InsPro Technologies Corporation Announces Third Quarter 2019 Financial Results
EDDYSTONE, Pa.--(BUSINESS WIRE)--Nov 12, 2019--
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 three and nine month period ended September 30, 2019.
Third Quarter 2019 Highlights
- Revenues were $3,504,443 in the Third Quarter of 2019; a 34% decrease as compared to $5,311,635in the Third Quarter of 2018. The decrease was the result of the Company having largely completed implementation services to what was our largest client in 2018.
- Net loss was $165,810 in the Third Quarter of 2019 as compared to net income of $479,814 in the Third Quarter of 2018. Net loss in the Third Quarter of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the Third Quarter 2018.
September Year-To-Date 2019 Highlights
- Revenues were $10,575,724 in the nine months ended September 30, 2019; a 36% decrease as compared to $16,583,232 in the nine months ended September 30, 2018. The decrease was the result of the Company having largely completed implementation services to what was our largest client in 2018.
- Net loss was $1,611,651 in the nine months ended September 30, 2019 as compared to net income of $2,169,046 in the nine months ended September 30, 2018. Net loss for the nine months of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the first nine months of 2018.
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 Ending September 30,
For the Nine Months Ending September 30,
|Cost of revenues|
|Selling, general and administrative expenses|
|(Loss) income from operations|
|Other income (expense):|
|Total other expense|
|(Loss) income before income taxes|
|Provision for income taxes|
|Net (loss) income|
|Net (loss) income per common share:|
|Net (loss) income per common share - basic|
|Net (loss) income per common share - fully diluted|
|Weighted average common shares outstanding - basic|
|Weighted average common shares outstanding - fully diluted|
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2019
December 31, 2018
|Total current assets|
|LONG TERM ASSETS:|
|Property and equipment, net|
|Operating lease right of use asset|
|Total long term assets|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Current portion of finance lease obligations|
|Current portion of equipment loans|
|Current portion of operating lease obligations|
|Income tax payable|
|Total current liabilities|
|LONG TERM LIABILITIES:|
|Finance lease obligations|
|Operating lease obligations|
|Total long term liabilities|
|Preferred stock ($.001 par value; 20,000,000 shares authorized)|
|Series A convertible preferred stock; 3,437,500 shares designated, 1,270,250|
|shares issued and outstanding (liquidation value $12,702,500)|
|Series B convertible preferred stock; 11,000,000 shares designated, 5,307,212|
|shares issued and outstanding (liquidation value $15,921,636)|
|Series C convertible preferred stock; 4,000,000 shares designated, 1,254,175|
|shares issued and outstanding (liquidation value $6,270,875)|
|Common stock ($.001 par value; 750,000,000 shares authorized,|
|41,673,655 shares issued and outstanding)|
|Additional paid-in capital|
|Total shareholders' equity|
|Total liabilities and shareholders' equity|
View source version on businesswire.com:https://www.businesswire.com/news/home/20191112005868/en/
CONTACT: Evan Mullin
Director, Sales & Marketing
InsPro Technologies, LLC
KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY INSURANCE SOFTWARE NETWORKS INTERNET
SOURCE: InsPro Technologies Corporation
Copyright Business Wire 2019.
PUB: 11/12/2019 12:12 PM/DISC: 11/12/2019 12:12 PM