CIC Reports Third Quarter 2015 Results
REDWOOD SHORES, CA, November 16, 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 $351,000 for the three months ended September 30, 2015, an increase of $66,000, or 23%, compared to total revenue of $285,000 for the same quarter in the prior year. For the nine months ended September 30, 2015, total revenue was $1,164,000, an increase of $105,000, or 10%, compared to total revenue of $1,059,000 for the same period in the prior year.
“Although slight improvements were achieved both in the three and nine month periods compared to the prior year, the results of the quarter were below our expectations,” said Philip Sassower, chairman and chief executive officer for CIC. “We remain bullish on the electronic signature and digital transaction management sector in which we compete and believe that the trends favor our mid- to long-term potential. Our view is supported by, among other things, an accelerating number of transactions being generated through our partnership with Cegedim SA, as well as the increasing number of enterprise and other companies that are either in or near production with Cegedim solutions that integrate CIC technology.”
For the quarter ended September 30, 2015, operating expenses were $1,201,000, a decrease of $34,000, or 3%, compared to operating expenses of $1,235,000 for the same quarter in the prior year. The decrease was primarily due to decreases in travel and related expenses, as well as salaries and benefits, partially offset by an increase in stock option compensation expense. For the nine months ended September 30, 2015, operating expenses were $4,061,000, an increase of $65,000, or 2%, compared to operating expenses of $3,996,000 for the same period in the prior year. The increase was primarily due to an increase in stock option compensation and bad debt expenses, partially offset primarily by decreases in salary and benefits, as well as travel and
For the quarter ended September 30, 2015, the net loss attributable to common stockholders was $1,672,000, a decrease of $119,000, or 7%, compared to a net loss attributable to common stockholders of $1,791,000 for the same quarter in the prior year. This decrease was primarily due to a lower loss from operations and a decrease in non-cash expenses related to the accretion of beneficial conversion feature on preferred share issuances, partially offset by an increase in the amount charged for preferred stock dividends issued in kind, compared to the same quarter in the prior year.
For the nine months ended September 30, 2015, the net loss attributable to common stockholders was $5,745,000, an increase of $15,000, compared to a net loss attributable to common stockholders of $5,730,000 for the same period in the prior year. This increase was primarily due to an increase in the amount charged for preferred stock dividends issued in kind, partially offset by a decrease in loss from operations and in non-cash expenses related to the accretion of beneficial conversion feature on preferred share issuances, compared to the same period in the prior year.
Additional financial information regarding CIC’s operating results for the quarter ended September 30, 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 software 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