$SOFO
Sonic Foundry Inc

2014 Q3 Form 10-Q Financial Statement

#000119312514308408 Filed on August 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $8.479M $11.27M $8.013M
YoY Change 25.41% 40.61% 3.3%
Cost Of Revenue $2.610M $3.478M $2.402M
YoY Change 39.57% 44.8% 9.08%
Gross Profit $5.871M $7.789M $5.611M
YoY Change 20.01% 38.82% 1.01%
Gross Profit Margin 69.24% 69.13% 70.02%
Selling, General & Admin $5.760M $6.389M $4.431M
YoY Change 33.64% 44.19% 8.95%
% of Gross Profit 98.11% 82.03% 78.97%
Research & Development $1.470M $1.449M $1.071M
YoY Change 26.72% 35.29% -1.65%
% of Gross Profit 25.04% 18.6% 19.09%
Depreciation & Amortization $520.0K $450.0K $340.0K
YoY Change 57.58% 32.35% 47.83%
% of Gross Profit 8.86% 5.78% 6.06%
Operating Expenses $7.230M $7.866M $5.502M
YoY Change 32.18% 42.97% 6.71%
Operating Profit -$1.357M -$77.00K $109.0K
YoY Change 133.16% -170.64% -72.68%
Interest Expense -$230.0K $0.00 $10.00K
YoY Change 283.33% -100.0% -96.0%
% of Operating Profit 9.17%
Other Income/Expense, Net $330.0K -$59.00K -$20.00K
YoY Change 725.0% 195.0% -33.33%
Pretax Income -$1.260M -$136.0K $100.0K
YoY Change 106.56% -236.0% -83.84%
Income Tax $30.00K -$169.0K $60.00K
% Of Pretax Income 60.0%
Net Earnings -$1.288M $33.00K $40.00K
YoY Change 93.39% -17.5% -92.84%
Net Earnings / Revenue -15.19% 0.29% 0.5%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share -$303.5K $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 4.429M shares 4.246M shares 3.938M shares
Diluted Shares Outstanding 4.393M shares 3.984M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.300M $3.900M $3.100M
YoY Change 22.86% 25.81% -27.91%
Cash & Equivalents $1.976M $3.933M $3.078M
Short-Term Investments
Other Short-Term Assets $1.300M $1.200M $800.0K
YoY Change 62.5% 50.0% -11.11%
Inventory $1.960M $2.353M $1.142M
Prepaid Expenses
Receivables $8.449M $10.25M $7.688M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.06M $17.77M $12.68M
YoY Change 27.25% 40.11% 1.46%
LONG-TERM ASSETS
Property, Plant & Equipment $3.396M $3.423M $3.097M
YoY Change 3.54% 10.53% 10.61%
Goodwill $11.19M $11.42M $7.576M
YoY Change 47.64% 50.67%
Intangibles $3.420M $658.0K $20.00K
YoY Change 22700.0% 3190.0%
Long-Term Investments $0.00 $0.00 $577.0K
YoY Change -100.0% -100.0% 92.33%
Other Assets $564.0K
YoY Change
Total Long-Term Assets $18.57M $19.02M $11.77M
YoY Change 58.49% 61.56% 10.03%
TOTAL ASSETS
Total Short-Term Assets $16.06M $17.77M $12.68M
Total Long-Term Assets $18.57M $19.02M $11.77M
Total Assets $34.62M $36.79M $24.46M
YoY Change 42.29% 50.44% 5.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.183M $2.135M $1.529M
YoY Change -21.81% 39.63% 9.21%
Accrued Expenses $2.512M $2.430M $1.222M
YoY Change 108.64% 98.85% -18.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $974.0K $3.500M $900.0K
YoY Change 8.22% 288.89% 12.5%
Total Short-Term Liabilities $16.04M $16.15M $9.682M
YoY Change 59.7% 66.8% 7.58%
LONG-TERM LIABILITIES
Long-Term Debt $1.139M $1.900M $400.0K
YoY Change 279.67% 375.0% -76.47%
Other Long-Term Liabilities $401.0K $1.600M $1.000M
YoY Change -9.89% 60.0% 150.0%
Total Long-Term Liabilities $1.540M $3.500M $1.400M
YoY Change 246.07% 150.0% -33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.04M $16.15M $9.682M
Total Long-Term Liabilities $1.540M $3.500M $1.400M
Total Liabilities $23.31M $24.02M $13.18M
YoY Change 71.02% 82.22% 2.19%
SHAREHOLDERS EQUITY
Retained Earnings -$182.4M -$181.1M -$178.9M
YoY Change 1.57% 1.23%
Common Stock $43.00K $43.00K $40.00K
YoY Change 7.5% 7.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $169.0K $169.0K $169.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 12.72K shares 12.72K shares 12.72K shares
Shareholders Equity $11.32M $12.77M $11.27M
YoY Change
Total Liabilities & Shareholders Equity $34.62M $36.79M $24.46M
YoY Change 42.29% 50.44% 5.41%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$1.288M $33.00K $40.00K
YoY Change 93.39% -17.5% -92.84%
Depreciation, Depletion And Amortization $520.0K $450.0K $340.0K
YoY Change 57.58% 32.35% 47.83%
Cash From Operating Activities $1.260M -$100.0K -$310.0K
YoY Change 51.81% -67.74% -188.57%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$190.0K -$350.0K
YoY Change -16.67% -45.71% 20.69%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$300.0K -$200.0K -$350.0K
YoY Change -16.67% -42.86% 20.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.0K -250.0K 50.00K
YoY Change 300.0% -600.0% -125.0%
NET CHANGE
Cash From Operating Activities 1.260M -100.0K -310.0K
Cash From Investing Activities -300.0K -200.0K -350.0K
Cash From Financing Activities -240.0K -250.0K 50.00K
Net Change In Cash 720.0K -550.0K -610.0K
YoY Change 75.61% -9.84% 335.71%
FREE CASH FLOW
Cash From Operating Activities $1.260M -$100.0K -$310.0K
Capital Expenditures -$300.0K -$190.0K -$350.0K
Free Cash Flow $1.560M $90.00K $40.00K
YoY Change 31.09% 125.0% -93.75%

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SONIC FOUNDRY INC
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The key terms of the agreement are: 1) grant non-revocable license of Astute patents to the Company; 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: 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 $120,000 at June&#xA0;30, 2014 and $90,000 at September&#xA0;30, 2013.</p> </div>
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