Sonic Foundry, a developer of automated media application software and systems, has reported fiscal 2007 GAAP revenues of $16.7 million, up 33% compared to fiscal 2006.
The company’s GAAP net loss was $6.4 million, or $0.18 cents per diluted share, compared to $0.11 cents per share, in fiscal 2006. Total annual billings stood at $19.7 million, an increase of 44% year-over-year. Recognized service revenues were $4.3 million, approximately 26% of net revenues for the fiscal year and an increase of 70% over the $2.5 million the company recorded in fiscal 2006. Annual service billings for the year were $6.2 million, up 59% from $3.9 million in 2006.
Revenues for the fourth quarter of fiscal 2007 were $4.7 million, an increase of 15% from the $4.1 million reported for the fourth quarter of fiscal 2006. Billings rose to $5.8 million for the quarter versus $4.6 million in the fourth quarter of 2006. The company reported a GAAP net loss of $1.4 million, or $0.04 per share for the fourth quarter compared to $341,000, or a loss of $0.01 per share, in the same quarter of 2006.
Rimas Buinevicius, chairman and CEO of Sonic Foundry, said: We are delighted with our progress in 2007 and have strengthened our business by diversifying our offerings and further building out our team.