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Sonic Foundry Announces Fiscal 2019 Third Quarter Financial Results
Sonic Foundry Announces Fiscal 2019 Third Quarter Financial Results.
About this update from Sonic Foundry, Inc.
[{"type":"text","content":"\nMADISON, Wis., Aug. 13, 2019 (GLOBE NEWSWIRE) -- Sonic Foundry (OTC Pink Sheets: SOFO) today announced consolidated financial results for its fiscal 2019 third quarter ended June 30, 2019.\n Fiscal 2019 Third Quarter Highlights Total revenues were $10.1 million ($10.2 million without distribution impact) compared to $8.7 million in the third quarter of 2018Gross margin was $7.4 million or 73 percent of sales compared to $6.4 million or 74 percent of sales in the third quarter of 2018Adjusted EBITDA of $740,000 compared to $(343,000) in the third quarter of 2018Net loss of $(159,000) ($(93,000) without distribution impact) or $(0.03) per share compared to net loss of $(1) million or $(0.23) per share in the third quarter of 2018Billings totaled $10.5 million in the third quarter of 2019, an increase of 16 percent compared to the same period last yearUnearned revenue increased to $11 million as of June 30, 2019 Fiscal 2019 Third Quarter ReviewService billings, including support, hosting, events, and installs, saw an increase of 14 percent from the prior year for a total of $6.5 million. Product billings were up 20 percent to $4 million during the third quarter of fiscal year 2019 compared to the same period last year. Product billings and revenue were negatively impacted by a planned reduction of product inventory maintained by domestic distributors of $94,000 during the quarter and $1.3 million year to date. The company expects to recognize $3.4 million of the current unearned revenue in the fourth quarter of fiscal 2019. Recurring revenue of $6.3 million was 63 percent of total revenue in the third quarter of 2019, compared to $5.9 million, or 68 percent of total revenue in the third quarter of 2018. Operating expenses were $7.2 million, down $66,000 or 1 percent from the same period in 2018. The net loss of $(159,000) was an improvement compared to the same period in 2018. “I am pleased to see us execute according to our plan for the quarter. As we proceed with our strategic and operational improvements, we are focused on living up to the expectations and goals we create,” said Michael Norregaard, CEO, Sonic Foundry. “We are confident we have the platform that best helps our customers scale deployments across campuses and enterprises. As we quickly approach the start of a new fiscal year, Mediasite...