CIC Reports Second Quarter 2012 Results
61% Revenue Increase Compared with Q2 2011
50% of Software Development Revenue Through New Partners
REDWOOD SHORES, Calif., Aug. 14, 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 $525,000 for the three months ended June 30, 2012, an increase of $199,000 or 61%, compared to total revenue of $326,000 for the same quarter in the prior year. For the six months ended June 30, 2012, total revenues were $1,191,000, an increase of $587,000, or 97%, compared to total revenue of $604,000 for the same period in the prior year.
"Our revenues for the second quarter remain well above last year's average run rate and we continue to manage our business more efficiently, as reflected in our further reduced operating expenses," stated Philip Sassower, CIC's Chairman and Chief Executive Officer. "On a qualitative basis, we are witnessing a shift towards increasing partner-generated sales and recurring revenues. Almost half of our product revenues for the quarter are from new partner integration fees that will drive increasing levels of electronic signature transactions and related sales. We also announced a major new European partner, Cegedim, and the integration of our technology into Cegedim's MA€A platform, which initially is focused on direct debit Single European Payments Area mandates. This and other similar partnerships, together with our flexible and client-centric go to market approach, represent the core of our new management team's strategy and we remain pleased with the progress achieved to date."
For the quarter ended June 30, 2012, operating expenses were $1,319,000, a decrease of $125,000, or 9%, compared to operating expenses of $1,444,000 in the prior year. For the six months ended June 30, 2012, operating expenses were $2,758,000, a decrease of $217,000, or 7%, compared to operating expenses of $2,975,000 for the same period in the prior year. The comparative decreases in operating costs were primarily due to decreases in professional service and equity compensation expenses.
For the quarter ended June, 2012, the net loss attributable to common stockholders was $1,095,000, a decrease of $267,000, or 20%, compared to a net loss attributable to common stockholders of $1,362,000 in the prior year. This decrease was primarily due to the above stated comparative increase in revenues and decrease in operating expenses, offset by higher interest and the impact our higher stock price had on our preferred stock beneficial conversion feature calculations for the quarter.
For the six months ended June 30, 2012, the net loss attributable to common stockholders was $2,663,000, a decrease of $1,105,000, or 29%, compared to a net loss attributable to common stockholders of $3,768,000 for the same period in the prior year. This decrease was primarily due to the above stated comparative increase in revenues and decrease in operating expenses, as well as a higher preferred stock beneficial conversion feature charge in 2011 resulting from the issuance of Series C Preferred Stock.
Additional financial information regarding CIC's operating results for the quarter ended June 30, 2012, 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.
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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