Navigation Links
Communication Intelligence Corporation Reports Second Quarter 2007 Financial Results
Date:9/3/2007

REDWOOD SHORES, Calif., Aug. 14 /PRNewswire-FirstCall/ -- Communication Intelligence Corporation (OTC Bulletin Board: CICI) ("CIC" or the "Company"), a leading supplier of electronic signature solutions for business process automation in the Financial Industry and the recognized leader in biometric signature verification, announced today its financial results for the three and six-month periods ended June 30, 2007.

Total revenue of $555,000 for the three month period ended June 30, 2007 increased 24% compared to $448,000 in the corresponding three month period of the prior year and increased 66% over the first quarter of 2007. Revenue for the second quarter of 2007 was primarily attributable to Advanced Computer Technology, County of Summit Ohio, IntegraSys/Fiserv, Misys Healthcare Systems, Norfolk Circuit Court, PalmSource Inc., Prudential Financial Inc., Snap-On Credit LLC, the Tennessee Valley Authority, Wells Fargo Bank NA and one of the world's largest financial institutions.

The Company's net loss applicable to common stockholders for the three month period ended June 30, 2007 was $843,000 compared to a net loss of $925,000 for the corresponding prior year period. The operating loss for the three months ended June 30, 2007, before interest expense and amortization of the loan discount, warrants and prepaid financing cost, was $558,000 compared to an operating loss of $812,000 in the prior year period. Non-operating expenses for the three months ended June 30, 2007 were $285,000 compared to $113,000 for the corresponding prior year period. Non-cash loan amortization expense, included in non-operating expense for the three months ended June 30, 2007, was $215,000 compared to $104,000 in the corresponding prior year period. This increase is attributable to additional amortization of warrant costs associated with financings completed late in 2006 and during the six months ended June 30, 2007. Amortization of loan discount and prepaid financing costs decreased in the current year period, due to notes being converted in the corresponding prior year period. The basic and diluted loss per share was $0.01 on approximately 108 million weighted average common shares outstanding for the three months ended June 30, 2007 and 2006, respectively.

Total revenues of $889,000 for the six months ended June 30, 2007, decreased 23% compared to revenues of $1,149,000 in the corresponding prior year period. The Company's net loss applicable to common stockholders for the six months ended June 30, 2007 and 2006 was $1,650,000 and $1,736,000, respectively. The operating loss for the six month period ended June 30, 2007, before interest expense and amortization of the loan discount, warrants and prepaid financing cost, was $1,146,000 compared to $1,310,000 in the prior year period. Non-cash loan amortization expense for the six months ended June 30, 2007 was $390,000 compared to $405,000 in the corresponding prior year period. This decrease is attributable to the conversion of notes in the prior year period. The basic and diluted loss per share was $0.02 on approximately 108 million weighted average common shares outstanding for the six months ended June 30, 2007 as compared to a basic and diluted loss of $0.02 per share on approximately 107 million weighted average common shares outstanding for the corresponding prior year period.

"Progress with targeted accounts in the second quarter supports our belief that we will close sufficient orders during the second half of the year necessary to achieve profitability. Further, we believe our current sales activity indicates that we now have the breadth of eSignature product offerings, derived from our experience with large scale deployments with credible top-tier financial enterprises, required to sell effectively to both end-users and channel partners thereby providing CIC competitive differentiation and the foundation necessary for sustained revenue growth and profitability," stated CIC Chairman & CEO, Guido DiGregorio. "We are encouraged by the increased interest in license and teaming agreements with leading enterprise software solutions providers that enhance CIC's market access and sales coverage and contributes to achieving sustained sales growth. Even though the timing of orders remains challenging, we believe the strong and growing pipeline we have built is nearing the critical mass required to achieve a reasonable level of predicable sales results."

Selected financial information follows. Detailed corporate and financial information is available on CIC's website at http://www.cic.com.

About CIC

Communication Intelligence Corporation ("CIC") is a leading supplier of electronic signature solutions for business process automation in the Financial Industry and the recognized leader in biometric signature verification. CIC's products enable companies to achieve truly paperless work flow in their eBusiness processes by enabling them with "The Power to Sign Online(R)" with multiple signature technologies across virtually all applications. Industry leaders such as AIG, Charles Schwab, Prudential, Nationwide (UK), Snap-On Credit and Wells Fargo chose CIC's products to meet their needs. CIC sells directly to enterprises and through system integrators, channel partners and OEMs. CIC is headquartered in Redwood Shores, California and has a joint venture, CICC, in Nanjing, China. For more information, please visit our website at http://www.cic.com.

Forward Looking Statement

Certain statements contained in this press release, including without limitation, statements containing the words "believes", "anticipates", "hopes", "intends", "expects", and other words of similar import, constitute "forward looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect the Company's business; (3) the Company's inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the Company; and (4) general economic and business conditions. These forward-looking statements speak only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements.

CIC and its logo and The Power to Sign on Line are registered trademarks of Communications Intelligence Corporation. All other trademarks and registered trademarks are the property of their respective holders.

COMMUNICATION INTELLIGENCE CORPORATION

Selected Consolidated Statement of Operations Information

(Dollars in thousands, except per share amounts)

Three Months Ended Six Months Ended

(unaudited) (unaudited)

06/30/07 06/30/06 06/30/07 06/30/06

Revenues $555 $448 $889 $1,149

Net (loss) applicable

to common stockholders $(843) $(925) $(1,650) $(1,736)

Basic and diluted

(loss) per common share $(0.01) $(0.01) $(0.02) $(0.02)

Weighted average common

shares outstanding 107,557 107,552 107,557 107,199

Selected Consolidated Balance Sheet Information

(Dollars in thousands)

06/30/07 12/31/06

(unaudited)

Cash & cash equivalents $867 $727

Total current assets $1,410 $1,319

Total assets $6,153 $6,126

Short-term debt - Convertible notes (1) $1,291 $1,154

Short-term debt - related party (2) $431 $ --

Deferred revenue (3) $507 $404

Total current liabilities (4) $2,858 $2,135

Long-term debt related party (5) $674 $334

Total stockholder's equity $2,553 $3,584

NOTES:

(1) Net of $91 and $228 unamortized fair value assigned to the

beneficial conversion feature and warrants at June 30, 2007 and

December 31, 2006, respectively.

(2) Includes $450 to a related party net of unamortized fair value

assigned to warrants of $169 at June 30, 2007.

(3) Deferred revenues consist principally of advances from customers and

deferred maintenance contract revenue.

(4) Includes deferred revenues of $507 and $404 as of June 30, 2007 and

December 31, 2006, respectively.

(5) Includes $770 and $450 to a related party at June 30, 2007 and

December 31, 2006, respectively, net of $446 and $266 unamortized

fair value assigned to warrants at June 30, 2007 and December 31,

2006, respectively.

Contact: Frank V. Dane

Phone: 650-802-7737

Email: fdane@cic.com


'/>"/>
SOURCE Communication Intelligence Corporation
Copyright©2007 PR Newswire.
All rights reserved

Related biology news :

1. Elephants imitate sounds as a form of social communication
2. Sequencing of marine bacterium will help study of cell communication
3. Scientists journey to southern Africa to unravel the secret world of elephant communication
4. Underground tunnels discovered as means for communication between immune system cells
5. Carnegie Mellon U. transforms DNA microarrays with standard Internet communications tool
6. High-resolution light microscope reveals the fundamental mechanisms of nerve communication
7. First direct mechanical communication of mitochondria, cardiomyocyte nucleus shown
8. Immune cell communication key to hunting viruses, Jefferson immunologists show
9. Ape gestures offer clues to the evolution of human communication
10. Noise echoes in cell communications
11. Discovery of master switch for the communication process between chloroplast and nuclei of plants
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/15/2016)... Research and Markets has announced ... 2016-2020,"  report to their offering.  , ... global gait biometrics market is expected to grow ... 2016-2020. Gait analysis generates multiple variables ... to compute factors that are not or cannot ...
(Date:3/31/2016)... RATON, Florida , March 31, 2016 ... LEGX ) ("LegacyXChange" or the "Company") ... for potential users of its soon to be launched ... video ( https://www.youtube.com/channel/UCyTLBzmZogV1y2D6bDkBX5g ) will also provide ... the use of DNA technology to an industry that ...
(Date:3/23/2016)... 2016 Einzigartige ... und Stimmerkennung mit Passwörtern     ... MESG ), ein führender Anbieter digitaler Kommunikationsdienste, ... SpeechPro zusammenarbeitet, um erstmals dessen Biometrietechnologie einzusetzen. ... Möglichkeit angeboten, im Rahmen mobiler Apps neben ...
Breaking Biology News(10 mins):
(Date:6/27/2016)...   Ginkgo Bioworks , a leading organism ... today awarded as one of the World Economic ... most innovative companies. Ginkgo Bioworks is engineering biology ... world in the nutrition, health and consumer goods ... customers including Fortune 500 companies to design microbes ...
(Date:6/24/2016)... 2016 Epic Sciences unveiled a liquid ... to PARP inhibitors by targeting homologous recombination deficiency ... new test has already been incorporated into numerous ... types. Over 230 clinical trials are ... including PARP, ATM, ATR, DNA-PK and WEE-1. Drugs ...
(Date:6/24/2016)... ... , ... Researchers at the Universita Politecnica delle Marche in Ancona combed medical ... mesothelioma. Their findings are the subject of a new article on the Surviving Mesothelioma ... in the blood, lung fluid or tissue of mesothelioma patients that can help point ...
(Date:6/23/2016)... ... June 23, 2016 , ... UAS LifeSciences, ... launch of their brand, UP4™ Probiotics, into Target stores nationwide. The company, which ... to add Target to its list of well-respected retailers. This list includes such ...
Breaking Biology Technology: