Communication Intelligence Corp. Reports Financial Results for Third Quarter 1992
REDWOOD SHORES, Calif. — October 13, 1992 — Communication Intelligence Corp. (CIC) (NASDAQ:CICI) reported Tuesday that revenues for the third quarter of 1992 increased to $1,263,000 — up 274 percent from $337,000 for the like quarter a year ago, and up 97 percent from $642,000 in the second quarter of 1992.
This increase primarily results from revenues related to the company's recent licensing activity.
The net loss for the third quarter was $931,000, or 6 cents per share, compared to a net loss of $1,008,000, or 7 cents per share, for the third quarter of 1991 and a net loss of $1,533,000, or 10 cents per share, for the second quarter of 1992. This represents the third consecutive quarter of improved financial results for the company.
The quarter contained many significant developments, including:
— the announcement of a strategic marketing and technological relationship with IBM, whereby IBM will resell and sublicense CIC's PenDOS and PenDOS compatible Handwriter Recognition Systems worldwide to both end-users and computer manufacturers. This IBM-CIC relationship is a clear message to the marketplace that pen computing has entered the mainstream and confirms CIC as a pen-based technology leader.
— the completion of an agreement with MicroAge Computer Centers Inc., the first distributor of CIC's PenLABS Seminars to the business computer market through its 1,000 retail outlets in the United States.
PenLABS Seminars were created to educate end-users and application developers about the benefits of pen computing and to accelerate the growth of this new technology in the computer marketplace. CIC and MicroAge will share revenue from PenLABS Seminars.
— the announcement of PenDOS 2.0 — the first pen operating environment to be localized for release to serve the U.S., European and Japanese markets.
— the release of the pre-production version of MacHandwriter II to selected groups for testing in Japan. MacHandwriter II is scheduled for market introduction in Japan in November 1992.
— Samsung Electronics Co., Ltd., a CIC licensee, recently commenced shipment of its PenMaster notepad computer which offers CIC's technology.
— the signing of additional new licensing agreements with various OEM's including Acer International, MicroSlate, and Arthur Dent Associates Inc.
— NEC's initial shipment to ISV's of the company's Handwriter Recognition Systems for Windows for Pen Computing.
''Through its strategic and licensing relationships with major companies, which account for a high percentage of the personal computer market, CIC is well positioned to take advantage of the burgeoning pen-based computer market,'' said James Dao, CIC president and CEO.
CIC is a leading, worldwide suppliers of pen computing products, including: multilingual (English, German, French, Italian, Spanish and Japanese) Handwriter Recognition Systems and Handwriter Dynamic Signature Verification, with interfaces for Microsoft Windows for Pen Computing, and CIC's own PenDOS and MacHandwriter pen operating environments.
CIC's MacHandwriter, a desktop pen extension to the Macintosh computer, is distributed by Apple Japan Inc. CIC is headquartered in Redwood Shores, Calif., and has a subsidiary in Tokyo.
Note: Company and product names used herein are trademarks or registered trademarks of their respective companies.
Communication Intelligence Corp.
Selected Consolidated Statement of Operations Information
(Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
9/30/92 9/30/91 9/30/92 9/30/91
Revenues $ 1,263 $ 337 $ 2,643 $ 645
Net loss $ (931)$ (1,008) $ (4,216) $ (1,964)
Net loss per
common share (6 cents) (7 cents) (27 cents) (15 cents)
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
(Unaudited)
9/30/92 9/30/91
Cash $ 1,517 $ 3,152
Current assets 3,111 3,906
Total assets 5,344 5,655
Deferred revenue -a 1,255 263
Current liabilities 3,658 1,298
Shareholders' equity 1,530 4,156
-a: Represents advanced royalty payments from licensees. Included
in current liabilities.
CONTACT:
CIC
Germaine Gioia, 415/802-7888
Maurice Boucher, 800/567-5888