CIC Reports Fiscal 2012 Results Revenue Growth Continues With 54% Year-Over-Year Increase Loss from Operations Down by 29% Compared to 2011
REDWOOD SHORES, Calif., April 1, 2013 /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 $2,378,000 for the year ended December 31, 2012, an increase of $832,000 or 54%, compared to total revenue of $1,546,000 for the prior year.
"We are pleased to report CIC's continued performance improvements," stated Philip Sassower, CIC's Chairman and Chief Executive Officer. "After 2011's revenue growth of approximately 82% compared to 2010, last year's 54% growth is further proof that our efforts are delivering some early dividends. Over the past two years, our total revenue has grown by over 179% and our product revenue by over 777%. Over the same two-year period, we also cut our operating loss by almost 42%. We continue to manage our business in a prudent and efficient manner and to target new partner integrations both on-premise and in the Cloud. By devoting the majority of our spend to the development and marketing of our products and services, our focus remains on continued performance improvements along with the esignature market as a whole, which continues to expand and has given positive indications in the form of merger and acquisition transactions and healthy funding levels."
For the year ended December 31, 2012, operating expenses were $5,432,000, a decrease of $397,000, or 7%, compared to operating expenses of $5,829,000 in the prior year. This decrease was primarily due to lower professional services and stock option expenses.
For the year ended December 31, 2012, the net loss attributable to common stockholders was $6,109,000, a decrease of $554,000, compared to a net loss attributable to common stockholders of $6,663,000 in the prior year. This decrease was primarily due to the $1,229,000 decrease in loss from operations between 2012 and 2011 resulting from higher sales and the lower level of operating expenses described above, offset by a $1,039,000 increase in preferred beneficial conversion charges and a $165,000 increase in interest expense between the same annual periods.
Additional financial information regarding CIC's operating results for the year ended December 31, 2012, 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)