Company Converts $5.6 Million of Secured Debt into Equity at $5 Per Share
MADISON, Wis. – May 14, 2020 – Sonic Foundry, Inc. (OTC: SOFO), a trusted leader for video creation and management solutions, today announced consolidated financial results for its fiscal 2020 second quarter ended March 31, 2020.
Fiscal 2020 Second Quarter Highlights
- Billings totaled $9.8 million in the second quarter of 2020; an increase of 31 percent compared to the same period last year
- Total revenues of $8.7 million compared to $8 million in the second quarter of 2019, a nine percent increase
- Gross margin was $6.3 million, or 72 percent of sales, compared to $6 million, or 75 percent of sales, in the second quarter of 2019
- Net income attributable to common stockholders of $95,000, or $0.01 per share, compared to $(1.5) million, or $(0.29) per share, in the second quarter of 2019
- Adjusted EBITDA was $767,000 compared to $(784,000) in the second quarter of 2019
- Unearned revenue was $11.5 million as of March 31, 2020 and September 30, 2019.
About Sonic Foundry®, Inc.
Founded in 1991 and headquartered in Madison, Wis., Sonic Foundry (OTC: SOFO) is dedicated to transforming how the world works and learns through innovative and scalable technology solutions. We help customers maximize the value of their video initiatives and infrastructure while leveraging our expertise and global footprint to help unlock a smarter, more connected world for learners, workers, and entrepreneurs everywhere. Sonic Foundry’s family of brands includes Mediasite®, Video Solutions, Vidable® and Global Learning Exchange™ which are trusted by thousands of educational institutions, corporations, and health care organizations in dozens of countries around the world. For more information on how Sonic Foundry’s solutions can empower you and your organization to seize today’s opportunities as well as those of the future, visit www.sonicfoundry.com.
© 2023 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.