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Sonic Foundry Reports Fourth Quarter And Fiscal 2012 Results

Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted market leader for video management and academic, enterprise and event webcasting, today announced financial results for its fourth fiscal quarter and fiscal year ended September 30, 2012.

2012 Fiscal Fourth Quarter

  • Revenues of $6.2 million, down 7 percent from the fiscal fourth quarter of 2011
  • Product and other revenue of $3.1 million, down 10 percent from the fiscal fourth quarter of 2011
  • Services revenue of $3.1 million, down 4 percent from $3.2 million in the fourth quarter of fiscal 2011
  • GAAP net loss of $(103) thousand or $(0.03) per basic share, compared to net loss of $(406) thousand or $(0.11) per basic share in the fiscal fourth quarter of 2011, or net income of $122 thousand excluding a one-time accrued severance expense of $528 thousand
  • Gross margin of $4.5 million or 72 percent compared to $4.9 million or 73 percent for the fiscal fourth quarter of 2011
  • Equity investment in earnings from Mediasite KK of $170 thousand related to our 23% ownership interest in our Japanese partner
  • Non-GAAP net income of $281 thousand or $0.07 per basic share compared to non-GAAP net income of $820 thousand or $0.21 per basic share in the fourth quarter of fiscal 2011
  • Unearned revenue balance of $5.6 million, compared to $6.0 million at September 30, 2011
  • Cash balance of $4.5 million at September 30, 2012

2012 Fiscal Year

  • Revenues of $26.1 million, an increase of 3 percent, compared to $25.2 million in 2011
  • Services revenue increased 10 percent from $12.2 million in 2011 to $13.4 million in 2012
  • Billings of $25.7 million compared to $25.2 million in 2011
  • GAAP net income was $157 thousand or $0.04 per basic and diluted share, compared to a net loss of $(243) thousand or $(0.06) per basic share in 2011 or net income of $285 thousand excluding a one-time accrued severance expense in 2011
  • Gross margin of $18.8 million or 72 percent compared to $17.9 million or 71 percent in 2011
  • Equity investment in earnings from Mediasite KK of $420 thousand related to our 23% ownership interest in our Japanese partner
  • Non-GAAP net income was $1.7 million or $0.43 per basic share compared to non-GAAP net income of $1.9 million or $0.51 per basic share in fiscal year 2011

Non-GAAP net income primarily excludes all non-cash related expenses of stock compensation, accrued severance, depreciation, amortization, provision for income taxes and includes the cash impact of billings not recognized as revenue. Reconciliation between GAAP and non-GAAP results is provided at the end of this press release.

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