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inspro technologies corp (ITCC) Snapshot

Open
$0.05
Previous Close
$0.05
Day High
$0.05
Day Low
$0.05
52 Week High
10/7/13 - $0.21
52 Week Low
11/14/13 - $0.03
Market Cap
2.1M
Average Volume 10 Days
1.1K
EPS TTM
$-0.04
Shares Outstanding
41.5M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for INSPRO TECHNOLOGIES CORP (ITCC)

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inspro technologies corp (ITCC) Details

InsPro Technologies Corporation, through its subsidiary, InsPro Technologies, LLC, provides Web-based insurance administration software applications for insurance carriers and third party administrators. Its flagship software product InsPro Enterprise is an insurance administration and marketing system that supports group and individual business lines, as well as processes agent, direct market, worksite, and Web site generated businesses. The company offers InsPro Enterprise on a licensed and an application service provider basis. It also provides consulting and implementation, legacy system migration, application management, Web development, help desk, and hosting service support services. The company was formerly known as Health Benefits Direct Corporation and changed its name to InsPro Technologies Corporation in November 2010. InsPro Technologies Corporation was founded in 1986 and is based in Radnor, Pennsylvania.

79 Employees
Last Reported Date: 03/31/14
Founded in 1986

inspro technologies corp (ITCC) Top Compensated Officers

Chief Executive Officer, Chief Financial Offi...
Total Annual Compensation: $250.0K
Director, Chief Executive Officer of Inspro T...
Total Annual Compensation: $300.0K
Compensation as of Fiscal Year 2013.

inspro technologies corp (ITCC) Key Developments

Inspro Technologies Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

InsPro Technologies Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, revenues were $3,055,850 against $3,311,087 a year ago. Operating loss from continuing operations was $1,008,687 against $1,196,557 a year ago. Loss from continuing operations was $920,724 or $0.02 per basic and diluted share against $1,129,835 or $0.03 per basic and diluted share a year ago. Net loss was $833,814 or $0.02 per basic and diluted share against $1,018,366 or $0.03 per basic and diluted share a year ago. Revenues decreased 8% due to lower implementation services for new clients partially offset by increased ASP/Hosting and maintenance revenues. The results from operations in the fourth quarter of 2013 were favorably impacted by the growth in ASP/Hosting, maintenance and license fee revenue combined with lower cost of revenues. For the year, revenues were $14,802,268 against $12,146,237 a year ago. Operating loss from continuing operations was $2,120,683 against $3,896,053 a year ago. Loss from continuing operations was $2,135,175 or $0.05 per basic and diluted share against $8,403,708 or $0.20 per basic and diluted share a year ago. Net loss was $1,743,008 or $0.04 per basic and diluted share against $7,883,145 or $0.19 per basic and diluted share a year ago. Net cash used in operating activities was $1,867,552 against $751,897 a year ago. Purchase of property and equipment was $234,961 against $1,530,175 a year ago. Revenues increased 22% primarily due to $2,550,000 of license fees recognized upon the completion of the implementation of InsPro Enterprise for three clients combined with increased ASP/Hosting and maintenance revenues. The net loss 2013 included a non-cash gain on the change of the fair value of warrant liability of $25,001 whereas the net loss in 2012 included a non-cash loss on the change of the fair value of warrant liability of $4,443,079.

Inspro Technologies Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

InsPro Technologies Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. Revenues decreased 15% to $2,856,841 in the third quarter of 2013, compared to $3,372,990 in the third quarter of 2012 due to lower implementation services for new clients partially offset by increased ASP/Hosting and maintenance revenues. Loss from operations was $1,020,365 in the third quarter of 2013, compared to a loss of $1,240,516 in the third quarter of 2012. The results from operations in 2013 were favorably impacted by the growth in ASP/Hosting and maintenance revenue combined with lower cost of revenues. Net loss was $633,262 or $0.01 per basic and diluted share in the third quarter of 2013, compared to a net loss of $1,154,579 or $0.03 per basic and diluted share in the third quarter of 2012. Revenues increased 33% to $11,746,419 in the first nine months of 2013, compared to $8,835,150 in the first nine months of 2012 primarily due to $2,475,000 of license fees recognized upon the completion of the implementation of InsPro Enterprise(TM) for three clients combined with increased ASP/Hosting and maintenance revenues. Loss from operations was $1,111,996 in the first nine months of 2013, compared to a loss of $2,699,496 in the first nine months of 2012. The results from operations were favorably impacted by $2,475,000 of license fees, which were recognized in 2013 upon the completion of the implementation of InsPro Enterprise for three new clients. Net loss was $909,194 or $0.02 per basic and diluted share in the first nine months of 2013, compared to a net loss of $6,864,779 or $0.17 per basic and diluted share in the first nine months of 2012. Net cash used in operating activities was $1,701,517 against $676,379 a year ago. Purchase of property and equipment was $190,261 against $911,580 a year ago.

InsPro Technologies Corporation Reports Consolidated Earnings Results for the Second Quarter and First Half Ended June 30, 2013

InsPro Technologies Corporation reported consolidated earnings results for the second quarter and first half ended June 30, 2013. Revenues from continuing operations increased 40% to $4,296,755 in the second quarter of 2013, compared to $3,069,233 in the second quarter of 2012 primarily due to $1,275,000 of license fees recognized upon the completion of the implementation of InsPro Enterprise for two clients combined with increased ASP/Hosting and maintenance revenues. Loss from continuing operations was $26,838 in the second quarter of 2013, compared to a loss of $714,463 in the second quarter of 2012. The results from continuing operations in 2013 were favorably impacted by the growth in revenue partially offset by higher expenses. Net loss was $37,439 in the second quarter of 2013, compared to net loss of $5,243,403 in the second quarter of 2012. Revenues from continuing operations increased 63% to $8,889,578 in the first half of 2013, compared to $5,462,160 in the first half of 2012 primarily due to $2,475,000 of license fees recognized upon the completion of the implementation of InsPro Enterprise for three clients combined with increased professional services, ASP/Hosting and maintenance revenues. Loss from continuing operations was $91,630 in the first half of 2013, compared to a loss of $1,458,980 in the first half of 2012. Net loss was $275,931 in the first half of 2013, compared to net loss of $5,710,200 in the first half of 2012. Net cash used in operating activities was $459,000 against $180,910 a year ago. Purchase of property and equipment was $86,720 against $438,557 a year ago.

 

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