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InsPro Technologies Corporation Announces Fourth Quarter 2017 Financial Results
[March 30, 2018]

InsPro Technologies Corporation Announces Fourth Quarter 2017 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 twelve month period ended December 31, 2017.

Fourth Quarter 2017 Highlights

  • Revenues were $6,089,303 in the Fourth Quarter of 2017; a 23% increase as compared to $4,946,978 in the Fourth Quarter of 2016. The increase was the result of increased professional services fees to the Company's largest client as measured by 2017 revenue.
  • Net income was $1,218,621 in the Fourth Quarter of 2017 as compared to a net loss of $841,150 in the Fourth Quarter of 2016. Net income in the Fourth Quarter of 2017 was favorably impacted by higher revenues from existing clients combined with lower IT consulting staffing as compared to the Fourth Quarter 2016, primarily as a result of the implementation of cost reduction initiatives.

2017 Full Year Highlights

  • Revenues were $21,694,921 in the year ended December 31, 2017; a 1% decrease as compared to the $21,830,928 in the year ended December 31, 2016. The decrease was the result of lower post implementation services to several clients and lower implementation services to the Company's largest client as measured by 2017 revenue. Partially offsetting the decline in revenue was higher ASP and hosting and software license revenue.
  • Net income was $1,622,420 in the year ended December 31, 2017 as compared to a net loss of $2,667,937 in the year ended December 31, 2016. Net income in 2017 was favorably impacted by lower employee and IT consulting staffing as compared to the same period in 2016, primarily as a result of the implementation of cost reduction initiatives. Included in 2017's net income was $144,948 of non cash stock based fees and compensation expense as compared to $1,522,105 of non cash stock based fees and compensation expense included in 2016's net loss.

David Anderson, Chief Executive Officer, stated, "Our fourth quarter and year-end results close out an exciting and successful 2017. The long-standing partnerships we have with our customers continue to provide a solid foundation as we move into 2018. We expect 2018 to be a strong year and we look to continue our positive momentum."

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 (News - Alert)) 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 December 31,

For the Year Ended December 31,
2017 2016 2017 2016
 
 
Revenues $ 6,089,303 $ 4,946,978 $ 21,694,921 $ 21,830,928
 
Cost of revenues 3,145,678 4,505,844 13,842,824 19,070,205
       
Gross profit 2,943,625 441,134 7,852,097 2,760,723
 
Selling, general and administrative expenses   1,568,245     1,292,138     6,065,979    

5,473,566

 
 
Operating income (loss) from continuing operations   1,375,380     (851,004 )   1,786,118     (2,712,843 )
 
Other income (expense):
Gain on the sale of equipment - - 5,380 -
Interest expense   (6,898 )   (6,959 )   (23,640 )   (25,249 )
 

Total other income (expense)

  (6,898 )   (6,959 )   (18,260 )   (25,249 )
 
Income (loss) from continuing operations before income taxes 1,368,482 (857,963 ) 1,767,858 (2,738,092 )
 
Provision for income taxes from continuing operations   153,826     -     167,670     -  
 
Net income (loss) from continuing operations   1,214,656     (857,963 )   1,600,188     (2,738,092 )
 
 
Income from discontinued operations before income taxes 5,639 16,813 24,562 70,155
 
Provision for income taxes from discontinued operations   1,674     -     2,330     -  
 
Net income from discontinued operations   3,965     16,813     22,232     70,155  
 
 
Net income (loss) $ 1,218,621   $ (841,150 ) $ 1,622,420   $ (2,667,937 )
 
Net income (loss) per common share - basic:
Income (loss) from operations per common share $ 0.03 $ (0.02 ) $ 0.04 $ (0.06 )
Income from discontinued operations per common share   -     -     -     -  
Net income (loss) per common share $ 0.03   $ (0.02 ) $ 0.04   $ (0.06 )
 
Net income (loss) per common share - fully diluted:
Loss from operations per common share $ 0.01 $ (0.02 ) $ 0.01 $ (0.06 )
Income from discontinued operations per common share   -     -     -     -  
Net income (loss) per common share $ 0.01   $ (0.02 ) $ 0.01   $ (0.06 )
 
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   196,970,235     41,543,655     189,895,315     41,543,655  
 

     
INSPRO TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
   
December 31, 2017 December 31, 2016
ASSETS
 
CURRENT ASSETS:
Cash $ 5,017,539 $ 3,161,617
Accounts receivable, net 1,543,389 2,333,817
Prepaid expenses 360,975 225,439
Other current assets - 30,520
Assets of discontinued operations   3,806     8,636  
 
Total current assets 6,925,709 5,760,029
 
Property and equipment, net   269,994     512,960  
 
Total assets $ 7,195,703   $ 6,272,989  
 
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
 
CURRENT LIABILITIES:
Notes payable $ 45,793 $ 39,194
Accounts payable 1,484,704 5,460,035
Accrued expenses 1,126,596 436,516
Current portion of capital lease obligations 143,855 188,025
Deferred revenue 2,765,401 2,285,140
Income tax payable 167,670 -
Income tax payable on discontinued operations   2,330     -  
 
Total current liabilities   5,736,349     8,408,910  
 
LONG TERM LIABILITIES:
Deferred revenue 1,000,000 1,500,000
Capital lease obligations   74,861     153,139  
 
Total long term liabilities   1,074,861     1,653,139  
 
Total liabilities   6,811,210     10,062,049  
 
COMMITMENTS AND CONTINGENCIES:
 
SHAREHOLDERS' EQUITY (DEFICIT):
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 -

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 65,365,386 62,815,507
Accumulated deficit   (65,030,274 )   (66,652,694 )
 
Total shareholders' equity (deficit)   384,493     (3,789,060 )
 
Total liabilities and shareholders' equity (deficit) $ 7,195,703   $ 6,272,989  
 


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