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Sonic Foundry Reports Second Quarter Fiscal 2012 Results

MADISON, Wis. April 26, 2012 webcasting March 31, 2012

GAAP results include:

  • $5.9 million
  • $2.7 million
  • $3.3 million $2.8 million
    • $1.9 million
    • $1.4 million
  • $5.1 million $5.3 million March 31, 2011
  • $(115) thousand $(0.03) $(272) thousand $(0.07)
  • $4.3 million $3.9 million
  • $290 thousand December 31, 2011

 

Non-GAAP results include:

  • $5.5 million
  • $2.7 million
  • $2.8 million
    • $1.6 million
    • $1.2 million
  • $(60) thousand $(0.02) $(237) thousand $(0.06)

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.

March 31, 2012 $5.1 million $2.2 million June 30, 2012

Gross margin improved from 70 percent in the second quarter of fiscal 2011 to 72 percent in the second quarter of fiscal 2012 due to operational efficiencies in recorder and services costs and a decrease in direct and outsourced event labor costs with lower markups for services which the Company does not provide, such as closed captioning. These improvements were partially offset by a greater volume of discounted upgrade units for customers whose product had reached end of hardware warranty eligibility and by an increase in high definition material cost.

International product and service billings accounted for 34 percent of overall billings, compared to 30 percent in the second quarter of fiscal 2011. During the second quarter of this fiscal year, 81 percent of billings were to preexisting customers, compared to 66 percent in second quarter fiscal 2011, with 54 percent to education customers and 33 percent to corporate.

Gary Weis

3:30 p.m. CT 4:30 p.m. ET Mediasite www.sonicfoundry.com/earnings

EXPLANATION OF NON-GAAP MEASURES

  • Billings not recorded as revenue: We have included the cash effect of billings not recorded as revenue, which are deferred for GAAP purposes, in arriving at non-GAAP net income or loss. Our services are typically billed and collected in advance of providing the service which requires minimal cost to perform in the future. Billings are a better indicator of customer activity and cash flow than revenue is, in management’s opinion, and is therefore used by management as a key operational indicator.
  • Depreciation and amortization of intangible and other assets expenses: We have excluded the effect of depreciation and amortization of assets from our non-GAAP net income or loss. Amortization of intangible assets expense varies in amount and frequency and it is significantly affected by the timing and size of our acquisitions. Depreciation and amortization of asset costs is a non-cash expense that includes the periodic write-off of tooling, product design and other assets that contributed to revenues earned during the periods presented and will contribute to future period revenues as well.
  • Non-cash provision for income taxes: We have excluded the impact of the provision for income taxes from our non-GAAP net income or loss. The provision for income taxes is associated with the difference in treatment of goodwill which is not expensed for GAAP purposes but is amortized over a fifteen year life for Federal income tax purposes. The result is a non-cash expense and liability that will never be paid.

About Sonic Foundry®, Inc.

www.sonicfoundry.com

Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for Sonic Foundry’s products, its ability to succeed in capturing significant revenues from media services and/or systems, the effect of new competitors in its market, integration of acquired business and other risk factors identified from time to time in its filings with the Securities and Exchange Commission.

 

Sonic Foundry, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except for share data)

(Unaudited)

March 31,

2012


Assets                             

Current assets:

Cash and cash equivalents

$         4,400

$      5,515

     Accounts receivable, net of allowances of $85 and $90

4,518

5,799

Inventories

1,166

536

Prepaid expenses and other current assets

921

740

      Total current assets

11,005

12,590

Property and equipment:

Leasehold improvements

1,728

980

Computer equipment

3,971

3,586

Furniture and fixtures

766

461

Total property and equipment

6,465

5,027

Less accumulated depreciation and amortization

3,777

3,391

Net property and equipment

2,688

1,636

Other assets:

Goodwill

7,576

7,576

Other intangibles, net of amortization of $170 and $137

5

38

Total assets

$        21,274

$       21,840

Liabilities and stockholders’ equity

Current liabilities:

Revolving line of credit

$                  –

$              –

Accounts payable

1,136

1,373

Accrued liabilities

861

1,073

Accrued severance

199

528

Unearned revenue

4,779

5,547

Current portion of capital lease obligation

92

89

Current portion of notes payable

699

897

     Total current liabilities

7,766

9,507

Long-term portion of unearned revenue

359

471

     Long-term portion of capital lease obligation

130

177

Long-term portion of notes payable

1,099

694

Leasehold improvement liability

576

Deferred tax liability

1,850

1,730

Total liabilities

11,780

12,579

Stockholders’ equity:

Preferred stock, $.01 par value, authorized 500,000 shares; none issued and outstanding


 

 


 

 

39

 

 

38

Additional paid-in capital

188,871

188,339

Accumulated deficit

(179,221)

(178,921)

Receivable for common stock issued

(26)

(26)

Treasury stock, at cost, 12,716 shares

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