InsPro Technologies Corporation Announces Third Quarter 2018 Financial Results

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 nine month periods ended September 30, 2018.

Third Quarter 2018 Highlights

  • Revenues were $5,311,635 in the Third Quarter of 2018; a 13% decrease as compared to $6,077,817 in the Third Quarter of 2017. The decrease was the result of decreased professional services fees as a result of the Companys largest client nearing the completion of the initial phase of its implementation of InsPro Enterprise.
  • Net income was $479,814 in the Third Quarter of 2018 as compared to $1,495,962 in the Third Quarter of 2017. Net income in the Third Quarter of 2018 was unfavorably impacted by lower revenues from existing clients combined with higher staffing costs as compared to the Third Quarter 2017.

September Year-To-Date 2018 Highlights

  • Revenues were $16,583,232 in the nine months ended September 30, 2018; a 6% increase as compared to $15,651,018 in the nine months ended September 30, 2018. The increase was the result of increased professional services fees from the Companys largest client as measured by revenue.
  • Net income was $2,169,046 in the nine months ended September 30, 2018 as compared to $403,799 in the nine months ended September 30, 2017. Net income was favorably impacted by higher revenues from existing clients combined with lower staffing costs as compared to the nine months ended September 30, 2017.

About InsPro Enterprise

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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. InsPros 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 Corporations 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 Commissions 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 September 30,       For the Nine Months Ended September 30,
2018     2017 2018     2017
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
 
Revenues $ 16,583,232 $ 6,077,817 $ 16,583,232 $ 15,651,018
 
Cost of revenues 10,676,513 3,370,999 10,676,513 10,697,146
       
Gross profit   5,906,719     2,706,818     5,906,719     4,953,872  
 
Selling, general and administrative expenses   3,578,120     1,189,170     3,578,121     4,524,211  
 
Operating income (loss) from operations   2,328,599     1,517,648     2,328,598     429,661  
 
Other income (expense):
Gain on the sale of equipment 5,380
Interest expense   (21,552 )   (7,186 )   (21,552 )   (16,742 )
 
Total other income (expense)   (21,552 )   (7,186 )   (21,552 )   (11,362 )
 
Income before income taxes 2,307,047 1,510,462 2,307,046 418,299
 
Provision for income taxes   138,000     14,500     138,000     14,500  
 
Net income $ 2,169,047   $ 1,495,962   $ 2,169,046   $ 403,799  
 
Net income per common share – basic $ 0.05   $ 0.04   $ 0.05   $ 0.01  
 
Net income per common share – fully diluted $ 0.01   $ 0.01   $ 0.01   $  
 
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   198,306,395     196,970,235     198,306,395     187,922,335  
 
 
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
      September 30, 2018     December 31, 2017
(Unaudited)
ASSETS
 
CURRENT ASSETS:
Cash $ 5,187,447 $ 5,017,539
Accounts receivable, net 2,293,112 1,543,389
Prepaid expenses 366,698 360,975
Other current assets       3,806  
 
Total current assets 7,847,257 6,925,709
 
Property and equipment, net   398,003     269,994  
 
Total assets $ 8,245,260   $ 7,195,703  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Notes payable $ 68,532 $ 45,793
Accounts payable 1,229,719 1,484,704
Accrued expenses 676,000 1,126,596
Current portion of capital lease obligations 134,795 143,855
Deferred revenue 2,393,204 2,765,401
Income tax payable   135,000     170,000  
 
Total current liabilities   4,637,250     5,736,349  
 
LONG TERM LIABILITIES:
Deferred revenue 875,000 1,000,000
Capital lease obligations   174,622     74,861  
 
Total long term liabilities   1,049,622     1,074,861  
 
Total liabilities   5,686,872     6,811,210  
 
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, 1,276,750 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; 750,000,000 shares authorized, 41,543,655 shares issued and outstanding)

41,543 41,543
Additional paid-in capital 65,370,235 65,365,386
Accumulated deficit   (62,861,228 )   (65,030,274 )
 
Total shareholders’ equity   2,558,388     384,493  
 
Total liabilities and shareholders’ equity $ 8,245,260   $ 7,195,703  
 

Evan Mullin
Director, Sales & Marketing
InsPro
Technologies, LLC
610.872.6135
[email protected]

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