- Revenue of $5.4 million increased 38% Y/Y and cash billings increased 22% Y/Y to $5.5 million
- Education billings increased 18% Y/Y to $3.3 million and non-EDU billings were up 29% to $2.2 million
- Gross margin was 75.4% versus 70.6% in the prior year quarter for gross profit of $4.1 million
- Operating expenses totaled $4.2 million, down 16% Y/Y bringing reported (GAAP) operating income to a modest loss of $144 thousand and reported net income to a loss of $152 thousand
- Adjusted operating and net income (adding back non-cash items) were approximately $300 thousand
- TTM revenue totaled $18.6 million (+17% Y/Y), billings were $20.2 million (+13% Y/Y), and, importantly, cash operating loss was only $109 thousand
- Net cash on balance sheet declined to $1.8 million at 3/31/09 from $2.9 million at 12/31/08 (due to working capital cash consumption to fund top-line growth)
- Management maintained its forecast for +15-20% revenue growth and positive adjusted net income for fiscal 2009
Conclusion: the Mediasite franchise keeps growing and we believe steady to higher demand for productivity enhancing -- money saving -- software/hardware products such as Mediasite will continue through the recession, whether short or prolonged. For those interested in watching Sonic Foundry's short F2Q call, the link is here.
Happy investing,
Jeffrey Walkenhorst
CommonStock$ense
Disclosure: long SOFO.
© 2009 Jeffrey Walkenhorst
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