ACROFAN

InsPro Technologies Corporation Announces Second Quarter 2019 Financial Results

Published : Wednesday, August 14, 2019, 11:02 am
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EDDYSTONE, Pa.--(BUSINESS WIRE)--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 six month period ended June 30, 2019.


Second Quarter 2019 Highlights

  • Revenues were $3,469,681 in the Second Quarter of 2019; a 32% decrease as compared to $5,083,850 in the Second 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 $694,557 in the Second Quarter of 2019 as compared to net income of $760,490 in the Second Quarter of 2018. Net loss in the Second Quarter of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the Second Quarter 2018.

First Half 2019 Highlights

  • Revenues were $7,071,281 in the first half of 2019; a 37% decrease as compared to $11,271,597 in the first half 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 $1,445,841 in the first half of 2019 as compared to a net income of $1,689,233 in the first half of 2018. Net loss in the Second Quarter of 2019 was unfavorably impacted by lower professional service revenues partially offset by lower employee and IT consulting staffing as compared to the Second 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 Month Ending June 30,

 

For the Six Months Ending June 30,

2019

 

2018

 

2019

 

2018

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 
 
Revenues

$

3,469,681

 

$

5,083,850

 

$

7,071,281

 

$

11,271,597

 

 
Cost of revenues

 

2,865,785

 

$

3,520,623

 

$

6,058,183

 

$

7,088,148

 

 
Gross profit

 

603,896

 

 

1,563,227

 

 

1,013,098

 

 

4,183,449

 

 
Selling, general and administrative expenses

 

1,261,878

 

 

820,052

 

 

2,396,936

 

 

2,410,307

 

 
(Loss) income from operations

 

(657,982

)

 

743,175

 

 

(1,383,838

)

 

1,773,142

 

 
Other income (expense):
Interest expense

 

(36,575

)

 

(6,685

)

 

(62,003

)

 

(12,909

)

 
Total other expense

 

(36,575

)

 

(6,685

)

 

(62,003

)

 

(12,909

)

 
(Loss) income before income taxes

 

(694,557

)

 

736,490

 

 

(1,445,841

)

 

1,760,233

 

 
Provision (benefit) for income taxes

 

-

 

 

(24,000

)

 

-

 

 

71,000

 

 
Net (loss) income

$

(694,557

)

$

760,490

 

$

(1,445,841

)

$

1,689,233

 

 
Net (loss) income per common share:
Net (loss) income per common share - basic

$

(0.02

)

$

0.02

 

$

(0.03

)

$

0.04

 

Net (loss) income per common share - fully diluted

$

(0.02

)

$

-

 

$

(0.03

)

$

0.01

 

 
Weighted average common shares outstanding - basic

 

41,673,655

 

 

41,543,655

 

 

41,673,655

 

 

41,543,655

 

Weighted average common shares outstanding - fully diluted

 

41,673,655

 

 

198,756,395

 

 

41,673,655

 

 

198,756,395

 

 
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

June 30, 2019

December 31, 2018

(Unaudited)

ASSETS
 
CURRENT ASSETS:
Cash

$

4,114,053

 

$

5,100,660

 

Accounts receivable

 

2,506,493

 

 

3,146,597

 

Tax receivable

 

13,000

 

 

13,000

 

Prepaid expenses

 

492,344

 

 

305,643

 

 
Total current assets

 

7,125,890

 

 

8,565,900

 

 
LONG TERM ASSETS:

 

Property and equipment, net

 

1,647,974

 

 

594,767

 

Operating lease right of use asset

 

858,708

 

 

-

 

Prepaid assets

 

203,829

 

 

-

 

 
Total long term assets

 

2,710,510

 

 

594,767

 

 
Total assets

$

9,836,400

 

$

9,160,667

 

 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Notes payable

$

28,294

 

$

39,025

 

Accounts payable

 

920,877

 

 

1,213,758

 

Accrued expenses

 

615,871

 

 

905,531

 

Current portion of finance lease obligations

 

116,837

 

 

115,771

 

Current portion of equipment loans

 

825,681

 

 

-

 

Current portion of operating lease

 

316,494

 

 

-

 

Deferred revenue

 

3,188,011

 

 

2,850,976

 

Income tax payable

 

-

 

 


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