$SOFO
Sonic Foundry Inc

2015 Q1 Form 10-Q Financial Statement

#000119312515187988 Filed on May 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $8.106M $8.878M
YoY Change -8.7% 38.07%
Cost Of Revenue $1.890M $2.379M
YoY Change -20.55% 36.72%
Gross Profit $6.216M $6.499M
YoY Change -4.35% 38.57%
Gross Profit Margin 76.68% 73.2%
Selling, General & Admin $5.744M $5.699M
YoY Change 0.79% 47.8%
% of Gross Profit 92.41% 87.69%
Research & Development $1.544M $1.382M
YoY Change 11.72% 59.22%
% of Gross Profit 24.84% 21.26%
Depreciation & Amortization $550.0K $410.0K
YoY Change 34.15% 46.43%
% of Gross Profit 8.85% 6.31%
Operating Expenses $7.288M $7.521M
YoY Change -3.1% 59.21%
Operating Profit -$1.072M -$1.022M
YoY Change 4.89% 2905.88%
Interest Expense -$70.00K $1.330M
YoY Change -105.26% 1377.78%
% of Operating Profit
Other Income/Expense, Net -$70.00K -$84.00K
YoY Change -16.67% 265.22%
Pretax Income -$1.142M $300.0K
YoY Change -480.67% 809.09%
Income Tax $208.0K $1.171M
% Of Pretax Income 390.33%
Net Earnings -$1.350M -$871.0K
YoY Change 54.99% 3125.93%
Net Earnings / Revenue -16.65% -9.81%
Basic Earnings Per Share -$0.31 -$0.21
Diluted Earnings Per Share -$0.31 -$0.21
COMMON SHARES
Basic Shares Outstanding 4.349M shares 4.205M shares
Diluted Shares Outstanding 4.349M shares 4.205M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $4.400M
YoY Change -40.91% 18.92%
Cash & Equivalents $2.610M $4.365M
Short-Term Investments
Other Short-Term Assets $1.700M $2.000M
YoY Change -15.0% 122.22%
Inventory $2.216M $2.086M
Prepaid Expenses
Receivables $8.141M $9.864M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.69M $18.29M
YoY Change -19.69% 61.85%
LONG-TERM ASSETS
Property, Plant & Equipment $3.247M $3.397M
YoY Change -4.42% 9.58%
Goodwill $10.83M $11.42M
YoY Change -5.14%
Intangibles $609.0K
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $512.0K
YoY Change
Total Long-Term Assets $17.37M $18.40M
YoY Change -5.57% 57.22%
TOTAL ASSETS
Total Short-Term Assets $14.69M $18.29M
Total Long-Term Assets $17.37M $18.40M
Total Assets $32.06M $36.68M
YoY Change -12.61% 59.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.468M $2.640M
YoY Change -44.39% 103.08%
Accrued Expenses $1.228M $2.505M
YoY Change -50.98% 213.13%
Deferred Revenue
YoY Change
Short-Term Debt $2.200M $0.00
YoY Change
Long-Term Debt Due $1.300M $3.400M
YoY Change -61.76% 277.78%
Total Short-Term Liabilities $14.75M $16.14M
YoY Change -8.59% 87.66%
LONG-TERM LIABILITIES
Long-Term Debt $1.900M $2.100M
YoY Change -9.52% 250.0%
Other Long-Term Liabilities $354.0K $1.700M
YoY Change -79.18% 88.89%
Total Long-Term Liabilities $354.0K $3.800M
YoY Change -90.68% 153.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.75M $16.14M
Total Long-Term Liabilities $354.0K $3.800M
Total Liabilities $22.65M $24.31M
YoY Change -6.8% 99.23%
SHAREHOLDERS EQUITY
Retained Earnings -$184.8M -$181.1M
YoY Change 2.0%
Common Stock $44.00K $43.00K
YoY Change 2.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $169.0K $169.0K
YoY Change 0.0%
Treasury Stock Shares 12.72K shares 12.72K shares
Shareholders Equity $9.405M $12.38M
YoY Change
Total Liabilities & Shareholders Equity $32.06M $36.68M
YoY Change -12.61% 59.5%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$1.350M -$871.0K
YoY Change 54.99% 3125.93%
Depreciation, Depletion And Amortization $550.0K $410.0K
YoY Change 34.15% 46.43%
Cash From Operating Activities -$1.070M -$1.290M
YoY Change -17.05% -448.65%
INVESTING ACTIVITIES
Capital Expenditures -$360.0K -$250.0K
YoY Change 44.0% -70.59%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.280M
YoY Change -100.0%
Cash From Investing Activities -$360.0K $1.040M
YoY Change -134.62% -222.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.140M 1.540M
YoY Change -25.97% -1284.62%
NET CHANGE
Cash From Operating Activities -1.070M -1.290M
Cash From Investing Activities -360.0K 1.040M
Cash From Financing Activities 1.140M 1.540M
Net Change In Cash -290.0K 1.290M
YoY Change -122.48% -311.48%
FREE CASH FLOW
Cash From Operating Activities -$1.070M -$1.290M
Capital Expenditures -$360.0K -$250.0K
Free Cash Flow -$710.0K -$1.040M
YoY Change -31.73% -185.25%

Facts In Submission

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The key terms of the agreement were 1) a grant of a non-revocable license of Astute patents to the Company; 2) a grant of a fully paid, non-refundable license of certain Sonic Foundry patents to Astute; 3) both Astute and our customer agreed to identify three meetings they currently capture that the other party will not seek or respond to any request for proposal; and 4) a 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"> As of March&#xA0;31, 2015, of the $2.6 million in cash and cash equivalents, $538 thousand is deposited with two major U.S. 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. The remaining $2.1 million of cash and cash equivalents is held by our foreign subsidiaries in financial institutions in Japan and the Netherlands and held in their local currency. The cash held in foreign financial institutions is not guaranteed.</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 $180,000 at March&#xA0;31, 2015 and $150,000 at September&#xA0;30, 2014, respectively.</p> </div>
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8000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1433000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
222000

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0001193125-15-187988.txt Edgar Link pending
0001193125-15-187988-xbrl.zip Edgar Link pending
d902874d10q.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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sofo-20150331.xml Edgar Link completed
sofo-20150331.xsd Edgar Link pending
sofo-20150331_cal.xml Edgar Link unprocessable
sofo-20150331_def.xml Edgar Link unprocessable
sofo-20150331_lab.xml Edgar Link unprocessable
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