iSIGN Reports First Quarter 2017 Results
SAN JOSE, CA, May 15, 2017 – iSign Solutions Inc. (“iSIGN”) (OTCQB: ISGN), 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 $211,000 for the three months ended March 31, 2017, a decrease of $65,000, or 24%, compared to total revenue of $276,000 for the prior year
“Based upon the expansion of our multi-year partnership with Cegedim SA, iSIGN’s business model transformation is well under way, and we expect to see a positive shift in momentum within the next twelve months,” said Philip Sassower, co-chairman and chief executive officer for iSIGN. “From this relationship, and others to come, we remain optimistic that we will experience significant recurring revenue transaction volume over time. Recently-appointed president and chief operating officer and a committed shareholder of the company, Mike Engmann is now leading the efforts to make this happen. We are delighted he is directing iSIGN during this important time.”
For the quarter ended March 31, 2017, operating expenses were $780,000, a decrease of $640,000, or 45%, compared to operating expenses of $1,420,000 in the prior year. This decrease primarily was due to iSIGN’s efforts to restructure its operations in favor of partnergenerated recurring revenue.
For the quarter ended March 31, 2017, the net loss attributable to common stockholders was $614,000, a decrease of $1,817,000, or 75%, compared to a net loss attributable to common stockholders of $2,431,000 in the prior year. This decrease primarily was due to a $575,000 decrease in loss from operations, resulting from the above-mentioned decrease in operating expenses offset by the decrease in revenue, a $245,000 decrease in accretion of beneficial conversion feature, an $854,000 decrease in preferred stock dividend expense, a $90,000 decrease in interest expense and an $82,000 decrease in amortization of debt discount.
Additional financial information regarding iSIGN’s operating results for the quarter ended March 31, 2017, will be available in the Company’s Annual Report on Form 10-Q that will be filed with the Securities and Exchange Commission and available at www.sec.gov.
iSIGN (formerly known as Communication Intelligence Corporation or CIC) is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. iSIGN’s solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated software platform for both ad-hoc and fully automated transactions. iSIGN’s software platform can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. iSIGN is headquartered in Silicon Valley. For more information, please visit our website at www.isignnow.com. iSIGN’s logo is a trademark of iSIGN.
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.
Chief Financial Officer