Sonic Foundry, Inc.
                Consolidated Statements of Operations
         (in thousands, except for share and per share data)

                                            Years Ended September 30,
                                            -------------------------
                                                            Revised
                                              2009            2008
                                              ----           -------
Revenue:
Product                                      $9,644          $8,439
Services                                      8,813           7,037
Other                                           120             125
                                                ---             ---
Total revenue                                18,577          15,601

Cost of revenue:
Product                                       3,794           3,886
Services                                        537             319
                                                ---             ---
Total cost of revenue                         4,331           4,205
                                              -----           -----
Gross margin                                 14,246          11,396

Operating expenses:
Selling and marketing                        10,350          12,905
General and administrative                    2,910           2,843
Product development                           3,464           3,531
                                              -----           -----
Total operating expenses                     16,724          19,279
                                             ------          ------
Loss from operations                         (2,478)         (7,883)

Interest expense                                (72)            (89)
Other income, net                                47              99
                                                ---             ---
Total other income (expense)                    (25)             10
                                                ---             ---
Loss before income taxes                     (2,503)         (7,873)
Provision for income taxes                           (142)                      (256)
                                                                                              ----                        ----

Net  loss                                                                        $(2,645)                $(8,129)
                                                                                        =======                  =======

Loss  per  common  share:

Basic  net  loss  per  common  share                            $(0.74)                  $(2.28)
                                                                                          ======                    ======
Diluted  net  loss  per  common  share                        $(0.74)                  $(2.28)
                                                                                          ======                    ======

Weighted  average  common  shares  -  Basic        3,598,040              3,557,966
                                                                                    =========              =========
    -  Diluted                                                              3,598,040              3,557,966
                                                                                    =========              =========
See  accompanying  notes