Communication Intelligence Corp. First Quarter 1996 Financial Results
REDWOOD SHORES, Calif. — May 10, 1996 — Communication Intelligence Corp. (CIC) today announced its financial results for the quarter ending March 31, 1996, the first quarter of its 1996 fiscal year.
Revenues for the quarter ending March 31, 1996 were $ 639,000, as compared to $ 494,000 for the corresponding quarter of the prior year.
The net loss for the quarter was $ 1.4 million, as compared to a net loss of $ 1.2 million for the corresponding quarter of the prior year. The net loss per share was $ 0.04 on 40.1 million weighted average common shares outstanding for the current quarter as compared to a net loss of $ 0.03 per share on 33.7 million weighted average common shares outstanding for the corresponding quarter of the prior year.
The company's cash and short-term investment position at March 31, 1996, was $ 4.9 million compared to $ 7.5 million at December 31, 1995. The difference is primarily attributable to the loss for the quarter and a repayment of debt of $ 760,000 made during the first quarter of 1996.
Selected financial information follows.
The Company
Communication Intelligence Corp. 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 software products to hardware manufacturers throughout the world. The company's products include the multilingual Handwriter Recognition System and SigCheck dynamic signature verification software, and the PenDOS and PenMac pen operating environments.
CIC markets software tools such as InkTools and Sign-it which allow signature capture and verification within computer applications. CIC also markets the Handwriter for Windows and MacHandwriter peripheral input device products enabling users to have pen computing capabilities on their desktop and laptop 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.
Communication Intelligence Corp.
Selected Consolidated Statement of Operations Information
(Dollars in thousands, except per share amounts)
Three Months Ended
3/31/96 3/31/95
(unaudited)
Revenue $ 639 $ 494
Net loss (1,448) (1,156)
Net loss per common share ($ 0.04) ($ 0.03)
Weighted avg. shares outstanding 40,140 33,739
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
3/31/96 12/31/95
(unaudited)
Cash and cash equivalents $ 4,902 $ 7,459
Total current assets 5,750 8,699
Total assets 7,087 9,776
Pre-petition liabilities — current 882 822
Deferred revenue/(a) 2,474 2,570
Total current liabilities/(b) 4,443 4,936
Pre-petition liabilities — non-current — 822
Stockholders' equity 2,636 4,010
(a) Deferred revenue consists principally of advance royalty
payments from licensees
(b) Includes deferred revenue
Note to Editors: Company and product names used herein are trademarks or registered trademarks of their respective companies.
CONTACT:
Communication Intelligence Corp.
Maurice Boucher, 604/689-8588