Sonic Foundry Reports First Quarter Fiscal 2013 Results

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)
	December 31, 2012			September 30, 2012
Assets
Current assets:
Cash and cash equivalents	$	4,286		$	4,478
Accounts receivable, net of allowances of $85		5,316			5,578
Inventories		1,243			1,053
Prepaid expenses and other current assets		937			757
Total current assets		11,782			11,866
Property and equipment:
Leasehold improvements		852			852
Computer equipment		4,082			3,851
Furniture and fixtures		865			865
Total property and equipment		5,799			5,568
Less accumulated depreciation and amortization		2,876			2,624
Net property and equipment		2,923			2,944
Other assets:
Goodwill		7,576			7,576
Investment in Mediasite KK		498			420
Other intangibles, net of amortization of $185 and $180		10			15
Total assets	$	22,789		$	22,821

Liabilities and stockholders' equity
Current liabilities:
Revolving line of credit	$	-		$	-
Accounts payable		1,162			1,604
Accrued liabilities		941			850
Unearned revenue		5,521			5,284
Current portion of capital lease obligation		156			129
Current portion of notes payable		667			667
Total current liabilities		8,447			8,534

Long-term portion of unearned revenue		435			349
Long-term portion of capital lease obligation		157			131
Long-term portion of notes payable		600			766
Leasehold improvement liability		510			532
Deferred tax liability		2,030			1,970
Total liabilities		12,179			12,282

Stockholders' equity:
Preferred stock, $.01 par value, authorized 500,000 shares; none issued and outstanding		—			—
5% preferred stock, Series B, voting, cumulative, convertible, $.01 par value (liquidation preference at par), authorized 1,000,000 shares, none issued		—			—
Common stock, $.01 par value, authorized 10,000,000 shares; 3,913,640 and 3,909,040 shares issued and 3,900,924 and 3,896,324 shares outstanding		39			39
Additional paid-in capital		189,669			189,459
Accumulated deficit		(178,903	)		(178,764	)
Receivable for common stock issued		(26	)		(26	)
Treasury stock, at cost, 12,716 shares		(169	)		(169	)
Total stockholders' equity		10,610			10,539
Total liabilities and stockholders' equity	$	22,789		$	22,821

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