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Sonic Foundry Announces Fourth Quarter and Fiscal 2018 Financial Results
Sonic Foundry Announces Fourth Quarter and Fiscal 2018 Financial Results.
About this update from Sonic Foundry, Inc.
[{"type":"text","content":"\nMADISON, Wis., March 15, 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 2018 fourth quarter and fiscal year ended September 30, 2018.\n Fiscal 2018 Fourth Quarter Highlights Billings totaled $9.9 million in the fourth quarter of 2018, an increase of 5 percent, compared to the same period last yearTotal revenues of $8.5 million compared to $8.3 million in the fourth quarter of 2017Gross margin was $6.1 million, or 72 percent of sales, compared to $6.1 million, or 74 percent of sales, in the fourth quarter of 2017Non-cash expense of $11.8 million related to impairment of goodwill and intangible assets recorded in fourth quarter of 2018 compared to $600,000 related to impairment of goodwill recorded in fourth quarter of 2017Deferred tax liability write-off of the portion related to goodwill and intangible assets recorded in fourth quarter of 2018 which offsets impact of impairment by $2.4 millionNet loss of $(10) million, or $(2.01) per share, compared to $(1.6) million, or $(0.37) per share, in the fourth quarter of 2017; 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 compared to $(985,000) in the fourth quarter of 2017Net loss in the fourth quarter of 2018 improved by $640,000 from preliminary results released on December 20, 2018 as a result of a final tax adjustmentAdjusted EBITDA was $(547,000) compared to $(236,000) in the fourth quarter of 2017Unearned revenue was $13.3 million as of September 30, 2018, down $966,000 from September 30, 2017. Fiscal 2018 Fourth Quarter Review Service billings, including support, hosting, events, and installs increased 10 percent to $6.5 million, compared to $5.9 million the prior year. Increases in support and hosting billings primarily drove the change in service billings. The company expects to recognize $4.6 million of the current unearned revenue in the first quarter of fiscal 2019. Recurring revenue of $5.6 million was 66 percent of total revenue in the fourth quarter of 2018, up from $5.4 million, or 65 percent of total revenue, in the fourth quarter of 2017. Product billings were $3.4 million during ...