InsPro Technologies Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Revenues were $15,702,781; a 14% increase as compared to the $13,818,009 in the nine months ended September 30, 2014. Net loss was $5,105,174 as compared to a net loss of $3,202,594 in the nine months ended September 30, 2014. The net loss in the nine months ended September 30, 2015 was 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, partially offset by higher revenues in the nine months ended September 30, 2015 as compared to the same time period last year. Loss from continuing operations was $5,221,956 against $3,391,089 a year ago. Basic and diluted net loss per common share was $0.12 against $0.08 a year ago. Net cash used in operating activities was $4,184,594 against net cash generated in operating activities was $661,689 a year ago. Purchase of property and equipment was $129,188 against $534,300 a year ago.