InsPro Technologies Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
For the year, the company reported revenues of $18,670,138 against $14,802,268 for the same period in the last year. Revenue growth was a result of a $3,088,663 increase in professional services, from implementation services, $946,490 higher ASP/Hosting revenue and $215,489 higher maintenance revenue, which was a result of increased fees from existing and recent implementations of InsPro Enterprise, partially offset by $400,000 of lower license fees. In 2014 the company recognized a $2,150,000 in license fees for two clients while in 2013 the company recognized $2,550,000 of license fees for three clients. Operating loss from continuing operations was $5,432,967 against $2,120,683 for the same period in the last year. The results from operations in 2014 were unfavorably impacted by higher costs of revenues, a result of increased utilization of several outside consulting firms, to assist with modifications to InsPro Enterprise's functionality and new clients' implementations of InsPro Enterprise, combined with $1,694,385 higher non-cash equity compensation expense. Loss from continuing operations was $5,424,247 against $2,135,175 for the same period in the last year. Net loss was $5,184,687 or $0.12 per basic and diluted share against $1,743,008 or $0.04 per basic and diluted share for the same period in the last year. Loss from operations per basic and diluted share was $0.13 against $0.05 for the same period in the last year. The net loss in 2014 was unfavorably impacted by higher costs of revenues combined with higher non-cash equity compensation expense. Net cash provided in operating activities was $1,622,779 against net cash used in operating activities of $1,867,552 for the same period in the last year. Purchase of property and equipment was $576,274 against $234,961 for the same period in the last year.