CICI News
CIC Reports Second Quarter 2012 Results
2012-08-14 09:23 ET - News Release
61% Revenue Increase Compared with Q2 2011 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.
50% of Software Development Revenue Through New Partners
