CTI Group Reports 2012 Results
INDIANAPOLIS, March 29, 2013 /PRNewswire/ -- 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 twelve months ended December 31, 2012. Revenues for the twelve months ended December 31, 2012 decreased to $16,759,121 as compared to revenues for the twelve months ended December 31, 2011 of $16,969,053. The decrease in revenues was primarily attributable to softness in US revenues especially in our CAMRA segment partially off-set by an increase in revenue recognized in the United Kingdom in our EIM segment. The Company reported a net income for the twelve months ended December 31, 2012 of $596,266, or $0.02 per share, as compared to a net loss of ($640,751), or ($0.02) per share, for the twelve months ended December 31, 2011. The improvement in net income for the twelve months ended December 31, 2012 was primarily attributable to realization from the benefit cost reduction measures undertaken during the twelve months ended December 31, 2011.
Commenting on the results, John Birbeck, CTI Group's President and CEO, stated, "We are pleased to report our fifth consecutive quarter with a positive net income. Furthermore, our reported net income of $596,266 for 2012 is a $1.2 million improvement in profitability compared to prior year results. Although we experienced a decline in revenue recognized, we are confident that we have undertaken measures that will enable us to grow revenue in the future. We feel that our products place us in a very strong position in the market as the industry continues to migrate toward in the cloud offerings."
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.
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