||)||(68,888||)|
|Cash Flows From Financing Activities:|
|Gross proceeds from sale of preferred stock and warrants||-||36,000|
|Fees paid in connection with sale of preferred stock and warrants||-||(28,800||)|
|Payments on notes payable||(25,761||)||(26,985||)|
|Payments on capital leases||(23,296||)||(20,267||)|
|Net cash used in financing activities||(49,057||)||(40,052||)|
|Net decrease in cash||(731,606||)||(261,917||)|
|Cash - beginning of the period||2,569,536||3,347,689|
|Cash - end of the period||$||1,837,930||$||3,085,772|
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Dec. 5, 2016 07:30 AM EST Reads: 952
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...
Dec. 5, 2016 07:30 AM EST Reads: 7,028
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 ...
Dec. 5, 2016 07:15 AM EST Reads: 1,249
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 5, 2016 06:45 AM EST Reads: 1,789
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.
Dec. 5, 2016 06:45 AM EST Reads: 1,589
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 5, 2016 06:45 AM EST Reads: 968
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 06:30 AM EST Reads: 685
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 5, 2016 06:15 AM EST Reads: 855
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Dec. 5, 2016 06:00 AM EST Reads: 1,677
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Dec. 5, 2016 04:30 AM EST Reads: 5,212
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Dec. 5, 2016 04:15 AM EST Reads: 1,611
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Dec. 5, 2016 04:00 AM EST Reads: 4,698
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Dec. 5, 2016 04:00 AM EST Reads: 5,404
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Dec. 5, 2016 04:00 AM EST Reads: 5,114
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri 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.
Dec. 5, 2016 03:30 AM EST Reads: 645