CTI Group Reports 2012 Results
INDIANAPOLIS, March 29, 2013 /PRNewswire/ -- CTI Group (Holdings) Inc. (OTCQB: CTIG), an international provider of electronic invoice processing and management ("EIM") and call accounting management and recording ("CAMRA") applications, reported results for the twelve months ended December 31, 2012. Revenues for the twelve months ended December 31, 2012 decreased to $16,759,121 as compared to revenues for the twelve months ended December 31, 2011 of $16,969,053. The decrease in revenues was primarily attributable to softness in US revenues especially in our CAMRA segment partially off-set by an increase in revenue recognized in the United Kingdom in our EIM segment. The Company reported a net income for the twelve months ended December 31, 2012 of $596,266, or $0.02 per share, as compared to a net loss of ($640,751), or ($0.02) per share, for the twelve months ended December 31, 2011. The improvement in net income for the twelve months ended December 31, 2012 was primarily attributable to realization from the benefit cost reduction measures undertaken during the twelve months ended December 31, 2011.
Commenting on the results, John Birbeck, CTI Group's President and CEO, stated, "We are pleased to report our fifth consecutive quarter with a positive net income. Furthermore, our reported net income of $596,266 for 2012 is a $1.2 million improvement in profitability compared to prior year results. Although we experienced a decline in revenue recognized, we are confident that we have undertaken measures that will enable us to grow revenue in the future. We feel that our products place us in a very strong position in the market as the industry continues to migrate toward in the cloud offerings."
The Company's CAMRA product offerings include hosted VoIP applications which are expected to help eliminate customer resistance to conversion to next-generation platforms, while creating new revenue opportunities for service providers through the delivery of compelling value added services. CTI Group's products include the award-winning SmartRecord®, which enables service providers to selectively intercept and record any communications on behalf of their hosted and managed service customers. Specifically engineered to seamlessly integrate with the service provider's evolving online eBusiness strategy, these business applications provide enterprise customers with customized access to their provider's eBusiness portal and their complex service invoices. The Proteus® suite of products is used by companies, institutions and government agencies to track communications activity and to control costs associated with operating communications networks. Proteus® performs functions of call accounting, cost allocation, client bill-back, analyses of trunk traffic and calling and usage patterns, toll fraud detection, directory services and integrates with SmartRecord® as well as with other private branch exchange peripheral products.
The EIM suite of products includes: Analysis, for complete on-line customer care of mobile, fixed line and data services; SplitBill® to enable users to automate business vs personal use; and Dynamic Reports, which is a "push" analysis, billing and advertising medium for mobile, data and fixed line, targeting the consumer and SMB markets.
About CTI Group - CTI Group (Holdings) Inc. is an international provider of electronic invoice processing and management, enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications. CTI Group's Analysis, SmartBill®, SmartRecord® and Proteus® product suites offer a full array of solutions for traffic analysis, post-billing call analysis, customer care and call recording. CTI Group's products are used by some of the top service providers in North America and the United Kingdom, and play a trusted role in managing telephony costs at major corporations internationally. Headquartered in Indianapolis, CTI Group maintains overseas offices in London and Blackburn, UK. For more information, please visit CTI Group's website at www.ctigroup.com.
Safe Harbor Statement -- This release may contain "forward-looking" statements. Examples of forward-looking statements include, but are not limited to: (a) projections of revenue, capital expenditures, growth, prospects, dividends, capital structure and other financial matters; (b) statements of plans and objectives of CTI Group or its management or Board of Directors; (c) statements of future economic performance; (d) statements of assumptions underlying other statements and statements about CTI Group and its business relating to the future; and (e) any statements using the words "could", "should", "anticipate", "expect", "may", "project", "intend", "will", "believe" or similar expressions. CTI Group's ability to predict projected results or the effect of events on CTI Group's operating results is inherently uncertain. Forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those discussed in this document. These factors include, but are not limited to: effects of recent economic crisis, ability to attract and retain customers to purchase its products, ability to develop or launch new software products, technological advances by third parties and competition, ability to protect the Company's patented technology, ability to obtain settlements in connection with its patent enforcement activities and the risks described in CTI Group's periodic reports filed with the U.S. Securities and Exchange Commission.
Contact: CTI Group (Holdings) Inc.
Fred Hanuschek – 317.262.4666
SOURCE CTI Group (Holdings) Inc.