Company Converts $5.6 Million of Secured Debt into Equity at $5 Per Share
MADISON, Wis. – May 14, 2020 – Sonic Foundry, Inc. (OTC Pink Sheets: 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.
Sonic Foundry (OTC: SOFO) is the global leader for video capture, management and streaming solutions. Trusted by more than 5,200 educational institutions, corporations, health organizations and government entities in over 65 countries, its Mediasite Video Platform quickly and cost-effectively automates the capture, management, delivery and search of live and on-demand streaming videos. Learn more at www.mediasite.com and @mediasite.
© 2020 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.