About Sonic Foundry(R), Inc.
Sonic Foundry (NASDAQ: SOFO) is the global leader for rich media webcasting and knowledge management, providing enterprise communication solutions for more than 1,500 customers in education, business and government. Powered by Mediasite, the patented webcasting platform which automates the capture, management, delivery and search of lectures, online training and briefings, Sonic Foundry empowers people to transform the way they communicate. Through the Mediasite platform and its Events Services group, the company helps customers connect a dynamic, evolving world of shared knowledge and envisions a future where learners and workers around the globe use webcasting to bridge time and distance, accelerate research and improve performance.
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.
Consolidated Balance Sheets
(in thousands, except for share data)
(Unaudited)
June 30, September 30,
2009 2008
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Assets
Current assets:
Cash and cash equivalents $2,371 $3,560
Accounts receivable, net
of allowance of $105 and $150 4,007 3,864
Inventories 335 330
Prepaid expenses and other current assets 570 429
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Total current assets 7,283 8,183
Property and equipment:
Leasehold improvements 980 980
Computer equipment 2,530 2,476
Furniture and fixtures 461 461
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Total property and equipment 3,971 3,917
Less accumulated depreciation 2,548 2,223
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Net property and equipment 1,423 1,694
Other assets:
Goodwill 7,576 7,576
Other intangibles, net of
amortization of $25 and $19 35 21
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Total assets $16,317 $17,474
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Liabilities and stockholders' equity
Current liabilities:
Line of credit $300 $ -
Accounts payable 722 1,256
Accrued liabilities 775 1,113
Unearned revenue 4,697 4,661
Current portion of notes payable 330 333
Current portion of capital lease
obligations 34 46
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Total current liabilities 6,858 7,409
Long-term portion of notes payable 617 223
Long-term portion of capital
lease obligations - 24
Other liabilities 191 255
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Total liabilities 7,666 7,911
Stockholders' equity:
Preferred stock, $.01 par value,
authorized 5,000,000 shares; none
issued and outstanding - -
5% preferred stock, Series B, voting,
cumulative, convertible, $.01 par
value (liquidation preference at par),
authorized 10,000,000 shares, none issued
and outstanding - -
Common stock, $.01 par value, authorized
100,000,000 shares; 36,051,041 and
35,728,837 shares issued and 35,923,874
and 35,601,670 shares outstanding 361 357
Additional paid-in capital 184,842 184,204
Accumulated deficit (176,357) (174,803)
Receivable for common stock issued (26) (26)
Treasury stock, at cost, 127,167 shares (169) (169)
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Total stockholders' equity 8,651 9,563
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Total liabilities and stockholders' equity $16,317 $17,474
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See accompanying notes
