Sonic Foundry Reports Third Quarter Fiscal 2013 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 2013 third quarter ended June 30, 2013.

GAAP results include:
  • Revenues of $8.0 million, up 3 percent from the fiscal third quarter of 2012
  • Product and other revenue of $4.2 million, up 1 percent from the fiscal third quarter of 2012
  • Services revenue of $3.8 million, up 6 percent from $3.6 million in the third quarter of fiscal 2012
    • Support and maintenance revenue of $2.0 million, an increase of 9 percent over the third quarter of fiscal 2012
    • Event services and hosting revenue of $1.8 million, an increase of 3 percent over the third quarter of fiscal 2012
  • Unearned revenue balance of $6.6 million, compared to $5.7 million at June 30, 2012
  • GAAP net income of $40 thousand or $0.01 per basic share, compared to net income of $559 thousand or $0.14 per basic share in the fiscal third quarter of 2012
  • Gross margin of $5.6 million or 70 percent compared to $5.6 million or 72 percent for the fiscal third quarter of 2012
  • Cash balance of $3.1 million at June 30, 2013
  • Equity investment in earnings from Mediasite KK of $11 thousand related to our current 26% ownership interest in our Japanese partner

Non-GAAP results include:
  • Billings of $8.5 million, an increase of 2 percent over the third quarter of fiscal 2012
  • Product and other billings of $4.4 million, up 4 percent from the third quarter of fiscal 2012
  • Services billings of $4.1 million is consistent with the third quarter of fiscal 2012
    • Support and maintenance billings of $2.5 million, an increase of 3 percent over the third quarter of fiscal 2012
    • Event services and hosting billings of $1.6 million, a decrease of 6 percent over the third quarter of fiscal 2012
  • Non-GAAP net income of $1.0 million or $0.26 per basic share compared to non-GAAP net income of $1.6 million or $0.41 per basic share in the third quarter of fiscal 2012

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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