Market Overview

InsPro Technologies Corporation Announces Second Quarter 2018 Financial Results

Share:

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, 2018.

Second Quarter 2018 Highlights

  • Revenues were $5,083,850 in the Second Quarter of 2018; a 13% increase
    as compared to $4,508,122 in the Second Quarter of 2017. The increase
    was the result of increased professional services fees from the
    Company's largest client as measured by revenue.
  • Net income was $760,490 in the Second Quarter of 2018 as compared to a
    net loss of $445,861 in the Second Quarter of 2017. Net income in the
    Second Quarter of 2018 was favorably impacted by higher revenues from
    existing clients combined with lower staffing costs as compared to the
    Second Quarter 2017.

First Half 2018 Highlights

  • Revenues were $11,271,597 in the first half of 2018; an 18% increase
    as compared to $9,573,200 in the first half of 2017. The increase was
    the result of increased professional services fees from the Company's
    largest client as measured by revenue.
  • Net income was $1,689,233 in the first half of 2018 as compared to a
    net loss of $1,092,163 in the first half of 2017. Net income in the
    first half of 2018 was favorably impacted by higher revenues from
    existing clients combined with lower staffing costs as compared to the
    first half 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, 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 Ended June 30, For the Six Months Ended June 30,
2018 2017 2018 2017
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
 
Revenues $ 5,083,850 $ 4,508,122 $ 11,271,597 $ 9,573,200
 
Cost of revenues 3,520,623 3,217,178 7,088,148 7,326,147
       
Gross profit   1,563,227     1,290,944     4,183,449     2,247,053  
 
Selling, general and administrative expenses   820,052     1,732,543     2,410,307     3,335,040  
 
Operating income (loss) from operations   743,175     (441,599 )   1,773,142     (1,087,987 )
 
Other income (expense):
Gain on the sale of equipment - - - 5,380
Interest expense   (6,685 )   (4,262 )   (12,909 )   (9,556 )
 
Total other income (expense)   (6,685 )   (4,262 )   (12,909 )   (4,176 )
 
Income (loss) before income taxes 736,490 (445,861 ) 1,760,233 (1,092,163 )
 
Provision for income taxes   (24,000 )   -     71,000     -  
 
Net income (loss) $ 760,490   $ (445,861 ) $ 1,689,233   $ (1,092,163 )
 
Net income (loss) per common share - basic $ 0.02   $ (0.01 ) $ 0.04   $ (0.03 )
 
Net income (loss) per common share - fully diluted $ -   $ (0.01 ) $ 0.01   $ (0.03 )
 
Weighted average common shares outstanding - basic   41,543,655     41,543,655     41,543,655     41,543,655  
Weighted average common shares outstanding - fully diluted   198,756,395     41,543,655     198,756,395     41,543,655  
 
       
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
June 30, 2018 December 31, 2017
(Unaudited)
ASSETS
 
CURRENT ASSETS:
Cash $ 4,913,901 $ 5,017,539
Accounts receivable, net 3,194,171 1,543,389
Prepaid expenses 444,376 360,975
Other current assets   -     3,806  
 
Total current assets 8,552,448 6,925,709
 
Property and equipment, net   445,819     269,994  
 
Total assets $ 8,998,267   $ 7,195,703  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Notes payable $ 30,617 $ 45,793
Accounts payable 1,690,370 1,484,704
Accrued expenses 485,431 1,126,596
Current portion of capital lease obligations 159,045 143,855
Deferred revenue 3,287,432 2,765,401
Income tax payable   68,000     170,000  
 
Total current liabilities   5,720,895     5,736,349  
 
LONG TERM LIABILITIES:
Deferred revenue 1,000,000 1,000,000
Capital lease obligations   200,047     74,861  
 
Total long term liabilities   1,200,047     1,074,861  
 
Total liabilities   6,920,942     6,811,210  
 

COMMITMENTS AND CONTINGENCIES:

 
SHAREHOLDERS' EQUITY:
Preferred stock ($.001 par value; 20,000,000 shares authorized)
Series A convertible preferred stock; 3,437,500 shares designated,
1,276,750
shares issued and outstanding (liquidation value $12,767,500) 1,277 1,277
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; 500,000,000 shares authorized,
41,543,655 shares issued and outstanding) 41,543 41,543
Additional paid-in capital 65,368,985 65,365,386
Accumulated deficit   (63,341,041 )   (65,030,274 )
 
Total shareholders' equity   2,077,325     384,493  
 
Total liabilities and shareholders' equity $ 8,998,267   $ 7,195,703  
 

View Comments and Join the Discussion!