SOURCE: CTI Group (Holdings) Inc.

CTI Group (Holdings) Inc.

March 30, 2011 07:52 ET

CTI Group Reports 2010 Results

INDIANAPOLIS, IN--(Marketwire - March 30, 2011) - 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 2010 results. Revenues for the twelve months ended December 31, 2010 decreased to $15,236,306 as compared to revenues for the twelve months ended December 31, 2009 of $15,745,016. The Company reported a net loss for the twelve months ended December 31, 2010 of ($3,328,115) or ($0.11) per share as compared to a net loss of ($1,333,376) or ($0.05) per share for the twelve months ended December 31, 2009. The decrease in revenues and profitability in 2010 was primarily due to a decrease in revenues in the EIM segment primarily resulting from reduced processing revenue from the Company's largest EIM customer and a decrease in revenues in the Telemanagement segment primarily resulting from a decline in new systems installed in the United Kingdom. The Company recorded a non-cash, goodwill impairment charge of $2,127,401 in the year ended December 31, 2010. 

Commenting on the results, John Birbeck, CTI Group's President and CEO, stated, "Although the economic conditions in 2010 were challenging for CTI, we believe we made headway in 2010 by increasing penetration of our core Analysis 7 and SmartRecord® platforms into the telecommunication service provider market, adding 15 more telecommunication service providers to our customer base, while upgrading many of our existing telecommunication service provider customers to the latest versions. As adoption of our technology by business customers increases, we believe it will result in additional revenues for CTI in 2011. We remain optimistic and are encouraged about 2011. We received a recent 3-year contract from a major European telecommunications service provider for $6 million the majority which is payable in the second quarter of 2011."

About CTI Group - CTI Group (Holdings) Inc. is an international provider of electronic invoice processing and management, enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications. CTI Group's 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 conditions, 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, ability to obtain a revolving credit facility 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-K for its most year ended December 31, 2010.

Contact Information