CIC Reports Third Quarter 2012 Results
REDWOOD SHORES, Calif., Nov. 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 $516,000 for the three months ended September 30, 2012, an increase of $4,000 or 1%, compared to total revenue of $512,000 for the same quarter in the prior year. For the nine months ended September 30, 2012, total revenues were $1,708,000, an increase of $593,000, or 53%, compared to total revenue of $1,115,000 for the same period in the prior year.
"We are pleased to report that our revenue for the first nine months of 2012 was approximately 10% greater than the total revenue for all of 2011," stated Philip Sassower, CIC's Chairman and Chief Executive Officer. "We continue to manage our business efficiently and to promote new partner integrations, including those announced over the past few weeks. We are also witnessing a higher level of international activity and progress and remain focused on technology development, recurring revenue and higher productivity from existing relationships."
For the quarter ended September 30, 2012, operating expenses were $1,292,000, a decrease of $90,000, or 7%, compared to operating expenses of $1,382,000 in the prior year. For the nine months ended September 30, 2012, operating expenses were $4,050,000, a decrease of $307,000, or 7%, compared to operating expenses of $4,357,000 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 September 30, 2012, the net loss attributable to common stockholders was $1,172,000, a nominal increase of $5,000, compared to a net loss attributable to common stockholders of $1,167,000 in the prior year. Lower operating expenses offset by higher interest expense is primarily attributable for this result.
For the nine months ended September 30, 2012, the net loss attributable to common stockholders was $3,835,000, a decrease of $1,100,000, or 22%, compared to a net loss attributable to common stockholders of $4,935,000 for the same period in the prior year. This decrease was primarily due to a comparative increase in revenues and a 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 September 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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