InsPro Technologies Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $4,852,129 against $3,055,850 for the same period in the last year. An increase of $367,417 in professional services from several ongoing implementations, a $775,000 increase in license revenue and an increase in ASP/Hosting and Maintenance revenues due to the growth in clients, accounts for the increase in Revenue. Operating loss from continuing operations was $2,022,805 against $1,008,687 for the same period in the last year. The results from operations in the fourth quarter of 2014 were unfavorably impacted by higher cost 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™. In the third quarter of 2014 the company engaged a third party consulting firm to be a preferred system integrator. Loss from continuing operations was $2,033,156 against $920,724 for the same period in the last year. Net loss was $1,982,092 or $0.04 per basic and diluted share against $833,814 or $0.02 per basic and diluted share for the same period in the last year. Loss from operations per basic and diluted share was $0.05 against $0.02 for the same period in the last year. The net loss in the fourth quarter of 2014 as compared to the fourth quarter of 2013 was unfavorably impacted by higher costs of revenues partially offset by higher revenues partially offset by lower gain on the change of the fair value of warrant liability.

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.