InsPro Technologies Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
For the year, revenues were $21,377,557 compared to $18,670,138 a year ago. Net loss was $6,376,468 compared to net loss of $5,184,687 a year ago. Loss from continuing operations was $6,532,265 or $0.15 per diluted share against $5,424,247 or $0.13 per diluted share a year ago. Basic and diluted net loss per common share was $0.15 against $0.12 a year ago. Operating loss from continuing operations was $6,424,991 compared to $5,432,967 a year ago. Net cash used in operating activities was $3,636,327 against net cash generated from operating activities of $1,622,778 a year ago. Purchase of property and equipment was $139,862 against $576,274 a year ago. The net loss in the year ended December 31, 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 and lower selling, general and administrative expenses in the year ended December 31, 2015 as compared to the same time period last year.