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CTI Group Reports First Quarter 2011 Results
May 13, 2011 (04:05 PM EDT)
INDIANAPOLIS, May 13, 2011 /PRNewswire/ -- CTI Group (Holdings) Inc. (OTCBB: CTIG), an international provider of electronic invoice processing and management (EIM), enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications, reported results for the three months ended March 31, 2011. Revenues for the three months ended March 31, 2011 increased to $4,116,366 as compared to revenues for the three months ended March 31, 2010 of $3,940,057. The Company reported a net loss for the three months ended March 31, 2011 of ($342,516) or ($0.01) per share as compared to a net loss of ($223,131) or ($0.01) per share for the three months ended March 31, 2010. The increase in revenues for the three months ended March 31, 2011 was primarily attributable to the increase in sales in VoIP and Telemanagement segments and the increased net loss in the three months ended March 31, 2011 was primarily due to increased costs incurred in the Telemanagement segment during the three months ended March 31, 2011.
Commenting on the results, John Birbeck, CTI Group's President and CEO, stated, "We emerged from the challenges faced in 2010 prepared for growth. We are encouraged by increased revenues and especially an approximate $6 million order received from a large European telecommunications company we disclosed previously. This $6 million order has been paid in advance and has greatly improved the liquidity of CTI. We are encouraged that this new order will provide us with the momentum needed to make 2011 a good year for CTI."
The Company's hosted VoIP applications provide business telephone facilities in a hosted, distributed telecoms environment while creating new revenue opportunities for service providers through the delivery of compelling value added services. CTI Group's new products include emPulse, a real-time web-based communications management and analysis solution, and 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 7, for complete on-line customer care and bill management 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. CTI's EIM products enable telecoms companies to replace their costly paper billing systems with on-line self-care systems that empower their customers.
About CTI Group - CTI Group (Holdings) Inc. is an international provider of online bill management solutions, enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications. CTI Group's Analysis 7, 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 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 current economic crisis, ability to attract and retain customers to purchase its products, 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 risks described in CTI Group's annual report on Form 10-K for the year ended December 31, 2010. Readers are referred to documents filed by CTI Group with the U.S. Securities and Exchange Commission, including the Form 10-Q for its most recent quarter ended March 31, 2011.
Contact: CTI Group (Holdings) Inc.
SOURCE CTI Group (Holdings) Inc.