InsPro Technologies Corporation Announces First Quarter 2019 Financial Results

World News: . []

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, 1,270,250 shares issued and outstanding (liquidation value $12,702,500)

1,271 1,271

Series B convertible preferred stock; 11,000,000 shares designated, 5,307,212 shares issued and outstanding (liquidation value $15,921,636)

5,307 5,307

Series C convertible preferred stock; 4,000,000 shares designated, 1,254,175 shares issued and outstanding (liquidation value $6,270,875)

1,254 1,254

Common stock ($.001 par value; 750,000,000 shares authorized, 41,673,655 shares issued and outstanding)

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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Business Wire: 14:03 GMT Wednesday 15th May 2019

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