CIC Reports Second Quarter 2013 Results
14 Août 2013 - 3:23PM
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 $263,000 for the three months ended
June 30, 2013, a decrease of $262,000 or 50%, compared to total
revenue of $525,000 for the same quarter in the prior year. For the
six months ended June 30, 2013, total revenues were $498,000, a
decrease of $693,000, or 58%, compared to total revenue of
$1,191,000 for the same period in the prior year.
"Revenue for the first half of 2013 was below our expectations,"
stated Philip Sassower, CIC's Chairman and Chief Executive Officer.
"Our team has been diligently working on an improved product
offering that was developed with the input of our largest
customers. We expect to complete development shortly and for the
Company to resume the positive growth trends delivered over the
past two years. We remain confident in the Company's future
prospects."
For the quarter ended June 30, 2013, operating expenses were
$1,441,000, an increase of $122,000, or 9%, compared to operating
expenses of $1,319,000 in the prior year. For the six months ended
June 30, 2013, operating expenses were $2,937,000, an increase of
$179,000, or 6%, compared to operating expenses of $2,758,000 for
the same period in the prior year. These comparative increases were
primarily due to an increase in the Company's investment in
engineering resources and higher stock option compensation
expenses.
For the quarter ended June 30, 2013, the net loss attributable
to common stockholders was $1,850,000, an increase of $755,000, or
69%, compared to a net loss attributable to common stockholders of
$1,095,000 in the prior year. For the six months ended June 30,
2013, the net loss attributable to common stockholders was
$3,525,000, an increase of $862,000, or 32%, compared to a net loss
attributable to common stockholders of $2,663,000 for the same
period in the prior year. These comparative increases were
primarily due to increases in loss from operations from the
aforementioned lower revenues and greater operating expenses, as
well as increases in non-cash expenses related to our Preferred
Stock and lower gains on derivative liability.
Additional financial information regarding CIC's operating
results for the quarter ended June 30, 2013, 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.
About CIC
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.
CONTACT: CIC
Investor Relations + Media Inquiries:
Andrea Goren
+1.650.802.7723
agoren@cic.com
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