Communication Intelligence Corp. Reports Financial Results for First Quarter 1992
REDWOOD SHORES, Calif. — May 19, 1992 — Communication Intelligence Corporation (CIC) (NASDAQ:CICI) Tuesday reported that revenues for the first quarter 1992 increased 367 percent to $738,000 from $158,000 for the like period in the prior year.
CIC attributes this increase to sales of its MacHandwriter product in Japan and to a U.S. Government Advanced Technology Program grant from the National Institute of Standards and Technology.
The net loss for the first quarter was $1.8 million ($0.11 per share) compared to $345,000 ($0.03 per share) for the like period in 1991. The increased loss was primarily attributable to building the organization to implement productization, marketing and sales efforts and related costs necessary for the company to pursue its product introduction and marketing and sales initiatives worldwide. For example:
— during this quarter CIC successfully completed development work for NEC and IBM related to their pen-based computers. The results of this work are necessary to lead to license agreements with both NEC and IBM. CIC expects to consummate these license agreements by June 1992.
— CIC has been expending resources to localize PenDOS for various foreign languages. In March 1992, NCR announced its worldwide use of PenDOS. CIC expects PenDOS to be adopted by new licensees and to become a standard platform worldwide.
— MacHandwriter, when combined with the Macintosh, represents the world's first full capability desktop pen-based computer. CIC is devoting significant effort to product introduction, evangelical selling and dealer education for this revolutionary product.
— To realize CIC's objective of supporting cross platform pen-based computing, the company expended resources to make its Handwriter recognition and signature verification systems compatible with Microsoft Windows for Pen Computing and GO Corporation's PenPoint. Now, our licensees and other users can adopt CIC's Handwriter recognition and signature verification systems regardless of the operating system or environment they choose.
The results for the first quarter 1992 reflect positively when compared to the fourth quarter 1991: revenues increased by 68 percent and the loss decreased by 17 percent. This trend shows a growing awareness and acceptance of CIC's products by the rapidly developing pen-based computer market.
CIC is headquartered in Redwood Shores, and has a subsidiary in Tokyo. CIC is a supplier of software for pen-based computing. CIC's products include multilingual Handwriter Recognition Systems, Handwriter On-Line Dynamic Signature Verification System, and PenDOS and MacHandwriter operating environments for pen computing.
COMMUNICATIONS INTELLIGENCE CORPORATION
Selected Consolidated Statement of Operations Information
(Dollars in thousands except per share amounts)
Three months ended
March 31,
(unaudited)
1992 1991
Revenues $ 738 $ 158
Net Loss $ (1,752) $ (345)
Net Loss Per Common Share $ (0.11) $ (0.03)
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
March 31, 1992 December 31, 1991
(unaudited)
Cash $ 1,560 $ 3,586
Current Assets $ 3,552 $ 4,804
Current Liabilities $ 1,626 $ 1,979
Working Capital $ 1,926 $ 2,825
Total Assets $ 5,667 $ 6,691
Net Shareholders' Equity $ 2,867 $ 4,354
CONTACT:
Communication Intelligence Corp., Redwood Shores
Maurice Boucher, 800/567-5888