MADISON, Wis. – December 9, 2021 – Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader in video creation, management solutions, and virtual and hybrid events, today announced consolidated financial results for its fiscal year 2021 and fourth quarter for the year ended September 30, 2021.
Highlights for the Fiscal Year Ended September 30, 2021
- Total revenue increased 1.4% to $35.2 million compared to $34.7 million in the prior year. Exceeded fiscal 2021 revenue goal mainly due to growth in cloud and event businesses which offset pressures on traditional products.
- Gross margin was 71% of sales compared to 72% of sales in the prior year, reflecting investment in cloud infrastructure to support recurring revenue growth.
- Net income attributable to common stockholders was $0.36 per diluted share, compared to a net loss of $0.02 per diluted share in fiscal year 2020. Net income included the forgiveness of $2.3 million of debt associated with the PPP program.
- Adjusted EBITDA was $2.7 million, compared to $2.4 million in fiscal year 2020.
Highlights for the Fiscal Quarter Ended September 30, 2021
- Total revenue was $8.6 million, compared to $10.2 million in the prior year quarter due to the $1.3 million impact of a one-time project to migrate a significant on-premises deployment to the Mediasite Cloud.
- Gross margin was 69% of sales, compared to 72% of sales in the prior year quarter, reflecting investments in cloud infrastructure to support recurring revenue growth.
- Net loss attributable to common stockholders was $0.05 per diluted share, compared to a net income of $0.06 per diluted share in the fourth fiscal quarter of 2020, reflecting new investments made in product development and marketing to address new markets.
- Adjusted EBITDA was a negative $270 thousand, compared to $1.6 million in the fourth fiscal quarter of 2020.
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. Sonic Foundry’s brands include Vidable® and Global Learning Exchange® which help unlock a smarter, more connected world for learners, workers, and entrepreneurs everywhere. For more information visit www.sonicfoundry.com.
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