24 Jan Sonic Foundry reports $3.5M loss in fiscal Q1
Madison, Wis. – Citing slowing economic conditions in the corporate and financial services sectors, Sonic Foundry has reported a first quarter loss of approximately $3.5 million, or $0.10 per share, on revenue of approximately $2.5 million.
Sonic Foundry, a developer of automated rich media communications technology, said the company historically depends on first quarter sales in the corporate and financial services markets. Lagging sales to corporate customers led the company to allocate more resources to the higher education market, which typically is seasonally weaker in the fiscal first quarter, which ended Dec. 31, 2007.
However, higher education has been generating pipeline activity beyond historical levels of 50 percent, the company said.
The company said its second quarter focus would be on product roll outs and education bundles that support Microsoft’s Silverlight technology, allowing for cross-platform, cross-browser playback for Windows and Mac environments.
The company’s signature product is MediaSite, which is sold to corporate, higher education, and government clients.
Final results for the first quarter of fiscal 2008 will be released on Thursday, Feb. 7, after the close of the market. The company will host a corporate webcast for analysts and investors that day at 3:30 p.m. Central Time, 4:30 p.m. Eastern Time. The company trades on the NASDAQ Stock Market under the symbol SOFO.
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