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Sonic Foundry Reports Fourth Quarter And Fiscal 2013 Results

Stocks in this article: SOFO

Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted market leader for video management and academic, enterprise and event webcasting, today announced financial results for its fiscal 2013 fourth quarter ended September 30, 2013.

2013 Fiscal Fourth Quarter

  • Billings of $7.3 million, an increase of 19 percent, compared to $6.1 million in the fiscal fourth quarter of 2012
  • Revenues of $6.8 million, up 9 percent from the fiscal fourth quarter of 2012
  • Product and other revenue of $3.7 million, up 17 percent from the fiscal fourth quarter of 2012
  • Services revenue of $3.1 million, same as the fiscal fourth quarter of 2012
    • Support and maintenance revenue of $2.0 million, an increase of 9 percent over the fiscal fourth quarter of 2012
    • Event services and hosting revenue of $1.0 million, a decrease of 14 percent over the fiscal fourth quarter of 2012
  • Gross margin of $4.9 million or 72 percent compared to $4.5 million or 72 percent for the fiscal fourth quarter of 2012
  • GAAP net loss of $(666) thousand or $(0.17) per basic share, compared to a net loss of $(103) thousand or $(0.03) per basic share in the fiscal fourth quarter of 2012
  • Non-GAAP net income of $391 thousand or $0.10 per basic share compared to non-GAAP net income of $281 thousand or $0.07 per basic share in the fiscal fourth quarter of 2012
  • Unearned revenue balance of $7.1 million, compared to $5.6 million at September 30, 2012
  • Cash balance of $3.5 million at September 30, 2013

2013 Fiscal Year

  • Billings of $29.2 million, up 14 percent from 2012
  • Revenues of $27.8 million, an increase of 6 percent, compared to $26.1 million in 2012
  • Services revenue increased 4 percent from $13.4 million in 2012 to $13.9 million in 2013
  • Gross margin of $20.1 million or 72 percent compared to $18.8 million or 72 percent in 2012
  • GAAP net loss was $(792) thousand or $(0.20) per basic share, compared to a net income of $157 thousand or $0.04 per basic and diluted share in 2012
  • Non-GAAP net income was $2.7 million or $0.68 per basic share compared to non-GAAP net income of $1.7 million or $0.43 per basic share in fiscal year 2012

Non-GAAP income increased significantly, impacted by growing demand for the Company’s new software component to the Mediasite solution. My Mediasite is sold as an annual license and therefore recognizable as revenue over the course of the license rather than when sold. Non-GAAP net income primarily excludes all non-cash related expenses of stock compensation, 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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