CIC Reports First Quarter 2014 Results
Redwood Shores, CA, May 15, 2014 – Communication Intelligence Corporation (“CIC”) (OTCQB: CICI), a leading supplier of electronic signature and other software solutions enabling secure and cost-effective management of document-based, digital transactions, today reported total revenue of $301,000 for the three months ended March 31, 2014, an increase of $66,000 or 28%, compared to total revenue of $235,000 for the same quarter in the prior year.
“Despite the positive increase compared to the first quarter of 2013, our results were below expectations,” said Philip Sassower, chairman and chief executive officer for CIC. “As we work on growing our recurring revenue, we know that CIC remains susceptible to volatility in the near term. The potential for revenue growth at the company remains robust and we expect to resume our positive trend on a year-to-year basis going forward.”
For the quarter ended March 31, 2014, operating expenses were $1,369,000, a decrease of $126,000, or 8%, compared to operating expenses of $1,495,000 for the same quarter in the prior year. This decrease was primarily due to a decrease in stock option compensation expenses.
For the quarter ended March 31, 2014, the net loss attributable to common stockholders was $2,056,000, an increase of $326,000, or 19%, compared to a net loss attributable to common stockholders of $1,730,000 for the same quarter in the prior year. This increase was primarily due to a higher non-cash accretion of beneficial conversion feature on preferred stock and preferred stock dividends, offset by the aforementioned increase in revenue and decrease in operating expenses, compared to the same quarter in the prior year.
Additional financial information regarding CIC’s operating results for the quarter ended March 31, 2014, will be available in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission and available at www.sec.gov.
CIC is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. CIC’s solutions encompass a wide array of functionality and services, including electronic signatures, biometric authentication and simple-to-complex workflow management. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated platform for both ad-hoc and fully automated transactions. CIC’s platform can be deployed both on-premise and as a cloud-based service,
with the ability to easily transition between deployment models. CIC is headquartered in Silicon Valley. For more information, please visit our website at www.cic.com. CIC’s logo is a trademark of CIC.
Forward Looking Statements
Certain statements contained in this press release, including without limitation, statements containing the words “believes”, “anticipates”, “hopes”, “intends”, “expects”, and other words of similar import, constitute “forward looking” statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the Company’s technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the Company’s solutions; (3) the Company’s inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the Company; and (4) general economic and business conditions and the availability of sufficient financing.
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