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 month period ended
March 31, 2019.
First Quarter 2019 Highlights
-
Revenues were $3,601,600 in the First Quarter of 2019; a 42% decrease
as compared to $6,187,747 in the First 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 $751,283 in the First Quarter of 2019 as compared to net
income of $928,744 in the First Quarter of 2018. Net income in the
First Quarter of 2019 was unfavorably impacted by lower professional
services revenues partially offset by lower employee and IT consulting
staffing as compared to the First Quarter 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.
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 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 March 31, | ||||||||
| 2019 | 2018 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | $ | 3,601,600 | $ | 6,187,747 | ||||
| Cost of revenues | 3,192,398 | 3,567,525 | ||||||
| Gross profit | 409,202 | 2,620,222 | ||||||
| Selling, general and administrative expenses | 1,135,057 | 1,590,254 | ||||||
| (Loss) income from operations | (725,855 | ) | 1,029,968 | |||||
| Other income (expense): | ||||||||
| Interest expense | (25,428 | ) | (6,224 | ) | ||||
| Total other expense | (25,428 | ) | (6,224 | ) | ||||
| (Loss) income before income taxes | (751,283 | ) | 1,023,744 | |||||
| Provision for income taxes | – | 95,000 | ||||||
| Net (loss) income | $ | (751,283 | ) | $ | 928,744 | |||
| Net (loss) income per common share: | ||||||||
| Net (loss) income per common share – basic | $ | (0.02 | ) | $ | 0.02 | |||
| Net (loss) income per common share – fully diluted | $ | (0.02 | ) | $ | 0.00 | |||
| Weighted average common shares outstanding – basic | 41,673,655 | 41,543,655 | ||||||
| Weighted average common shares outstanding – fully diluted | 41,673,655 | 198,306,395 | ||||||
| INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| March 31, 2019 | December 31, 2018 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | $ | 5,816,855 | $ | 5,100,660 | ||||
| Accounts receivable, net | 2,015,230 | 3,146,597 | ||||||
| Tax receivable | 13,000 | 13,000 | ||||||
| Prepaid expenses | 304,864 | 305,643 | ||||||
| Total current assets | 8,149,949 | 8,565,900 | ||||||
| LONG TERM ASSETS: | ||||||||
| Property and equipment, net | 1,726,493 | 594,767 | ||||||
| Operating lease right of use asset | 934,867 | – | ||||||
| Prepaid assets | 237,801 | – | ||||||
| Total long term assets | 2,899,161 | 594,767 | ||||||
| Total assets | $ | 11,049,110 | $ | 9,160,667 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Notes payable | $ | 13,905 | $ | 39,025 | ||||
| Accounts payable | 1,149,313 | 1,213,758 | ||||||
| Accrued expenses | 421,713 | 905,531 | ||||||
| Current portion of finance lease obligations | 101,036 | 115,771 | ||||||
| Current portion of equipment loans | 789,929 | – | ||||||
| Current portion of operating lease | 311,312 | – | ||||||
| Deferred revenue | 3,322,114 | 2,850,976 | ||||||
| Income tax payable | 141,000 | 141,000 | ||||||
| Total current liabilities | 6,250,322 | 5,266,061 | ||||||
| LONG TERM LIABILITIES: | ||||||||
| Deferred revenue | 875,000 | 875,000 | ||||||
| Finance lease obligations | 127,594 | 150,559 | ||||||
| Equipment loans | 1,053,625 | – | ||||||
| Operating lease | 623,555 | – | ||||||
| Total long term liabilities | 2,679,774 | 1,025,559 | ||||||
| Total liabilities | 8,930,096 | 6,291,620 | ||||||
| COMMITMENTS AND CONTINGENCIES: (See Note 8) | ||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Preferred stock ($.001 par value; 20,000,000 shares authorized) | ||||||||
|
Series A convertible preferred stock; 3,437,500 shares designated, |
1,271 | 1,271 | ||||||
|
Series B convertible preferred stock; 11,000,000 shares |
5,307 | 5,307 | ||||||
|
Series C convertible preferred stock; 4,000,000 shares designated, |
1,254 | 1,254 | ||||||
|
Common stock ($.001 par value; 750,000,000 shares authorized, |
41,673 | 41,673 | ||||||
| Additional paid-in capital | 65,372,611 | 65,371,361 | ||||||
| Accumulated deficit | (63,303,102 | ) | (62,551,819 | ) | ||||
| Total shareholders’ equity | 2,119,014 | 2,869,047 | ||||||
| Total liabilities and shareholders’ equity | $ | 11,049,110 | $ | 9,160,667 | ||||
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