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InsPro Technologies Corporation Announces First Quarter 2018 Financial Results
[May 14, 2018]

InsPro Technologies Corporation Announces First 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 month period ended March 31, 2018.

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.

David Anderson, Chief Executive Officer, stated, "Our first quarter 2018 results are very much in line with our expectations and continue the positive momentum from late 2017. Our focus in 2018 is to continue this 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 March 31,

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
         
March 31, 2018 December 31, 2017
(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 ($.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 65,367,735 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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