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Communication Intelligence Corporation Reports First Quarter 2006 Financial Results15 May 2006
Communication Intelligence Corporation ("CIC" or the "Company")(OTC Bulletin Board: CICI), a leading supplier of electronic signature solutions for business process automation in the Financial Industry and the recognized leader in biometric signature verification, announced today its financial results for the first quarter ended March 31, 2006.
Total revenue of $701,000 for the quarter ended March 31, 2006 increased 21% compared to revenues of $579,000 in the corresponding quarter of the prior year. The increase is due to a $164,000, or 50%, increase in eSignature product and maintenance revenues offset by a $42,000, or 17%, decrease in Natural Input royalty revenues compared to the prior year period. The eSignature revenue is primarily attributable to American Medical Response, IA Systems, Misys Healthcare, Nationwide Bank (UK), Prudential, Snap-On Credit, State Farm, Wells Fargo and TVA.
The net loss for the quarter ended March 31, 2006 was $811,000 compared with a net loss of $1.1 million in the corresponding prior year period. Operating expenses increased approximately 5%, or $56,000, to $1.2 million for the three months ended March 31, 2006, compared to $1.14 million in the prior year period. The increase in operating expenses primarily reflects an increase in cost of sales, due to increased capital software development amortization and increased sales and marketing expenses compared to the prior year period. This increase in sales and marketing expenses reflects our push to stimulate and our initial response to the increased market activity as further discussed below. Net loss on a per share basis was $0.01 on 106.8 million weighted average shares outstanding for the quarter ending March 31, 2006 compared to a net loss per share of $0.01 on 101.7 million weighted average shares outstanding for the quarter ending March 31, 2005.
CIC's Chairman and CEO, Guido DiGregorio stated, "Thus far in 2006 we have experienced a substantial increase in eSignature sales related activity reflecting considerable interest driven by CEO level mandated initiatives. Requests for quotations and lead generation are at the highest level since passage of the E-Sign Bill marked the inception of the eSignature market in late 2000. Customer activity strongly suggests to us a significant increase in awareness and understanding that our eSignature solutions enable both the last link to the significant benefits of the truly paperless environment and to fraud reduction, internal and external. In addition, market feedback further suggests that positive customer comments, emanating from our installed base of deployments, confirming proven return on investment and CIC's new enhanced end-to-end solutions, which more completely meet the needs of our targeted financial industry end users, are combining to stimulate this step function increase in sales related activity. We believe this interaction has allowed us to more effectively deliver our value proposition to the right people at the right level at an increasing number of mainstream financial institutions. In addition, we believe it is becoming increasingly apparent that the benefits of the paperless environment are well understood by many of these enterprises and they welcome and appreciate our expertise and know-how earned through early stage deployments over the past five years. What seems equally apparent is the reality that deploying our technology involves automating their existing long held practices and requires a fundamental shift in the way business is currently being transacted which impacts across virtually all levels and functional organizations of a financial institution. We believe we are at the stage where major financial enterprises are finalizing, and budgeting for, their eSignature deployment plans. Our focus is to continue embedding CIC in this critical process and to emerge as the preferred supplier for their eSignature initiatives resulting in accelerating and sustained sales growth from the expected increase in deployments and multiple roll outs."
Selected financial information follows. Detailed corporate and financial information is available on CIC's website at http://www.cic.com.
About CIC
Communication Intelligence Corporation ("CIC") is a leading supplier of electronic signature solutions for business process automation in the Financial Industry and the recognized leader in biometric signature verification. CIC's products enable companies to achieve truly paperless work flow in their eBusiness processes by enabling them with "The Power to Sign Online(R)" with multiple signature technologies across virtually all applications. Industry leaders such as AIG, Charles Schwab, Prudential, Nationwide (UK) and Wells Fargo chose CIC's products to meet their needs. CIC sells directly to enterprises and through system integrators, channel partners and OEMs. CIC is headquartered in Redwood Shores, California and has a joint venture, CICC, in Nanjing, China. For more information, please visit our website at http://www.cic.com.
NOTE: CIC, its logo and the Power to Sign Online are registered trademarks. All other trademarks and registered trademarks are the property of their respective holders.
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 the Company's business; (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: Frank V. Dane
Phone: 650-802-7737
Email: fdane@cic.com
COMMUNICATION INTELLIGENCE CORPORATION
Selected Consolidated Statements of Operations Information
(In thousands, except per share amounts)
Three months ended
(Unaudited)
03/31/06 03/31/05
Revenues $701 $579
Net loss $(811) $(1,088)
Basic and diluted net loss per share $(0.01) $(0.01)
Weighted average common shares outstanding 106,842 101,682
Selected Consolidated Balance Sheets Information
(In thousands)
03/31/06 12/31/05
(Unaudited)
Cash & cash equivalents $2,216 $2,849
Total current assets 3,033 3,621
Total assets 7,812 8,466
Deferred revenue (1) 435 557
Total current liabilities (2) 1,232 1,363
Total long-term debt (3) 966 1,169
Stockholders' equity 5,539 5,856
NOTES:
(1) Deferred revenues consist principally of deferred maintenance
contract revenue.
(2) Includes deferred revenues of $435 and $557 as of March 31, 2006
and December 31, 2005, respectively.
(3) Net of $447 and $674 unamortized fair value beneficial conversion
feature and warrants at March 31, 2006 and December 31, 2005,
respectively.
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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