Sonic Foundry Reports First Quarter Fiscal 2013 Results

Quarterly Billings increase 20%

MADISON, Wis. — (BUSINESS WIRE) — January 31, 2013 — 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 first quarter ended December 31, 2012.

GAAP results include:

  • Revenues of $6.6 million, up 6 percent from the fiscal first quarter of 2012
  • Product and other revenue of $2.9 million, up 8 percent from the fiscal first quarter of 2012
  • Services revenue of $3.6 million, up 4 percent from $3.5 million in the first quarter of fiscal 2012
    • Support and maintenance revenue of $1.9 million, an increase of 8 percent over the first quarter of fiscal 2012
    • Event services and hosting revenue of $1.7 million, same as the first quarter of fiscal 2012
  • Unearned revenue balance of $6.0 million, up from $5.6 million at September 30, 2012
  • GAAP net loss of $(139) thousand or $(0.04) per basic share, compared to net loss of $(184) thousand or $(0.05) per basic share in the fiscal first quarter of 2012
  • Gross margin of $4.9 million or 74 percent compared to $4.5 million or 73 percent for the fiscal first quarter of 2012
  • Cash balance of $4.3 million at December 31, 2012
  • Equity investment in earnings from Mediasite KK of $78 thousand related to our current 29% ownership interest in our Japanese partner

Non-GAAP results include:

  • Billings of $6.9 million, an increase of 20 percent over the first quarter of fiscal 2012
  • Product and other billings of $2.9 million, up 8 percent from the first quarter of fiscal 2012
  • Services billings of $4.0 million, an increase of 31 percent over the first quarter of fiscal 2012
    • Support and maintenance billings of $2.2 million, an increase of 48 percent over the first quarter of fiscal 2012
    • Event services and hosting billings of $1.8 million, an increase of 15 percent over the first quarter of fiscal 2012
  • Non-GAAP net income of $685 thousand or $0.18 per basic share compared to non-GAAP net loss of $(164) thousand or $(0.04) per basic share in the first 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.

At December 31, 2012, $6.0 million of revenue was deferred, of which the company expects to realize approximately $2.3 million in the quarter ending March 31, 2013. Revenue from service contracts is recognized over the life of the contract. Services revenue includes Mediasite customer support contracts as well as training, installation, rental, event and content hosting services.

Gross margin improved from 73 percent in the first quarter of fiscal 2012 to 74 percent in the first quarter of fiscal 2013 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. These improvements were partially offset by an increase in high definition material cost.

International product and service billings accounted for 30 percent of overall billings, compared to 29 percent in the first quarter of fiscal 2012. During the first quarter of this fiscal year, 82 percent of billings were to preexisting customers, compared to 73 percent in first quarter fiscal 2012, with 56 percent to education customers and 36 percent to corporate.

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