CIC Reports First Quarter 2015 Results
REDWOOD SHORES, CA, May 15, 2015 – 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 revenue of $446,000 for the three months ended March 31, 2015, an increase of $145,000 or 48%, compared to total revenue of $301,000 for the same quarter in the prior year.
“Thanks to increases in product, service and maintenance sales, our average quarterly revenue, over the comparable trailing twelve month periods, has improved, while our operating expenses, net of non-cash charges, largely have remained flat,” said Philip Sassower, chairman and chief executive officer for CIC. “We are aggressively pursuing recurring revenue both in the US and Europe and will continue this effort. We are particularly pleased to have booked some initial revenue from our European partnership with Cegedim SA during the quarter. Although the revenue today is immaterial, we consider this an important milepost in what has been a three- year technology and financial investment by CIC. We believe that, over time, the cash flow attributable to this relationship can have a significant impact on our results.”
For the quarter ended March 31, 2015, operating expenses were $1,464,000, an increase of $95,000, or 7%, compared to operating expenses of $1,369,000 for the same quarter in the prior year. This increase was primarily due to an increase in stock option compensation expenses.
For the quarter ended March 31, 2015, the net loss attributable to common stockholders was $2,260,000, an increase of $204,000, or 10%, compared to a net loss attributable to common stockholders of $2,056,000 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, net of the increase 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, 2015, 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.
Investor Relations and Media Inquiries: Andrea Goren