CIC Reports Third Quarter 2013 Results
November 14 2013 - 9:23AM
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 $370,000 for the three months ended
September 30, 2013, a decrease of $146,000 or 28%, compared to
total revenue of $516,000 for the same quarter in the prior year.
For the nine months ended September 30, 2013, total revenues were
$867,000, a decrease of $841,000, or 49%, compared to total revenue
of $1,708,000 for the same period in the prior year.
"Our third quarter revenue showed a slight improvement over the
first and second quarters of 2013," said Philip Sassower, chairman
and chief executive officer for CIC. "While revenue for the first
nine months of the year was below our expectations, during the
quarter, our development team released the beta version of a
powerful, feature-rich new product that will be formally announced
in the near future. We remain confident that the Company will
resume its earlier positive growth trend."
For the quarter ended September 30, 2013, operating expenses
were $1,275,000, a decrease of $17,000, or 1%, compared to
operating expenses of $1,292,000 in the prior year. For the nine
months ended September 30, 2013, operating expenses were
$4,210,000, an increase of $160,000, or 4%, compared to operating
expenses of $4,050,000 for the same period in the prior year. The
latter comparative increase was primarily due to an increase in the
Company's investment in engineering resources and higher stock
option compensation expenses.
For the quarter ended September 30, 2013, the net loss
attributable to common stockholders was $1,430,000, an increase of
$258,000, or 22%, compared to a net loss attributable to common
stockholders of $1,172,000 in the prior year. For the nine months
ended September 30, 2013, the net loss attributable to common
stockholders was $4,954,000, an increase of $1,119,000, or 29%,
compared to a net loss attributable to common stockholders of
$3,835,000 for the same period in the prior year. These comparative
increases were primarily due to increases in loss from operations
from the aforementioned lower revenues and to higher preferred
stock dividend charges, as well as, in the nine-month period, to an
increase in operating expenses offset by lower accretion of
beneficial conversion feature.
Additional financial information regarding CIC's operating
results for the quarter ended September 30, 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.
About CIC
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.
CONTACT: CIC
Investor Relations + Media Inquiries:
Andrea Goren
+1.650.802.7723
agoren@cic.com
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