REDWOOD SHORES, Calif., Aug. 15, 2016 (GLOBE NEWSWIRE) -- iSign Solutions Inc. (“iSIGN”) (OTCQB:ISGN), a leading supplier of electronic signature and other software solutions enabling secure, cost-effective and paperless management of contracts and other document-based transactions, today reported revenue of $356,000 for the three months ended June 30, 2016, a decrease of $11,000, or 3%, compared to revenue of $367,000 for the prior year. For the six months ended June 30, 2016, total revenue was $633,000, a decrease of $181,000, or 22%, compared to total revenue of $814,000 for the same period in the prior year.
“We continue to focus our resources on partner integration and recurring revenue opportunities,” said Philip Sassower, co-chairman and chief executive officer for iSIGN. “Although the time to achieve appreciable results from such integrations is considerable, we believe that the foundations being laid today will enable the company’s success for many years to come. We see opportunities ahead for improved results to be realized through ’wholesaler partners’ such as Cegedim in Europe, and Majesco, Ingenico and others in the United States. In the interim, we have continued to effectively manage our resources and expenses while supporting our key development requirements and opportunities. During the quarter, we also completed the first step of our recapitalization of the company, which was the closing of a small public offering and the conversion of all preferred stock to common stock. We now have a simple capital structure that will believe will serve the company well as we pursue our growth strategies.”
For the quarter ended June 30, 2016, operating expenses were $1,209,000, a decrease of $187,000, or 13%, compared to operating expenses of $1,396,000 in the prior year. For the six months ended June 30, 2016, operating expenses were $2,628,000, a decrease of $233,000, or 8%, compared to operating expenses of $2,861,000 for the same period in the prior year. These decreases primarily were due to our ongoing efforts to optimize our cost structure, partially offset by $150,000 in offering expenses that could not be applied against the amount raised in the offering.
For the quarter ended June 30, 2016, the net loss attributable to common stockholders was $1,408,000, a decrease of $406,000, or 22%, compared to a net loss attributable to common stockholders of $1,814,000 in the prior year. This decrease primarily was due to a $176,000 decrease in loss from operations, a $148,000 increase in gain on derivative liability and a $326,000 decrease in preferred stock dividend expense, partially offset by increases in interest expense and amortization of debt discount.
For the six months ended June 30, 2016, the net loss attributable to common stockholders was $3,837,000, a decrease of $237,000, or 6%, compared to a net loss attributable to common stockholders of $4,074,000 in the prior year. This decrease primarily was due to a $52,000 decrease in loss from operations, a $157,000 gain on derivative liability, a $282,000 decrease in accretion of beneficial conversion feature and a $203,000 decrease in preferred stock dividend expense, partially offset by increases in interest expense and amortization of debt discount.
Additional financial information regarding iSIGN’s operating results for the three months ended June 30, 2016 will be available in the Company’s Annual Report on Form 10-Q that will be filed with the Securities and Exchange Commission and available at www.sec.gov.
ABOUT iSIGN
iSIGN (formerly known as Communication Intelligence Corporation or CIC) is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. iSIGN’s solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated software platform for both ad-hoc and fully automated transactions. iSIGN’s software platform can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. iSIGN is headquartered in Silicon Valley. For more information, please visit our website at www.isignnow.com. iSIGN’s logo is a trademark of iSIGN.
FORWARD LOOKING STATEMENTS
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 containing the company’s technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the company’s solutions; (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.