CIC Reports Fiscal 2013 Results
March 31 2014 - 9:23AM
Communication Intelligence Corporation ("CIC") (OTCQB:CICI), a
leading supplier of electronic signature and business document work
flow solutions, today reported total revenue of $1,418,000 for the
year ended December 31, 2013, a decrease of $960,000, or 40%,
compared to total revenue of $2,378,000 for the prior year.
"We completed a challenging 2013, in which we invested heavily
in new technology," said Philip Sassower, chairman and chief
executive officer for CIC. "Our new software platform enables
bi-directional on-premise and Cloud server migration. It supports
both enterprise-wide and workflow-specific solutions, and can be
quickly and efficiently deployed. This development effort
represented a necessary and major step forward in terms of rapid
enterprise integration and deployment for electronic signature, as
well as the scalability needed for managing tens of millions of
simple-to-complex transactions within a single enterprise. The new
SignatureOne® Enterprise was released near the end of the year and
supported the higher revenue run rate achieved in the last three
months of the year. With our product transition now complete, the
successful completion of our recently announced funding round and a
strong pipeline of opportunities, we remain highly confident in
CIC's ability to resume its earlier growth trend."
For the year ended December 31, 2013, operating expenses were
$5,715,000, an increase of $283,000, or 5%, compared to operating
expenses of $5,432,000 in the prior year. This increase was
primarily due to higher stock option expenses and outsourced
engineering services, offset by lower commissions and professional
services.
For the year ended December 31, 2013, the net loss attributable
to common stockholders was $8,099,000, an increase of $1,355,000,
or 20%, compared to a net loss attributable to common stockholders
of $6,744,000 in the prior year. This increase was primarily due to
the $1,243,000 increase in loss from operations from 2012 to 2013,
resulting from lower revenue and an increase in certain non-cash
charges related to our funding activities, including net charges of
$227,000 related to certain warrant issuances and a $67,000 loss on
extinguishment of debt. This was offset by a decrease of $324,000
in charges associated with preferred stock beneficial conversion
features and dividends and a gain of $108,000 on derivative
liability.
Additional financial information regarding CIC's operating
results for the year ended December 31, 2013, will be available in
the Company's Annual Report on Form 10-K 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
business document workflow solutions. CIC enables companies to
achieve truly paperless workflow in their electronic business
processes by providing multiple signature and digital transaction
management technologies across virtually all applications. CIC's
solutions are available both on-premise and in the Cloud as a
service, 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 Silicon Valley. For
more information, please visit our website at http://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.
CONTACT: CIC
Investor Relations & Media Inquiries:
Andrea Goren
+1.650.802.7723
agoren@cic.com
iSign Solutions (CE) (USOTC:ISGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
iSign Solutions (CE) (USOTC:ISGN)
Historical Stock Chart
From Apr 2023 to Apr 2024