Communication Intelligence Corp. Reports Financial Results for 1991
REDWOOD SHORES, Calif. — February 20, 1992 — Communication Intelligence Corp. Thursday reported revenues for the fourth quarter 1991 increased 142 percent to $440,000 from $182,000 for the like period in the prior year.
Revenues for the year ended Dec. 31, 1991, were $1.1 million, an increase of 20 percent from revenues of $904,000 in 1990. The company attributes this increase to sales of its MacHandwriter product in Japan. Apple Japan Inc. commenced sales of the product, under a distribution agreement, in September of 1991.
The net loss for the fourth quarter was $2.1 million, compared to $224,000 for the like period in 1990. The net loss for the year was $4.1 million, or 29 cents per share, compared to a net loss of $1.1 million, or 13 cents per share, in the prior year.
The increased loss was primarily attributable to the build-up in staffing in research and development, marketing and administration and other related costs as the company prepared for the commercial introduction of its new products MacHandwriter and PenDOS. Expenses associated with the company's listing on NASDAQ and its move to new facilities also contributed to the loss.
Founded in 1981, CIC is headquartered in Redwood Shores. CIC is a leading supplier of multilingual (English, German, French, Italian, Spanish and Japanese) platform-independent and operating system-independent handwriting recognition software and pen input systems.
CIC's products include Handwriter Multi-Lingual Recognition Systems, PenDOS Pen Operating Environment, MacHandwriter, and Handwriter On-Line Dynamic Signature Verification.
Communication Intelligence Corp.
Selected Consolidated Statement of Operations Information
(Dollars in thousands, except per-share amounts)
Three Months Ended 12 Months Ended
Dec. 31, Dec. 31,
1991 1990 1991 1990
(unaudited) (unaudited) (unaudited)
Revenues $ 440 $ 182 $1,085 $ 904
Net (loss) ($2,117) ($ 224) ($4,081) ($1,149)
Net (loss) per
common share (14 cents) (2 cents) (29 cents) (13 cents)
Selected Consolidated Balance Sheet
(Dollars in Thousands)
Dec. 31,
1991 1990
(unaudited)
Cash $3,586 $ 82
Current assets 4,804 955
Current liabilities 1,981 1,060
Working capital 2,823 (105)
Total assets 6,691 1,706
Net shareholders' equity $4,352 $ 331
CONTACT:
Communication Intelligence Corp., Redwood Shores
John Cadle, 415/802-7888