Communication Intelligence Corp. 1995 Fiscal Results
REDWOOD SHORES, Calif. — March 15, 1996 — Communication Intelligence Corp. (CIC)(OTC:CICI) today announced its financial results for the fourth quarter and the fiscal year ended Dec. 31, 1995.
Revenues for the fourth quarter ended Dec. 31, 1995 were $ 718,000, up from $ 635,000 in the comparable quarter of the prior year. Fourth quarter total revenues were also up to 12% over 1995 third quarter revenues. The net loss for the quarter was $ 1.4 million compared to a net loss of $ 2.3 million in the corresponding quarter of the prior year. Net loss per share was $ 0.04 on 36.7 million weighted average common shares compared to a per share net loss of $ 0.10 on 22.7 million weighted average common shares for the same quarter of the previous year.
Revenues for the 1995 fiscal year were $ 2.3 million, down from $ 3.6 million for the corresponding prior year, primarily due to a change in sales strategy for CIC's desktop peripheral products, Handwriter for Windows and MacHandwriter. Direct, in-house sales of these products were discontinued and emphasis was shifted to developing sales alliance partners for the retail channels. The fiscal 1995 net loss was $ 5.6 million, or $ 0.16 per share, as compared to a net loss of $ 11 million, or $ 0.53 per share, in fiscal 1994.
The company's total operating costs and expenses decreased to $ 7.8 million in fiscal 1995 from $ 14.5 million in fiscal 1994. This primarily reflects decreased staffing and direct marketing expenses as a result of the company's change in sales strategy for its Handwriter for Windows and MacHandwriter desktop peripheral products.
The company's cash and short-term investment position at December 31, 1995 was $ 7.5 million compared to $ 4.1 million at the end of 1995. Deferred revenue from advance license fee payments declined slightly to $ 2.6 million in 1995 compared to $ 2.8 million in 1994. Other current liabilities such as short-term debt, accrued compensation and accounts payable totaled $ 2.4 million at December 31, 1995 compared to $ 2.6 million for 1994.
Long-term liabilities decreased to $ 830,000 at December 31, 1995 versus $ 2.1 million at the 1994 year-end.
COMMUNICATION INTELLIGENCE CORPORATION
Selected Consolidated Statement of Operations Information
(Dollars in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
(unaudited)
12/31/95 12/31/94 12/31/95 12/31/94
Revenue $ 718 $ 635 $ 2,314 $ 3,599
Net loss $ (1,414) $ (2,302) $ (5,595) $ (11,048)
Net loss per common share $ (0.04) $ (0.10) $ (0.16) $ (0.53)
Weighted avg. shares
outstanding 36,713 22,754 34,621 20,746
Selected Consolidated Balance Sheet Information
(Dollars in Thousands)
12/31/95 12/31/94
Cash & short-term investments $ 7,459 $ 4,088
Total current assets 8,699 4,716
Total assets 9,776 6,171
Deferred revenues/a 2,570 2,754
Total current lyabilities/b 4,936 5,321
Long-term obligations 830 2,069
Stockholders' equity 4,010 (1,219)
(a) Deferred revenue consists principally of advance royalty
payments from licensees
(b) Includes deferred revenue
The Company
Communication Intelligence Corporation (CIC) develops, markets, and licenses natural input computer technology — products that use pen and image for input. Founded in 1981, CIC is a leading supplier of pen computing products to hardware manufacturers throughout the world, particularly its multilingual Hardwriter Recognition System and Handwriter Dynamic Signature Verification software, PenDOS and PenMac pen operating environments. CIC also markets the Handwriter for Windows and MacHandwriter peripheral products, enabling users to have pen computing capabilities on their desktop personal computers.
CIC is headquartered in Redwood Shores, Calif., and has subsidiaries in Japan and China. CIC's stock is publicly traded on the OTC Bulletin Board, symbol CICI.
CONTACT:
Communication Intelligence Corp.
Maurice Boucher, 604/689-8588