CIC Reports Fiscal 2011 Results Revenue Up 82% as Company Sharpens Focus, Launches SaaS Offering and Shifts Go-To-Market Strategy
REDWOOD SHORES, Calif., March 30, 2012 /PRNewswire/ -- 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 $1,546,000 for the year ended December 31, 2011, an increase of $695,000 or 82%, compared to total revenue of $851,000 in the prior year.
"We are pleased to report CIC's performance improvements in 2011 and look to 2012 and beyond with anticipation," stated Philip Sassower, CIC's Chairman and Chief Executive Officer. "Last year marked the beginning of a new chapter in the Company's history. We recruited a new management team, added key resources and designed and began the implementation of a revised strategy focused on partner integration, one-to-many sales leverage and improved recurring revenues. We launched new products and enhanced existing solutions. We passed a number of significant mileposts, including sequential revenue growth throughout the year, the launch of our Software-as-a-Service platform, our first recurring revenue transactions, the announcement of our first significant partner integration with Ebix (a leading provider of on-demand software to the insurance and financial sectors), to name a few. As the market for electronic signature solutions continues to expand, we remain confident that CIC is well-positioned to show improvement over time."
For the year ended December 31, 2011, operating expenses were $5,829,000, a decrease of $276,000 or 5%, compared to operating expenses of $6,105,000 in the prior year. This decrease was primarily due to a $1,009,000 charge for accelerated amortization of capitalized software costs in 2010, offset by a $700,000 increase in the amount of software development costs expensed in 2011.
For the year ended December 31, 2011, the net loss was $4,502,000, an increase of $343,000 or 8%, compared to a net loss of $4,159,000 in the prior year. This increase was primarily due to a 2010 gain from the revaluation of the Company's derivative liabilities, offset by 2010 charges related to the restructuring of the Company's debt and a $971,000 decrease in the Company's loss from operations for the year ended December 31, 2011, attributable mainly to the 82% increase in revenues between the two years.
Additional financial information regarding CIC's operating results for the year ended December 31, 2011, 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.
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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SOURCE Communication Intelligence Corporation (CIC)