Communication Intelligence Reports First Quarter 1993 Results
REDWOOD SHORES, Calif. — April 30, 1993 — Communication Intelligence Corporation (NASDAQ:CICI) (CIC) Friday announced its financial results for the first quarter of its 1993 fiscal year.
Revenues for the quarter ended March 31, 1993 were $1.1 million, an increase of 56% over $738,000 for the same quarter of the previous year. The net loss for the quarter was $974,000, compared to a net loss of $1.8 million in the corresponding quarter of the prior year. Loss per share was $.06 on 17.2 million weighted average shares compared to a per share loss of $.11 on 15.8 million weighted average shares for the like quarter of the previous year.
First quarter revenue was up year over year due to increased license fees offset in part by decreased product sales and revenues. First quarter revenue was down compared to fourth quarter of 1992 revenue of $1.4 million, despite an increase in revenue from product sales, primarily due to lower contract and license revenues.
The company's cash position at March 31, 1993 was $2.3 million compared to $2.8 million at the end of 1992. Deferred revenue from advance customer payments increased to $2.1 million from $1.6 million at the end of 1992. Long-term debt increased slightly to $152,000. Selected financial information follows.
Communication Intelligence Corporation (CIC) develops, markets, and licenses natural input computer technology — products that use pen and image for input. Founded in 1981, CIC today is a leading supplier of pen computing products to hardware manufacturers throughout the world, particularly its multilingual Handwriter Recognition System and Handwriter Dynamic Signature Verification software, and PenDOS and PenMac pen operating environments.
CIC's products allow existing and new pen applications to operate on all major hardware and operating system platforms, including: Microsoft Windows for Pen Computing, GO's PenPoint, and CIC's own PenDOS and PenMAC. CIC's PenDOS and Handwriter Recognition System for PenDOS are distributed and exclusively sublicensed by IBM to pen computer manufacturers worldwide. 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.
COMMUNICATION INTELLIGENCE CORPORATION
Selected Consolidated Statement of Operations Information
(Dollars in thousands, except per share amounts)
Three months ended
(unaudited)
3/31/93 3/31/92
Revenue $ 1,149 $ 738
Net loss (974) (1,752)
Net loss
per common share (0.06) (0.11)
Weighted avg. shares
outstanding 17,240 15,795
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
3/31/93 12/31/92
(unaudited)
Cash & short-term
investments $ 2,314 $ 2,811
Total current assets 4,026 4,092
Total assets 6,434 7,239
Accounts payable 335 642
Deferred revenue 2,065 1,634
Total current
liabilities 3,745 3,594
Long-term obligations 152 130
Total liabilities 3,897 3,724
Stockholder's equity 2,537 3,515
Note to Editor: Company and product names used herein are trademarks or registered trademarks of their respective companies.
CONTACT:
Communication Intelligence Corp.
Anne Butler, 415/802-7888