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Sonic Foundry Reports First Quarter Fiscal 2014 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 fiscal 2014 first quarter ended December 31, 2013.

GAAP results include:
  • Revenues of $7.2 million, up 10 percent from the first quarter of fiscal 2013
  • Product and other revenue of $2.9 million for both fiscal first quarters
  • Services revenue of $4.3 million, up 19 percent from $3.6 million in the first quarter of fiscal 2013
    • Support and maintenance revenue of $2.1 million, an increase of 8 percent over the first quarter of fiscal 2013
    • Event services and hosting revenue of $2.2 million, an increase of 31 percent over the first quarter of fiscal 2013
  • Unearned revenue balance of $7.0 million, down from $7.1 million at September 30, 2013
  • GAAP net loss of $(690) thousand, including $450 thousand of acquisition transaction costs, or $(0.17) per basic share, compared to net loss of $(139) thousand or $(0.04) per basic share in the fiscal first quarter of 2013
  • Gross margin of $5.4 million or 75 percent compared to $4.9 million or 74 percent for the fiscal first quarter of 2013
  • Cash balance of $3.1 million at December 31, 2013

Non-GAAP results include:
  • Billings of $7.1 million, an increase of 3 percent over the first quarter of fiscal 2013
  • Product and other billings of $3.0 million, up 3 percent from the first quarter of fiscal 2013
  • Services billings of $4.1 million, an increase of 3 percent over the first quarter of fiscal 2013
    • Support and maintenance billings of $1.9 million, a decrease of 12 percent over the first quarter of fiscal 2013
    • Event services and hosting billings of $2.2 million, an increase of 19 percent over the first quarter of fiscal 2013
  • Non-GAAP net income of $275 thousand or $0.07 per basic share compared to non-GAAP net income of $685 thousand or $0.18 per basic share in the first quarter of fiscal 2013

Non-GAAP net income primarily excludes all non-cash related expenses of stock compensation, depreciation, acquisition costs, 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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