REDWOOD SHORES, Calif., May 16, 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 $276,000 for the three months ended March 31, 2016, a decrease of $170,000, or 38%, compared to revenue of $446,000 for the prior year.
“These results reflect our ongoing efforts to transition from our historic revenue model of selling one-time, up-front, perpetual licenses to the current focus on transaction-based, recurring revenue,” said Philip Sassower, co-chairman and chief executive officer for iSIGN. “We are committed to a software partner integration strategy and our aim to become the leading white label provider of electronic signature and digital transaction management solutions. We believe that this ‘wholesale’ approach to the market is timely, as acceptance of e-signature is accelerating. It also leverages the strength of our enterprise solutions and our comparatively low selling and cloud infrastructure costs. We expect this transition to continue during the balance of 2016 as several key partners under contract with iSIGN move into production and customer roll out.”
For the quarter ended March 31, 2016, operating expenses were $1,420,000, a decrease of $44,000, or 3%, compared to operating expenses of $1,464,000 in the prior year. This decrease primarily was due to lower headcount in both engineering and sales and marketing, offset by certain charges related to our attempted public offering in February.
For the quarter ended March 31, 2016, the net loss attributable to common stockholders was $2,431,000, an increase of $171,000, or 8%, compared to a net loss attributable to common stockholders of $2,260,000 in the prior year. This increase primarily was due to a $126,000 increase in loss from operations, resulting from the above mentioned decrease in revenue offset by a decrease in operating expenses, a $217,000 increase in interest expense and amortization of debt discount, and a $124,000 increase in preferred stock dividend expense, offset by a $282,000 decrease in accretion of beneficial conversion feature.
Additional financial information regarding iSIGN’s operating results for the three months ended March 31, 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.