Sonic Foundry Inc. (SOFO, Financial) filed Quarterly Report for the period ended 2009-12-31.
Sonic Foundry Inc. has a market cap of $19.5 million; its shares were traded at around $5.4 with and P/S ratio of 1.1.
Selling and marketing expenses decreased $445 thousand or 17% from $2.7 million in Q1-2009 to $2.2 million in Q1-2010 resulting from:
G&A expenses increased $20 thousand or 3% over the prior period from $783 thousand in Q1-2009 to $803 thousand in Q1-2010. Increased facilities expense of $14 thousand and benefits expense of $11 thousand contributed to the overall increase.
Product development expenses decreased $192 thousand, or 21% from $903 thousand in Q1-2009 to $711 thousand in Q1-2010. Some significant differences between the periods include:
On the September 30, 2009, 10-K filing, the Company recorded a non-cash deferred tax liability related to goodwill acquired in 2001 and made corresponding revisions to earlier results. The net impact was to record a $142 thousand non-cash provision for taxes and an increase to a long-term deferred tax liability of $142 thousand in fiscal 2009 and to record a $256 thousand non-cash provision for taxes in fiscal 2008 as well as the accumulated impact of prior period amortization of goodwill. This liability had historically been presented net of deferred tax assets and associated valuation allowances. Management determined that due to the nature of the deferred tax liability and future growth of such non-cash liability it was more prudent to present separately. Q1-2009 numbers have been revised to match this presentation.
Cash used in operating activities was $127 thousand in Q1-2010 compared to cash provided by operating activities in Q1-2009 of $9 thousand. Cash used in 2010 was impacted by a decrease in the net loss of $956 thousand from $1.3 million to $320 thousand and partially offset by changes in working capital. Working capital changes included the positive effects of reductions in accounts receivable of $225 thousand, reduction in inventory of $133 thousand and reductions in other current assets of $194 thousand. These were offset by the negative effects of a $228 thousand decrease in accounts payable and accrued liabilities and a $231 thousand decrease in unearned revenue. Q1-2009 had more significant changes in working capital components with a $1.3 million decrease in accounts receivable.
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Sonic Foundry Inc. has a market cap of $19.5 million; its shares were traded at around $5.4 with and P/S ratio of 1.1.
Highlight of Business Operations:
Revenue in Q1-2010 increased $493 thousand, or 12% from Q1-2009 revenue of $4.0 million to $4.5 million. Revenue consisted of the following:Selling and marketing expenses decreased $445 thousand or 17% from $2.7 million in Q1-2009 to $2.2 million in Q1-2010 resulting from:
G&A expenses increased $20 thousand or 3% over the prior period from $783 thousand in Q1-2009 to $803 thousand in Q1-2010. Increased facilities expense of $14 thousand and benefits expense of $11 thousand contributed to the overall increase.
Product development expenses decreased $192 thousand, or 21% from $903 thousand in Q1-2009 to $711 thousand in Q1-2010. Some significant differences between the periods include:
On the September 30, 2009, 10-K filing, the Company recorded a non-cash deferred tax liability related to goodwill acquired in 2001 and made corresponding revisions to earlier results. The net impact was to record a $142 thousand non-cash provision for taxes and an increase to a long-term deferred tax liability of $142 thousand in fiscal 2009 and to record a $256 thousand non-cash provision for taxes in fiscal 2008 as well as the accumulated impact of prior period amortization of goodwill. This liability had historically been presented net of deferred tax assets and associated valuation allowances. Management determined that due to the nature of the deferred tax liability and future growth of such non-cash liability it was more prudent to present separately. Q1-2009 numbers have been revised to match this presentation.
Cash used in operating activities was $127 thousand in Q1-2010 compared to cash provided by operating activities in Q1-2009 of $9 thousand. Cash used in 2010 was impacted by a decrease in the net loss of $956 thousand from $1.3 million to $320 thousand and partially offset by changes in working capital. Working capital changes included the positive effects of reductions in accounts receivable of $225 thousand, reduction in inventory of $133 thousand and reductions in other current assets of $194 thousand. These were offset by the negative effects of a $228 thousand decrease in accounts payable and accrued liabilities and a $231 thousand decrease in unearned revenue. Q1-2009 had more significant changes in working capital components with a $1.3 million decrease in accounts receivable.
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