02 May Sonic Foundry reports GAAP loss as Q2 revenues rise
Madison, Wis. – Sonic Foundry has reported a GAAP loss of $1.9 million, or five cents per share, for the second quarter of fiscal 2007, but the company’s quarterly revenues continue to rise.
Sonic Foundry, developer of the Mediasite communications technology, said its Q2 net loss compares to a GAAP loss of $947,000, or three cents per share, in the same period of 2006. Included in the 2007 number is $395,000 in non-cash expenses for stock compensation, depreciation, and amortization.
Meanwhile, quarterly revenues were $3.82 million, an increase of 29 percent over the $2.95 million reported for the second quarter of fiscal 2006. Revenues for the first six months of fiscal 2007 totaled $7.29 million, a 51 percent increase over the $4.83 million in the same period in fiscal 2006.
Sonic Foundry, which has been trying to increase its penetration in the education market, said second quarter customer sales broke down as follows: sales to corporations, 44 percent; education, 39 percent; healthcare, 13 percent; and government, three percent.
The company, which has introduced an advanced search function on Mediasite, added several new customers during the second quarter, including Anadarko Petroleum, Colorado State University, and the Oregon Institute of Technology.
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