COMMUNICATION INTELLIGENCE CORPORATION SECOND QUARTER 1995 FINANCIAL RESULTS.REDWOOD SHORES, Calif.--(BUSINESS WIRE)--Aug. 17, 1995--(OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CICI CICI Cochlear Implant Club International )--Communication Intelligence Corporation (CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. ) today announced its financial results for the second quarter of its 1995 fiscal year. Revenues for the quarter ending June 30, 1995 were $463,000, as compared to $730,000 for the corresponding quarter of the prior year and $494,000 in the previous quarter ending March 31, 1995. The decline in revenue from the corresponding quarter in the prior year is primarily attributable to the transition of CIC's sales channel focus from capital intensive direct sales with low product sales prices to more cost effective corporate reseller channels which require higher product sales prices in the short term. The decline in revenue from the previous quarter ending March 31, 1995 is due to minor declines in license and contract revenues. Product revenues remained stable. The net loss for the quarter was $1.5 million, as compared to a net loss of $4.6 million for the corresponding quarter of the prior year and $1.2 million in the previous quarter ending March 31, 1995. The net loss per share was $0.04 on 33.9 million weighted average common shares outstanding for the current quarter as compared to a net loss of $0.23 per share on 20.1 million weighted average common shares outstanding for the corresponding quarter of the prior year and a net loss of $0.03 per share on 33.7 million weighted average common shares outstanding for the previous quarter ending March 31, 1995. The decline in net loss from the prior year reflects the reduced expense of CIC's re-focused sales and marketing program and related reduction in the overall size of corporate operations. The increase in net loss from the previous quarter is primarily due to non-recurring administrative expenses related to the recruitment of a new President and legal fees associated with a $2.5 million Bridge Loan financing concluded June 30th. The company's cash and short-term investment position at June 30, 1995 was $754,000 compared to $4.1 million at December 31, 1994. The difference primarily reflects the loss for the last two quarters and a $1.1 million payment to Creditors made during the first quarter of 1995 offset by the initial draw-down of $500,000 from the $2.5 million Bridge Loan. As announced March 6, 1995 and restated April 7, 1995, CIC management believes it is desirable to seek the infusion of additional cash during 1995 and is endeavoring to retain an investment banking firm to pursue various sources of capital which may include equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , joint ventures or other alliances with industrial partners. The specific amount of capital and other terms of such financing have not been determined at this time. In summary, during the second quarter of 1995 CIC continued the changes to marketing and product focus which management believes is required to position the Company for long-term sustainable growth. During the quarter the company announced: -- the renewal of the second year of the US Commerce Department's NIST (National Institute of Standards & Technology, Washington, DC, www.nist.gov) The standards-defining agency of the U.S. government, formerly the National Bureau of Standards. It is one of three agencies that fall under the Technology Administration (www.technology. Grant for the research and development of handwriting recognition Handwriting recognition is the ability of a computer to receive intelligible handwritten input. The image of the written text may be sensed "off line" from a piece of paper by optical scanning (optical character recognition). software for the Chinese language; and, -- the introduction of Handwriter for Windows Version 1.7, a product designed for corporate reseller channels. Since the close of the second quarter, CIC has announced: -- the completion of a $2.5 million bridge loan; -- the feature of annotating an·no·tate v. an·no·tat·ed, an·no·tat·ing, an·no·tates v.tr. To furnish (a literary work) with critical commentary or explanatory notes; gloss. v.intr. To gloss a text. using Handwriter's new capability for Lotus cc:Mail which enhances the market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of existing and new corporate cc:Mail users; and, -- the appointment of a new President and C.O.O., Mr. L. Michael McFarland. Mr. McFarland has also been elected to CIC's Board of Directors. For copies of the above mentioned news releases or other corporate information please contact CIC's Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. , Maurice Boucher Maurice "Mom" Boucher (born June 21, 1953) is a high-ranking Hells Angels member and a Canadian convicted criminal. Born in Causapscal, Quebec, Canada, and raised in the tough Hochelaga-Maisonneuve section of Montreal, where his family moved when he was two years old, , at 604-689-8588. Selected financial information follows. The Company Communication Intelligence Corporation (CIC) develops, markets, and licenses natural input computer technology -- products that use pen and image for input. Founded in 1981, CIC is a leading supplier of pen computing See gesture recognition and tablet PC. products to hardware manufacturers throughout the world, particularly its multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. Handwriter(r) Recognition System and Handwriter(r) Dynamic Signature Verification(tm) software, PenDOS(r) and PenMac(tm) pen operating environments In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . CIC's intention is to preserve user investments in installed hardware and software products by allowing existing and new pen applications to operate on all major hardware and operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. platforms, including handheld and PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). systems. CIC develops and sells software and hardware for pen computing -- designing all of its products with an open-architecture to encourage alliances with other companies. The company's Handwriter(r) Recognition System software is available in US and UK English, German, French, Italian, Spanish, and Japanese languages Japanese language Language spoken by about 125 million people on the islands of Japan, including the Ryukyus. The only other language of the Japanese archipelago is Ainu (see Ainu), now spoken by only a handful of people on Hokkaido, though once much more widespread. and is compatible with various operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. . A Chinese Language recognition system is currently under development. CIC is headquartered in Redwood Shores, California Redwood Shores is an upscale and desirable [1] waterfront neighborhood on the San Francisco Peninsula in California. It is located on the eastern edge of Belmont, but is actually part of incorporated Redwood City. , and has subsidiaries in Japan and China. CIC's stock is publicly traded on the OTC Bulletin Board, symbol CICI. -0-
COMMUNICATION INTELLIGENCE CORPORATION
Selected Consolidated Statement of Operations Information
(Dollars in thousands, except per share amounts)
Three months ended
(unaudited)
6/30/95 6/30/94
Revenue $ 463 $ 730 Net loss (1,517) (4,642) Net loss per common share $(0.04) $(0.23) Weighted avg. shares outstanding 33,925 20,086
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
6/30/95 12/31/94
(unaudited)
Cash & cash equivalents(aaa) $ 754 $4,088 Total current assets 1,404 4,716 Total assets 2,747 6,171 Pre-petition liabilities - current 868 1,013 Deferred revenue(a) 2,722 2,754 Total current liabilities(aa) 5,412 5,321 Pre-petition liabilities - non-current 866 2,026 Stockholders' equity (net capital deficiency) (3,540) (1,219) (a) Deferred revenue consists principally of advance royalty payments from licensees (aa) Includes deferred revenue (aaa) $2 million of a $2.5 million Bridge Loan is available to be drawn down as of June 30, 1995. Note to Editors: Company and product names used herein are trademarks or registered trademarks of their respective companies. CONTACT: Communication Intelligence Corporation Maurice Boucher, 604-689-8588 |
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