Last $0.05 USD
Change Today 0.00 / 0.00%
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As of 8:10 PM 11/20/14 All times are local (Market data is delayed by at least 15 minutes).

inspro technologies corp (ITCC) Snapshot

Open
$0.05
Previous Close
$0.05
Day High
$0.05
Day Low
$0.05
52 Week High
04/30/14 - $0.49
52 Week Low
04/7/14 - $0.04
Market Cap
2.1M
Average Volume 10 Days
3.7K
EPS TTM
$-0.10
Shares Outstanding
41.5M
EX-Date
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P/E TM
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Dividend
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Dividend Yield
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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 Third Quarter and Nine Months Ended September 30, 2014

InsPro Technologies Corporation reported consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s revenues were $5,973,754, a 109% increase as compared to the $2,856,841 in the third quarter of 2013. The revenue increase was due to an increase of $1,460,459 in professional services from several ongoing implementations, a $1,300,000 license for an InsPro Enterprise(TM) upgrade, and an increase in ASP/hosting and maintenance revenues resulting from client growth. Operating loss from continuing operations was $297,802 as compared to a loss of $1,020,366 in the third quarter of 2013. The results from operations in the third quarter of 2014 were favorably impacted by $1,300,000 of license fees, partially offset by a higher cost of revenues attributable to increased utilization of preferred system integration partners assisting with modifications to InsPro Enterprise's functionality, and new clients' implementations of InsPro Enterprise. Net loss was $213,694 as compared to a net loss of $633,263 in the third quarter of 2013. The net loss in the third quarter of 2014 as compared to the third quarter of 2013 was favorably impacted by $1,300,000 of license fee revenue partially offset by higher cost of revenues and lower gain on the change of the fair value of warrant liability. Loss from continuing operations was $270,172 or $0.01 per basic and diluted share, compared to $723,761 or $0.02 per basic and diluted share, a year ago. Net loss per basic and diluted common share was $0.01 compared to $0.02 a year ago. For the year-to-date, the company’s revenues were $13,818,010 as compared to $11,746,419 in the first nine months of 2013. Revenue growth in the first nine months of 2014 was a result of a $2,496,725 increase in professional services, higher ASP/hosting revenue of $579,073, and $166,598 of higher maintenance revenue, which were all the result of increased fees from established and recent implementations of InsPro Enterprise(TM). Operating loss from continuing operations was $3,410,161 as compared to a loss of $1,111,996 in the first nine months of 2013. Results from operations in the first nine months of 2014 were unfavorably impacted by $1,694,385 of higher non-cash equity compensation expense, and $1,175,000 of lower license fees partially offset by increased revenues from professional services, ASP/hosting and maintenance. Net loss was $3,202,594 in the first nine months of 2014 as compared to a net loss of $909,194 in the first nine months of 2013. The net loss in the first nine months of 2014 included a non-cash gain on the change of the fair value of warrant liability of $50,600 while the same period in 2013 included a non-cash loss of $76,199. Loss from continuing operations was $3,391,089 or $0.08 per basic and diluted share, compared to $1,214,451 or $0.03 per basic and diluted share, a year ago. Net loss was $3,202,594 or $0.08 per basic and diluted share, compared to $909,194 or $0.02 per basic and diluted share, a year ago. Net cash provided in operating activities was $661,689 compared to net cash used in operating activities of $1,701,517 a year ago. Purchase of property and equipment was $534,300 compared to $190,261 a year ago.

InsPro Technologies Corporation Announces the Strategic Management Expansion

InsPro Technologies Corporation announced the expansion of its senior executive team with the addition of two insurance industry veterans. Mark Daley assumes the role of Chief Revenue Officer, and John Keddy will serve as Chief Information Officer. Mark Daley, Chief Revenue Officer, is responsible for InsPro's revenue attainment as well as business development and alliance partnerships. John Keddy, Chief Information Officer, is responsible for InsPro's software, architecture, and technology innovation. He joins InsPro after six years at Aflac where he was a Vice President of Technology overseeing all U.S. applications.

InsPro Technologies Corporation Approves an Amendment to the Certificate of Incorporation

InsPro Technologies Corporation's stockholders approved an amendment to the Company's certificate of incorporation, as amended, to increase the number of authorized shares of common stock from 300,000,000 shares to 400,000,000 at its AGM held on August 19, 2014.

 

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