CIC Reports First Quarter 2013 Results
Redwood Shores, CA, May 15, 2013 – Communication Intelligence Corporation (“CIC” or the “Company”) (OTCQB: CICI), a leading supplier of electronic signature solutions and the recognized leader in biometric signature verification, today reported total revenue of $235,000 for the three months ended March 31, 2013, a decrease of $432,000 or 65%, compared to total revenue of $667,000 for the same quarter in the prior year.
“While we are disappointed with our first quarter performance, we remain confident in the Company’s prospects for continued year-to-year improvements,” stated Philip Sassower, CIC’s Chairman and Chief Executive Officer. “We know that our transition from one-time license sales to a growing percentage of recurring revenue can result in some bumpy quarter-to-quarter results. The lower sales in the quarter reflect a number of opportunities shifting into subsequent quarters. We remain focused on our client integration efforts, see continued market demand for our solutions and expect to resume our positive trend generating significant revenue growth in the coming quarters.”
For the quarter ended March 31, 2013, operating expenses were $1,495,000, an increase of $56,000, or 4%, compared to operating expenses of $1,439,000 in the prior year. This increase was primarily due to an increase in stock option compensation expenses.
For the quarter ended March 31, 2013, the net loss attributable to common stockholders was $1,675,000, an increase of $106,000, or 7%, compared to a net loss attributable to common stockholders of $1,569,000 in the prior year. This increase was primarily due to lower revenues and a greater loss from operations, offset by a lower non-cash accretion of beneficial conversion feature on Preferred Stock and lower interest expense, compared to the same quarter in the prior year.
Additional financial information regarding CIC’s operating results for the quarter ended March 31, 2013, 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 supplier of electronic signature products and the recognized leader in biometric signature verification. CIC enables companies to achieve truly paperless workflow in their electronic business processes by providing multiple signature technologies across virtually all applications. CIC’s solutions are available both in SaaS and on-premise delivery models and afford “straight-through-processing,” which can increase customer revenue by enhancing user experience and can also reduce costs through paperless and virtually error-free electronic transactions that can be completed significantly quicker than paper-based procedures. CIC is headquartered in Redwood Shores, California. For more information, please visit our website at http://www.cic.com. CIC’s logo is a registered 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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