INDIANAPOLIS, Aug. 15, 2005 (PRIMEZONE) -- CTI Group (Holdings) Inc. (OTCBB:CTIG), an international provider of electronic invoice management and telemanagement software and services, reported revenues of $6,809,485 for the six months ended June 30, 2005 a decrease of $745,755, or approximately 10%, from $7,555,240 reported for the six months ended June 30, 2004. Revenues for the three months ended June 30, 2005 were $3,628,809 decreasing $62,092, or approximately 2%, from $3,690,901 reported for the three months ended June 30, 2004. The decreases in revenues in 2005 were primarily attributable to the discontinuance of the unprofitable MagnaFlex product in 2004 and loss of associated revenues.
The Company reported net income of $146,618 for the six months ended June 30, 2005 compared to a net loss of ($426,245) for the six months ended June 30, 2004. The $572,863 improvement was primarily due to a reduction in costs combined with increased interest income and the gain recognized on the sale the Company's discontinued operations. The Company reported a net income of $28,388 for the three months ended June 30, 2005, which was an improvement of $458,826 when compared with the net loss of ($430,438) for the three months ended June 30, 2004. The improvement in net income for the three months ended June 30, 2005 was primarily due to a reduction in costs and increased interest income.
Commenting on the results, Brad Houlberg, CTI President and CEO, stated, "We have spent the last several quarters aligning the Company's cost structure and improving the Company's products. The alignment of the cost structure has contributed to the Company's continued profitable net quarterly results. We have reported four profitable consecutive quarters. We are optimistic that the efforts related to product improvements should enhance our top line growth and further increase our net income."
About CTI Group
CTI Group (Holdings) Inc. is an international provider of electronic invoice management and telemanagement software and services. CTI Group's SmartBill(r) and Proteus(tm) product suites offer a full array of solutions for traffic analysis, post-billing call analysis, and customer care. 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 an overseas office in London.
For more information, please visit CTI Group's website at 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 (Holdings) Inc. or its management or Board of Directors; (c) statements of future economic performance; (d) statements of assumptions underlying other statements and statements about the Company and its business relating to the future; and (e) any statements using the words "could", "should", "anticipate", "expect", "may", "project", "intend", "will" or similar expressions. The Company's ability to predict projected results or the effect of events on the Company'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. In addition to information provided elsewhere in this document, shareholders should consider the following: the risk that the Company will not be able to attract and retain customers to purchase its products, the risk that the Company will not be able to commercialize and market products; results of research and development; technological advances by third parties; competition; future capital needs of the Company; history of operating losses; dependence upon key personnel and general economic and business conditions. Readers are referred to documents filed by CTI Group with the U.S. Securities and Exchange Commission, including the Form 10-QSB for its most recent quarter ended June 30, 2005