MADISON, Wis., Dec. 19, 2019 (GLOBE NEWSWIRE) — Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for video creation and management solutions, today announced consolidated financial results for its fiscal 2019 fourth quarter and fiscal year ended September 30, 2019.
- Billings totaled $9.8 million in the fourth quarter of 2019 consistent with billings of $9.8 million for the same period last year
- Total revenues of $9.2 million compared to $8.5 million in the fourth quarter of 2018, a 9 percent increase
- Gross margin was $6.5 million, or 70 percent of sales, compared to $6.1 million, or 72 percent of sales, in the fourth quarter of 2018
- Net loss attributable to common stockholders of $(179,000), or $(0.03) per share, compared to $(10.0) million, or $(2.01) per share, in the fourth quarter of 2018; net loss, net of the one-time impairment charges and the benefit from the write-off of the related deferred tax liability, was $(1.2) million in the fourth quarter of 2018
- Adjusted EBITDA was $744,000 compared to $(504,000) in the fourth quarter of 2018. The company adjusts EBITDA for non-cash stock compensation expense, severance and impairment of goodwill and other intangibles.
- Unearned revenue was $11.7 million as of September 30, 2019, down $1.7 million from September 30, 2018, largely a result of the ASC 606 adjustment upon adoption