Cover-All Technologies, a provider of software solutions for the property and casualty insurance firm, has reported net loss for Q3, 2011 was $0.7m, or $0.03 per fully diluted share, compared to net income of $0.4m, or $0.02 per fully diluted share, in the comparable period in 2010.
Total revenues for the three months ended 30 September 2011 were $3.4m compared to $4.7m for the same period in 2010, a decrease of 27.5%.
The company posted net profit for the nine months ended 30 September 2011 was $1.2m, or $0.05 per fully diluted share, down 32.2%, compared to $1.7m, or $0.07 per fully diluted share, in the comparable period in 2010.
Total revenues for the nine months ended 30 September 2011 were $13.6m compared to $13.1m for the same period in 2010, an increase of 3.5%.
Cover-All Technologies chairman of the board of directors and CEO John Roblin said year-to-date results reflect our momentum in 2011 and the benefit of the acquisition we made last year.
"Revenues were up 3.5% to $13.6m, a record for any first nine-month period in the Company’s history, from $13.1m in the year-ago period. Operating and net income were both $1.2m," Roblin said.