$SOFO
Sonic Foundry Inc

2014 Q1 Form 10-Q Financial Statement

#000119312514208384 Filed on May 21, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $8.878M $6.430M
YoY Change 38.07% 8.47%
Cost Of Revenue $2.379M $1.740M
YoY Change 36.72% 6.1%
Gross Profit $6.499M $4.690M
YoY Change 38.57% 9.48%
Gross Profit Margin 73.2% 72.94%
Selling, General & Admin $5.699M $3.856M
YoY Change 47.8% 14.76%
% of Gross Profit 87.69% 82.22%
Research & Development $1.382M $868.0K
YoY Change 59.22% -9.58%
% of Gross Profit 21.26% 18.51%
Depreciation & Amortization $410.0K $280.0K
YoY Change 46.43% 27.27%
% of Gross Profit 6.31% 5.97%
Operating Expenses $7.521M $4.724M
YoY Change 59.21% 9.35%
Operating Profit -$1.022M -$34.00K
YoY Change 2905.88% 6.25%
Interest Expense $1.330M $90.00K
YoY Change 1377.78%
% of Operating Profit
Other Income/Expense, Net -$84.00K -$23.00K
YoY Change 265.22% 15.0%
Pretax Income $300.0K $33.00K
YoY Change 809.09% -155.0%
Income Tax $1.171M $60.00K
% Of Pretax Income 390.33% 181.82%
Net Earnings -$871.0K -$27.00K
YoY Change 3125.93% -76.52%
Net Earnings / Revenue -9.81% -0.42%
Basic Earnings Per Share -$0.21 -$0.01
Diluted Earnings Per Share -$0.21 -$0.01
COMMON SHARES
Basic Shares Outstanding 4.205M shares 3.910M shares
Diluted Shares Outstanding 4.205M shares 3.910M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $3.700M
YoY Change 18.92% -15.91%
Cash & Equivalents $4.365M $3.676M
Short-Term Investments
Other Short-Term Assets $2.000M $900.0K
YoY Change 122.22% 0.0%
Inventory $2.086M $1.000M
Prepaid Expenses
Receivables $9.864M $5.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.29M $11.30M
YoY Change 61.85% 2.73%
LONG-TERM ASSETS
Property, Plant & Equipment $3.397M $3.100M
YoY Change 9.58% 14.81%
Goodwill $11.42M
YoY Change
Intangibles $609.0K
YoY Change
Long-Term Investments $0.00 $600.0K
YoY Change -100.0%
Other Assets
YoY Change
Total Long-Term Assets $18.40M $11.70M
YoY Change 57.22% 13.59%
TOTAL ASSETS
Total Short-Term Assets $18.29M $11.30M
Total Long-Term Assets $18.40M $11.70M
Total Assets $36.68M $23.00M
YoY Change 59.5% 7.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.640M $1.300M
YoY Change 103.08% 18.18%
Accrued Expenses $2.505M $800.0K
YoY Change 213.13% -27.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.400M $900.0K
YoY Change 277.78% 12.5%
Total Short-Term Liabilities $16.14M $8.600M
YoY Change 87.66% 10.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.100M $600.0K
YoY Change 250.0% -66.67%
Other Long-Term Liabilities $1.700M $900.0K
YoY Change 88.89% 125.0%
Total Long-Term Liabilities $3.800M $1.500M
YoY Change 153.33% -31.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.14M $8.600M
Total Long-Term Liabilities $3.800M $1.500M
Total Liabilities $24.31M $12.20M
YoY Change 99.23% 3.39%
SHAREHOLDERS EQUITY
Retained Earnings -$181.1M
YoY Change
Common Stock $43.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $169.0K
YoY Change
Treasury Stock Shares 12.72K shares
Shareholders Equity $12.38M $10.80M
YoY Change
Total Liabilities & Shareholders Equity $36.68M $23.00M
YoY Change 59.5% 7.98%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$871.0K -$27.00K
YoY Change 3125.93% -76.52%
Depreciation, Depletion And Amortization $410.0K $280.0K
YoY Change 46.43% 27.27%
Cash From Operating Activities -$1.290M $370.0K
YoY Change -448.65% 0.0%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$850.0K
YoY Change -70.59% 183.33%
Acquisitions
YoY Change
Other Investing Activities $1.280M
YoY Change
Cash From Investing Activities $1.040M -$850.0K
YoY Change -222.35% 183.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.540M -130.0K
YoY Change -1284.62% -159.09%
NET CHANGE
Cash From Operating Activities -1.290M 370.0K
Cash From Investing Activities 1.040M -850.0K
Cash From Financing Activities 1.540M -130.0K
Net Change In Cash 1.290M -610.0K
YoY Change -311.48% -310.34%
FREE CASH FLOW
Cash From Operating Activities -$1.290M $370.0K
Capital Expenditures -$250.0K -$850.0K
Free Cash Flow -$1.040M $1.220M
YoY Change -185.25% 82.09%

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dei Trading Symbol
TradingSymbol
SOFO
dei Entity Registrant Name
EntityRegistrantName
SONIC FOUNDRY INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
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2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-03-31
dei Entity Central Index Key
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0001029744
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us-gaap Loss Contingency Settlement Agreement Terms
LossContingencySettlementAgreementTerms
The key terms of the preliminary agreement are 1) grant a fully paid, non-revocable license of Astute patents; 2) grant a fully paid, non-refundable license of certain Sonic patents to Astute; 3) Both Astute and our customer agree to identify three meetings they currently capture that the other party will not seek or respond to any request for proposal; and 4) payment of $1.35 million to Astute.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Reclassifications have been made to the December&#xA0;31, 2013 financial statements to conform to the March&#xA0;31, 2014 presentation.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentration of Credit Risk and Other Risks and Uncertainties</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company&#x2019;s cash and cash equivalents are deposited with two major financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on such amounts and believes that it is not exposed to any significant credit risk on these balances.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> We assess the realization of our receivables by performing ongoing credit evaluations of our customers&#x2019; financial condition. Through these evaluations, we may become aware of a situation where a customer may not be able to meet its financial obligations due to deterioration of its financial viability, credit ratings or bankruptcy.&#xA0;Our reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information is received.&#xA0;Our reserves are also based on amounts determined by using percentages applied to certain aged receivable categories.&#xA0;These percentages are determined by a variety of factors including, but not limited to, current economic trends, historical payment and bad debt write-off experience.&#xA0;Allowance for doubtful accounts for accounts receivable was $242,000 at March&#xA0;31, 2014 and $90,000 at September&#xA0;30, 2013.</p> </div>
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