InsPro Technologies Corp. (OTCBB: ITCC) said its third quarter 2013 revenues decreased 15% to USD2,856,841, compared to USD3,372,990 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 USD1,020,365 in the third quarter of 2013, compared to a loss of USD1,240,516 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 USD633,262 in the third quarter of 2013, compared to a net loss of USD1,154,579 in the third quarter of 2012. The third quarter 2013 net loss included a USD306,000 non-cash gain on the change of the fair value of warrant liability.
Anthony R. Verdi, chief executive officer said, “We have completed a record number of implementations of InsPro Enterprise, added two new clients and increased the prospect pipeline so far in 2013. Concurrently, the breadth and depth of product support by InsPro Enterprise continues to expand with our recent emphasis on Annuities, UL and True Group. We are encouraged by the growing market interest in our technology and we remain optimistic about our future opportunities.”
Through its subsidiary, InsPro Technologies, LLC, InsPro Technologies offers InsPro Enterprise software, an end-to-end web-based policy administration system used by insurance carriers and third party administrators. For additional information on InsPro Technologies, LLC and InsPro Enterprise visit www.inspro.com.