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Sonic Foundry Reports Record Billings And Revenue In Second Quarter 2014

Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader for video creation and management solutions, today announced financial results for its fiscal 2014 second quarter ended March 31, 2014, including results of the recently completed acquisitions of Mediasite KK and MediaMission BV.

GAAP results include:

  • Revenues of $8.9 million, up 38 percent from $6.4 million at the second quarter of fiscal 2013 (Sonic Foundry only - Revenues of $6.6 million, up 2 percent from the second quarter of fiscal 2013)
  • Product and other revenue of $4.1 million, up 37 percent from $3.0 million at the second quarter of fiscal 2013 (Sonic Foundry only - Product and other revenue of $3.1 million, up 2 percent from the second quarter of fiscal 2013)
  • Services revenue of $4.7 million, up 39 percent from $3.4 million in the second quarter of fiscal 2013 (Sonic Foundry only - Services revenue of $3.5 million, up 2 percent from the second quarter of fiscal 2013)
    • Support and maintenance revenue of $2.3 million, an increase of 16 percent over the second quarter of fiscal 2013 (Sonic Foundry only - Support and maintenance revenue of $2.0 million, an increase of 5 percent over the second quarter of fiscal 2013)
    • Event services and hosting revenue of $2.5 million, an increase of 70 percent over the second quarter of fiscal 2013 (Sonic Foundry only - Event services and hosting revenue of $1.4 million, a decrease of 1 percent over the second quarter of fiscal 2013)
  • Unearned revenue balance of $8.8 million, up from $7.0 million at December 31, 2013 (Sonic Foundry only - Unearned revenue balance of $8.2 million)
  • Non-cash gain of $1.4 million required as a result of revaluing our investment in Mediasite KK prior to our acquisition at the same value as when control was achieved. The gain resulted in a non-cash tax impact of approximately $900 thousand, leaving a net gain of approximately $500 thousand.
  • Charge of $400 thousand associated with a preliminary agreement with Astute Technology to settle an outstanding patent litigation.
  • GAAP net loss of $(871) thousand, or $(0.21) per basic share, compared to net loss of $(27) thousand or $(0.01) per basic share in the fiscal second quarter of 2013 (Sonic Foundry only - GAAP net loss of $(931) thousand, or $(0.22) per basic share)
  • Gross margin of $6.5 million or 73 percent compared to $4.7 million or 73 percent for the fiscal second quarter of 2013 (Sonic Foundry only - Gross margin of $5.0 million or 76 percent)
  • Cash balance of $4.4 million at March 31, 2014 (Sonic Foundry only - Cash balance of $1.4 million)

Non-GAAP results include:

  • Billings of $10.3 million, an increase of 57 percent from $6.6 million during the second quarter of fiscal 2013 (Sonic Foundry only - Billings of $7.7 million, an increase of 18 percent over the second quarter of fiscal 2013)
  • Product and other billings of $5.0 million, up 66 percent from $3.0 million the second quarter of fiscal 2013 (Sonic Foundry only - Product and other billings of $3.9 million, up 30 percent from the second quarter of fiscal 2013)
  • Services billings of $5.3 million, an increase of 50 percent from $3.5 million over the second quarter of fiscal 2013 (Sonic Foundry only - Services billings of $3.8 million, an increase of 7 percent over the second quarter of fiscal 2013)
    • Support and maintenance billings of $2.6 million, an increase of 46 percent over the second quarter of fiscal 2013 (Sonic Foundry only - Support and maintenance billings of $2.1 million, an increase of 18 percent over the second quarter of fiscal 2013)
    • Event services and hosting billings of $2.7 million, an increase of 54 percent over the second quarter of fiscal 2013 (Sonic Foundry only - Event services and hosting billings of $1.7 million, a decrease of 5 percent over the second quarter of fiscal 2013)
  • Non-GAAP net income of $1.3 million or $0.31 per basic share compared to non-GAAP net income of $612 thousand or $0.16 per basic share in the second quarter of fiscal 2013 (Sonic Foundry only - Non-GAAP net income of $732 thousand or $0.17 per basic share)

Non-GAAP net income primarily excludes all non-cash related expenses of stock compensation, acquisition costs, one time patent charges, net step up gain on investment in MSKK, depreciation and 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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