CTI GROUP (HOLDINGS) INC REPORTS THIRD QUARTER 2013 RESULTS
CTI Group (Holdings) Inc. (OTCQB:CTIG), an international provider of electronic invoice processing and management (“EIM”) and call accounting management and recording (“CAMRA”) applications, reported results for the three and nine months ended September 30, 2013. Revenues for the three and nine months ended September 30, 2013 decreased to $3,640,209 and $11,409,511, respectively, as compared to revenues for the three and nine months ended September 30, 2012 of $3,950,715 and $12,774,366, respectively. The Company reported a net loss for the three and nine months ended September 30, 2013 of ($292,892) and ($1,196,599), respectively, or ($0.01) and ($0.04), respectively, per share, as compared to net income for the three and nine months ended September 30, 2012 of $165,399 and $548,952, respectively, or $0.01 and $0.02, respectively, per share. The decrease in revenues in 2013 as compared to 2012 was primarily attributable to a decrease in the Company’s EIM segment due to a decrease in processing and professional service revenue recognized. The net losses in 2013 were primarily attributable to decreased revenues and increased professional fees incurred in the three and nine months ended September 30, 2013.
Commenting on the results, John Birbeck, CTI Group’s President and CEO, stated “Although our pursuit of contracts with large carriers has taken longer than anticipated, we remain optimistic regarding these opportunities. We believe that the finalization of these contracts will help return us to profitability.”
The Company's CAMRA product offerings include hosted VoIP applications which are expected to help eliminate customer resistance to conversion to next-generation platforms, while creating new revenue opportunities for service providers through the delivery of compelling value added services. CTI Group's products include the award-winning SmartRecord®, which enables service providers to selectively intercept and record any communications on behalf of their hosted and managed service customers. Specifically engineered to seamlessly integrate with the service provider's evolving online eBusiness strategy, these business applications provide enterprise customers with customized access to their provider's eBusiness portal and their complex service invoices. The Proteus® suite of products is used by companies, institutions and government agencies to track communications activity and to control costs associated with operating communications networks. Proteus® performs functions of call accounting, cost allocation, client bill-back, analyses of trunk traffic and calling and usage patterns, toll fraud detection, directory services and integrates with SmartRecord® as well as with other private branch exchange peripheral products.
The EIM suite of products includes: Analysis, for complete on-line customer care of mobile, fixed line and data services; SplitBill® to enable users to automate business vs. personal use; and Dynamic Reports, which is a "push" analysis, billing and advertising medium for mobile, data and fixed line, targeting the consumer and SMB markets.
About CTI Group - CTI Group (Holdings) Inc. is an international provider of electronic invoice processing and management, enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications. CTI Group’s Analysis, SmartBill®, SmartRecord® and Proteus® product suites offer a full array of solutions for traffic analysis, post-billing call analysis, customer care and call recording. CTI Group’s products are used by some of the top service providers in North America and the United Kingdom, and play a trusted role in managing telephony costs at major corporations internationally. Headquartered in Indianapolis, CTI Group maintains overseas offices in London and Blackburn, UK. For more information, please visit CTI Group’s website at http://www.ctigroup.com.
Safe Harbor Statement -- This release may contain "forward-looking" statements. Examples of forward-looking statements include, but are not limited to: (a) projections of revenue, capital expenditures, growth, prospects, dividends, capital structure and other financial matters; (b) statements of plans and objectives of CTI Group or its management or Board of Directors; (c) statements of future economic performance; (d) statements of assumptions underlying other statements and statements about CTI Group and its business relating to the future; and (e) any statements using the words “could”, “should”, "anticipate", "expect", "may", "project", "intend", “will”, “believe” or similar expressions. CTI Group's ability to predict projected results or the effect of events on CTI Group's operating results is inherently uncertain. Forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those discussed in this document. These factors include, but are not limited to: effects of recent economic crisis, ability to attract and retain customers to purchase its products (including the significant sales opportunities noted herein), ability to develop or launch new software products, technological advances by third parties and competition, ability to protect the Company’s patented technology, ability to obtain settlements in connection with its patent enforcement activities and the risks described in CTI Group’s periodic reports filed with the U.S. Securities and Exchange Commission.
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