InsPro Technologies Corporation Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Revenues were $9,320,926 in the six months ended June 30, 2015, a 19% increase as compared to the $7,844,255 in the six months ended June 30 2014. Net loss was $4,710,727 or $0.11 per basic and diluted share in the six months ended June 30, 2015 as compared to a net loss of $2,988,900 or $0.07 per basic and diluted share in the six months ended June 30, 2014. The net loss in the six months ended June 30, 2015 was favorably 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. Loss from continuing operations was $4,790,463 or $0.11 per basic and diluted share against $3,120,917 or $0.07 per basic and diluted share reported last year. Operating loss from continuing operations was $4,729,936 against $3,112,359 reported last year. Net cash used in operating activities was $2,158,688 against net cash provided by operating activities of $289,813 reported last year. Purchase of property and equipment was $70,691 against $203,583 reported last year.