InsPro Technologies Corporation Announces First Quarter 2018 Financial Results
First Quarter 2018 Highlights
- Revenues were
$6,187,747 in the First Quarter of 2018; a 22% increase as compared to$5,065,078 in the First Quarter of 2017. The increase was the result of increased professional services fees to the Company’s largest client as measured by revenue. - Net income was
$928,744 in the First Quarter of 2018 as compared to a net loss of$646,302 in the First Quarter of 2017. Net income in the First Quarter of 2018 was favorably impacted by higher revenues from existing clients combined with lower employee and IT consulting staffing as compared to the First Quarter 2017, primarily as a result of the implementation of cost reduction initiatives implemented in 2017.
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,
About
Through its subsidiary,
For additional information on
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,
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INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES |
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| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| For the Three Months Ended |
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|
2018 |
2017 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Revenues | $ | 6,187,747 | $ | 5,065,078 | |||||||||
| Cost of revenues | 3,567,525 | 4,108,969 | |||||||||||
| Gross profit | 2,620,222 | 956,109 | |||||||||||
| Selling, general and administrative expenses | 1,590,254 | 1,602,497 | |||||||||||
| Operating income (loss) from operations | 1,029,968 | (646,388 | ) | ||||||||||
| Other income (expense): | |||||||||||||
| Gain on the sale of equipment | - | 5,380 | |||||||||||
| Interest expense | (6,224 | ) | (5,294 | ) | |||||||||
| Total other income (expense) | (6,224 | ) | 86 | ||||||||||
| Income (loss) before income taxes | 1,023,744 | (646,302 | ) | ||||||||||
| Provision for income taxes | 95,000 | - | |||||||||||
| Net income (loss) | $ | 928,744 | $ | (646,302 | ) | ||||||||
| Net income (loss) per common share - basic | $ | 0.02 | $ | (0.02 | ) | ||||||||
| Net income (loss) per common share - fully diluted | $ | - | $ | (0.02 | ) | ||||||||
| Weighted average common shares outstanding - basic | 41,543,655 | 41,543,655 | |||||||||||
| Weighted average common shares outstanding - fully diluted | 198,306,395 | 41,543,655 | |||||||||||
| INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| |
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||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash | $ | 4,569,844 | $ | 5,017,539 | |||||||
| Accounts receivable, net | 3,443,156 | 1,543,389 | |||||||||
| Prepaid expenses | 250,294 | 360,975 | |||||||||
| Other current assets | - | 3,806 | |||||||||
| Total current assets | 8,263,294 | 6,925,709 | |||||||||
| Property and equipment, net | 276,363 | 269,994 | |||||||||
| Total assets | $ | 8,539,657 | $ | 7,195,703 | |||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Notes payable | $ | 18,862 | $ | 45,793 | |||||||
| Accounts payable | 1,212,108 | 1,484,704 | |||||||||
| Accrued expenses | 996,685 | 1,126,596 | |||||||||
| Current portion of capital lease obligations | 144,787 | 143,855 | |||||||||
| Deferred revenue | 3,499,335 | 2,765,401 | |||||||||
| Income tax payable | 265,000 | 170,000 | |||||||||
| Total current liabilities | 6,136,777 | 5,736,349 | |||||||||
| LONG TERM LIABILITIES: | |||||||||||
| Deferred revenue | 1,000,000 | 1,000,000 | |||||||||
| Capital lease obligations | 87,294 | 74,861 | |||||||||
| Total long term liabilities | 1,087,294 | 1,074,861 | |||||||||
| Total liabilities | 7,224,071 | 6,811,210 | |||||||||
| COMMITMENTS AND CONTINGENCIES: (See Note 7) | |||||||||||
| SHAREHOLDERS' EQUITY: | |||||||||||
| Preferred stock ( |
|||||||||||
|
Series A convertible preferred stock; 3,437,500 shares designated, 1,276,750 shares issued and outstanding (liquidation value |
1,277 | 1,277 | |||||||||
|
Series B convertible preferred stock; 11,000,000 shares designated, 5,307,212 shares issued and outstanding (liquidation value |
5,307 | 5,307 | |||||||||
|
Series C convertible preferred stock; 4,000,000 shares designated, 1,254,175 shares issued and outstanding (liquidation value |
1,254 | 1,254 | |||||||||
|
Common stock ( |
41,543 | 41,543 | |||||||||
| Additional paid-in capital | 65,367,735 | 65,365,386 | |||||||||
| Accumulated deficit | (64,101,530 | ) | (65,030,274 | ) | |||||||
| Total shareholders' equity | 1,315,586 | 384,493 | |||||||||
| Total liabilities and shareholders' equity | $ | 8,539,657 | $ | 7,195,703 | |||||||
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