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Sonic Solutions Reports Results For Third Fiscal Quarter Ended December 31, 2003
NOVATO, Calif., Feb 3, 2004 (BUSINESS WIRE) -- Sonic Solutions (NASDAQ: SNIC)
-- Revenue increase drives record quarterly profitability
-- Revenue of $14.8 million, up 77% over prior year
-- Net income of $3.2 million or $0.13 per share, up 197% over
prior year
Sonic Solutions (NASDAQ: SNIC) announced today results for the Company's third
fiscal quarter ended December 31, 2003.
Net revenue for the quarter was $14,834,000 compared to $8,379,000 for the same
period in the prior fiscal year. Operating income for the quarter was $3,636,000
and net income per diluted share was $0.13 compared to operating income of
$1,147,000 and net income per diluted share of $0.06 for the same period of the
prior fiscal year.
Net revenue for the nine months ended December 31, 2003 was $39,551,000 compared
to $23,251,000 for the same period in the prior fiscal year. Operating income
for the nine months was $7,920,000 and net income per diluted share was $0.29
compared to operating income of $2,456,000 and net income per diluted share of
$0.13 for the same period of the prior fiscal year.
Sonic will hold its fiscal third quarter 2004 earnings conference call on
Tuesday, February 3, 2004 at 1:30 p.m. (PT)/4:30 p.m. (ET). Investors are
invited to listen to Sonic's quarterly conference call on the investor section
of the Sonic Web site at www.sonic.com. A replay of the call will also be
available via Webcast at www.sonic.com.
Sonic Solutions
Condensed Statement of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Nine Months
Ended Ended
December 31, December 31,
2003 2002 2003 2002
-------- ------- -------- --------
Net Revenue $14,834 $8,379 $39,551 $23,251
Cost of Revenue 1,734 1,777 5,135 5,472
-------- ------- -------- --------
Gross Profit 13,100 6,602 34,416 17,779
-------- ------- -------- --------
Operating expenses
Marketing and sales 3,304 2,067 9,286 6,214
Research and development 4,986 2,658 14,007 6,800
General and administrative 1,174 730 3,203 2,309
-------- ------- -------- --------
Total operating expenses 9,464 5,455 26,496 15,323
-------- ------- -------- --------
Operating income 3,636 1,147 7,920 2,456
Other income (expense), net 101 (39) 102 23
-------- ------- -------- --------
Income before income taxes 3,737 1,108 8,022 2,479
Provision for income taxes 529 29 1,274 87
-------- ------- -------- --------
Net income $3,208 1,079 6,748 2,392
======== ======= ======== ========
Net income per share
applicable to common
Shareholders:
Basic $0.15 $0.06 $0.34 $0.14
======== ======= ======== ========
Diluted $0.13 $0.06 $0.29 $0.13
======== ======= ======== ========
Shares used in computing
net income per share:
Basic 21,516 16,680 20,023 16,000
======== ======= ======== ========
Diluted 24,770 19,131 23,377 18,327
======== ======= ======== ========
Sonic Solutions
Condensed Balance Sheets
(in thousands)
December 31, March 31,
2003 2003 *
----------- ----------
Assets (unaudited)
Current assets:
Cash, cash equivalents and investments $38,930 $9,708
Accounts receivable, net of allowance for
returns and doubtful accounts of $265 and
$425, at December 31, 2003 and March 31, 2003,
respectively 8,943 5,823
Inventory 344 531
Prepaid expenses and other current assets 1,028 869
----------- ----------
Total current assets 49,245 16,931
----------- ----------
Fixed assets, net 3,043 1,745
Purchased and internally developed software
costs, net 978 920
Acquired intangibles 943 1,345
Goodwill 6,715 6,715
Other assets 1,432 697
----------- ----------
Total assets $62,356 $28,353
=========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $7,398 $7,087
Deferred revenue and deposits 4,493 1,840
----------- ----------
Total current liabilities 11,891 8,927
----------- ----------
Shareholders' equity:
Common stock 70,056 45,765
Preferred stock 0 0
Accumulated deficit (19,591) (26,339)
----------- ----------
Total shareholders' equity 50,465 19,426
----------- ----------
Total liabilities and
shareholders' equity $62,356 $28,353
=========== ==========
* March 31, 2003 balances are derived from the audited financial
statements included in the Company's 2003 Annual Report on
Form 10-K.
About Sonic Solutions (NASDAQ: SNIC)
Based in Marin County, California, Sonic Solutions (http://www.sonic.com) is the
world's leading supplier of DVD creation software for professional, industrial
and consumer applications. The majority of major film releases on DVD have been
produced on Sonic's professional DVD authoring systems in studios around the
world. Sonic's MyDVD(R) and DVDit!(R) are the most widely used DVD creation
applications by consumers and video enthusiasts and are the solutions of choice
among the key PC and after-market drive suppliers. Sonic's RecordNow!(TM) is a
leading solution for audio and data mastering. Sonic's AuthorScript(R), the DVD
and CD formatting and burning engine that underlies Sonic's applications, is the
most widely deployed DVD software engine and has been licensed by Adobe,
Microsoft, Sony, and many others.
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