Communication Intelligence Corp. Reports 275% Annual Revenue Increase
REDWOOD SHORES, Calif. — February 11, 1993 — Communication Intelligence Corp. (NASDAQ:CICI) (CIC) today announced its unaudited financial results for the fourth quarter and fiscal year ended Dec. 31, 1992.
Revenues for the quarter ended Dec. 31, 1992 were $1.4 million, an increase of 224% over the $440,000 for the like quarter of the previous year. The net loss for the quarter was $898,000 compared to a net loss of $2.1 million in the corresponding quarter of the prior year.
Net loss per share was $.05 on 16.6 million weighted average shares compared to a per share net loss of $.14 on 15.3 million weighted average shares for the like quarter of the previous year.
Revenues for the 1992 fiscal year were $4.1 million, a 275% increase over the $1.1 million for the corresponding prior year period. Fiscal 1992 net loss was $5.1 million, or $.32 per share, vs. a net loss of $4.1 million or $.29 per share, in fiscal 1991.
The increase in CIC's fourth quarter and fiscal 1992 revenue is primarily attributable to increased activity in the company's licensing business.
The company's cash position at Dec. 31, 1992 was $2.8 million compared to $3.6 million at the end of 1991. However, accounts payable were $642,000, down sharply from $1.4 million at the end of the prior year. Deferred revenue from advance license fee payments increased to $1.6 million from $250,000 at the end of 1991. Long-term debt remained low at $130,000, down from $158,000 at the end of the previous year.
"During fiscal 1992, CIC made significant progress in technology validation, product introductions and market share captured," said James Dao, CIC president and chief executive officer.
"In addition to the strategic marketing and technological relationship we formed with IBM to resell and sublicense CIC's PenDOS and Handwriter Recognition System, we also licensed our products to NEC, Acer, Seiko Epson, Infos, and MicroSlate, among other OEMs yet to be announced. These licensees join NCR and Samsung, who we licensed in prior years.
"We are pleased with this growing acceptance of our pen-based operating environment and character recognition software as an industry standard."
Many significant developments occurred during the fourth quarter of fiscal 1992, including:
— The completion of a private placement of common stock through Daiwa Europe, Ltd., resulting in net proceeds to the company of $1.9 million. The shares were placed with a number of Daiwa's large institutional investors, primarily in Japan.
— The licensing of CIC's multilingual Handwriter Recognition System, Handwriter Dynamic Signature Verification, and PenDOS pen operating environment to Seiko Epson Corp. of Japan.
— The demonstration of CIC's PenDOS and Handwriter Recognition System on a personal digital assistant (PDA) for the first time, proving the advantages of PenDOS as an operating environment for even the smallest hardware platforms. Designed by Chips & Technologies as a reference design to be provided to hardware manufacturers, the 1/2 lb. 8086-based PDA utilizes the low memory and power usage of CIC's PenDOS to great advantage.
— The announcement of PenDOS compatibility with Phoenix Technologies' PenBIOS pen digitizer interface and Borland International's dBASE IV version 1.5.
CIC recently announced its new pen operating environment, PenMac, designed for the Macintosh platform. PenMac is expected to ship in the first quarter of 1993, in Japan. It will be bundled with CIC's MacHandwriter II pen input product for Macintosh personal computers running Apple's new KanjiTalk 7 operating system.
CIC's PenMac and MacHandwriter II are being showcased at MacWorld Expo Tokyo from Feb. 10-13, 1993.
CIC is a leading, worldwide supplier of pen computing products, including: multilingual (English, German, French, Italian, Spanish, and Japanese) Handwriter Recognition System and Handwriter Dynamic Signature Verification software, with interfaces for Microsoft Windows for Pen Computing, GO's PenPoint, and CIC's own PenDOS and PenMac 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, and has a subsidiary in Tokyo, Japan.
COMMUNICATION INTELLIGENCE CORP.
Selected Consolidated Statement of Operations Information
(Dollars in thousands, except per share amounts)
Three months ended
(unaudited)
12/31/92 12/31/91
Revenue $ 1,427 $ 440
Net loss $ (898) [2,117)
Net loss per common share (0.05) (0.14)
Weighted average shares outstanding 16,634 15,310
Twelve months ended
(unaudited)
12/31/92 12/31/91
Revenue $ 4,070 $ 1,085
Net loss [5,114) $ (4,081)
Net loss per common share (0.32) (0.29)
Weighted average shares outstanding 16,090 13,838
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
(unaudited)
12/31/92 9/30/92 12/31/91
Cash & short-term
investments 2,811 1,517 3,586
Total current assets 4,902 3,111 4,804
Total assets 7,295 5,344 6,691
Accounts payable 642 1,238 1,369
Deferred revenue 1,634 1,255 250
Total current liabilities 3,594 3,658 1,979
Long-term leases 130 156 158
Total liabilities 3,724 3,814 2,337
Stockholders' Equity 3,571 1,530 4,354
Note to Editors: Company and product names used herein are trademarks or registered trademarks of their respective companies.
CONTACT:
Communication Intelligence Corp., Redwood Shores
Ann Butler, 415/802-7888