14.11.2016, 20:56
iSIGN Reports Third Quarter Results
OREANDA-NEWS. 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 $221,000 for the three months ended September 30, 2016, a decrease of $130,000, or 37%, compared to revenue of $351,000 for the prior year. For the nine months ended September 30, 2016, total revenue was $853,000, a decrease of $311,000, or 27%, compared to total revenue of $1,164,000 for the same period in the prior year.
"Despite lower than hoped for revenue, the current quarter reflects our efforts in significantly reducing our loss from operations," said Philip Sassower, co-chairman and chief executive officer for iSIGN. "Our resources remain focused on partner integration and recurring revenue prospects, as well as on supporting our key software development requirements and opportunities. Last month, we announced completion of an iSign® Console™ implementation with an existing client, a Top 5 US P&C insurer. Last week, facilitated by our simplified balance sheet, we closed a round of funding for an aggregate amount of $900,000 to support our reduced burn rate."
For the quarter ended September 30, 2016, operating expenses were $791,000, a decrease of $410,000, or 34%, compared to operating expenses of $1,201,000 in the prior year. For the nine months ended September 30, 2016, operating expenses were $3,418,000, a decrease of $643,000, or 16%, compared to operating expenses of $4,061,000 for the same period in the prior year. These decreases primarily were due to our ongoing efforts to optimize our cost structure.
For the quarter ended September 30, 2016, the net loss attributable to common stockholders was $449,000, a decrease of $1,223,000, or 73%, compared to a net loss attributable to common stockholders of $1,672,000 in the prior year. This decrease primarily was due to a $280,000 decrease in loss from operations, a $155,000 increase in gain on derivative liability and an $819,000 decrease in preferred stock dividend expense, partially offset by increases in interest expense and amortization of debt discount.
For the nine months ended September 30, 2016, the net loss attributable to common stockholders was $4,285,000, a decrease of $1,460,000, or 25%, compared to a net loss attributable to common stockholders of $5,745,000 in the prior year. This decrease primarily was due to a $332,000 decrease in loss from operations, a $312,000 gain on derivative liability, a $282,000 decrease in accretion of beneficial conversion feature and a $1,022,000 decrease in preferred stock dividend expense, partially offset by increases in interest expense and amortization of debt discount.
"Despite lower than hoped for revenue, the current quarter reflects our efforts in significantly reducing our loss from operations," said Philip Sassower, co-chairman and chief executive officer for iSIGN. "Our resources remain focused on partner integration and recurring revenue prospects, as well as on supporting our key software development requirements and opportunities. Last month, we announced completion of an iSign® Console™ implementation with an existing client, a Top 5 US P&C insurer. Last week, facilitated by our simplified balance sheet, we closed a round of funding for an aggregate amount of $900,000 to support our reduced burn rate."
For the quarter ended September 30, 2016, operating expenses were $791,000, a decrease of $410,000, or 34%, compared to operating expenses of $1,201,000 in the prior year. For the nine months ended September 30, 2016, operating expenses were $3,418,000, a decrease of $643,000, or 16%, compared to operating expenses of $4,061,000 for the same period in the prior year. These decreases primarily were due to our ongoing efforts to optimize our cost structure.
For the quarter ended September 30, 2016, the net loss attributable to common stockholders was $449,000, a decrease of $1,223,000, or 73%, compared to a net loss attributable to common stockholders of $1,672,000 in the prior year. This decrease primarily was due to a $280,000 decrease in loss from operations, a $155,000 increase in gain on derivative liability and an $819,000 decrease in preferred stock dividend expense, partially offset by increases in interest expense and amortization of debt discount.
For the nine months ended September 30, 2016, the net loss attributable to common stockholders was $4,285,000, a decrease of $1,460,000, or 25%, compared to a net loss attributable to common stockholders of $5,745,000 in the prior year. This decrease primarily was due to a $332,000 decrease in loss from operations, a $312,000 gain on derivative liability, a $282,000 decrease in accretion of beneficial conversion feature and a $1,022,000 decrease in preferred stock dividend expense, partially offset by increases in interest expense and amortization of debt discount.
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