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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