InsPro Technologies Corp. (ITCC) Announces Financial Results for Quarter Ended March 31, 2011

By @ibtimes on

Yesterday, InsPro Technologies Corp. announced their financial results for the quarter ended March 31, 2011. During the first quarter, their liquidity and financial position improved due to the reclassification of $1,152,573 of restricted cash to cash. This was the result of the elimination of restrictions over certain of the Company’s bank deposits that served as collateral for expired letters of credit.

First Quarter 2011 highlights for the Company include net income of $27,641, or ($0.00) per share basic and diluted, compared with a net loss of $2,954, or ($0.00) per share basic and diluted, in the first quarter of 2010. They had a net gain from discontinued operations of $219,020 in the first quarter of 2011. This is in comparison to a net gain of $1,031,155 from discontinued operations in the first quarter of 2010. The first quarter of 2010 included a $578,569 non-recurring gain on the sale of Insurint.

InsPro Technologies had a net loss from continuing operations of $501,709 in the first quarter of 2011, compared to a $1,960,290 net loss in the first quarter of 2010. This improvement is due to higher revenue combined with cost savings from ongoing restructuring activities. The Company had revenues from continuing operations of $2,342,869 in the first quarter of 2011, compared to $1,249,635 in the first quarter of 2010. This increase was primarily because of increased post implementation services provided to existing InsPro Enterprise clients and increased sales of InsPro Enterprise software licenses.

Mr. Anthony R. Verdi, InsPro Technologies Corporation’s acting Principal Executive Officer, stated, “We are pleased with our revenue growth from InsPro Enterprise and the positive results of restructuring activities, both of which enhanced our operating performance and liquidity position in this quarter. The recent sale of an InsPro Enterprise license to Physicians Mutual marks another important milestone for the Company.”

Headquartered in Eddystone, Pennsylvania, InsPro Technologies Corporation, via their subsidiary, InsPro Technologies, LLC, offers InsPro Enterprise software, an end-to-end, web-based policy administration system used by insurance carriers and third party administrators. 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. InsPro Enterprise is a single technology solution designed to manage all insurance processing requirements.

For more information visit: www.inspro.com

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