CIC Reports First Quarter 2014 Results
May 15 2014 - 9:23AM
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 total revenue
of $301,000 for the three months ended March 31, 2014, an increase
of $66,000 or 28%, compared to total revenue of $235,000 for the
same quarter in the prior year.
"Despite the positive increase compared to the first quarter of
2013, our results were below expectations," said Philip Sassower,
chairman and chief executive officer for CIC. "As we work on
growing our recurring revenue, we know that CIC remains susceptible
to volatility in the near term. The potential for revenue growth at
the company remains robust and we expect to resume our positive
trend on a year-to-year basis going forward."
For the quarter ended March 31, 2014, operating expenses were
$1,369,000, a decrease of $126,000, or 8%, compared to operating
expenses of $1,495,000 for the same quarter in the prior year. This
decrease was primarily due to a decrease in stock option
compensation expenses.
For the quarter ended March 31, 2014, the net loss attributable
to common stockholders was $2,056,000, an increase of $326,000, or
19%, compared to a net loss attributable to common stockholders of
$1,730,000 for the same quarter in the prior year. This increase
was primarily due to a higher non-cash accretion of beneficial
conversion feature on preferred stock and preferred stock
dividends, offset by the aforementioned increase in revenue and
decrease in operating expenses, compared to the same quarter in the
prior year.
Additional financial information regarding CIC's operating
results for the quarter ended March 31, 2014, 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 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 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.
CONTACT: CIC
Investor Relations & Media Inquiries:
Andrea Goren
+1.650.802.7723
agoren@cic.com
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