Sonic Solutions Reports Third Quarter Results For Quarter Ending Dec. 31, 1995.NOVATO Novato (nōvä`tō), residential city (1990 pop. 47,585), Marin co., W Calif., N of San Fransisco on San Pablo Bay; inc. 1960. In a farming and dairying area, it produces cosmetics, metal products, telephone apparatus, lumber, and wiring , Calif.--(BUSINESS WIRE)--Feb. 1, 1996--Sonic Solutions (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SNIC SNIC Singapore National Institute of Chemistry
SNIC Snow and Ice Clearance
SNIC Sub-Network Independent Convergence (functions)
SNIC Standard Network Interface Card ) today announced that net revenue was $3,445,000 for the third quarter ended December December: see month. 31, 1995, compared to $5,317,000 for the same period in the prior fiscal year. Net loss for the quarter totaled $540,000 down from the net income of $775,000 earned in the third quarter of last year.
Net revenue was $11,443,000 for the nine months ended December 31, 1995, compared to $15,385,000 for the same period in the prior fiscal year. Net loss for the nine month period totaled $1,213,000, compared to net income of $2,257,000, earned in the same nine month period of last year.
Commenting on the results, Robert Robert, Henry Martyn 1837-1923.
American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876).
Noun 1. J. Doris Doris, small mountainous district, central Greece, inland between the Gulf of Corinth and the Malian Gulf. It was the traditional homeland of the Dorians, who may, in fact, have paused there during their invasion of Greece. , President, said, "During the December quarter we made considerable progress in retrofitting and restaging Sonic Systems based on our new Ultra-Sonic Processor. This activity continued to divert di·vert
v. di·vert·ed, di·vert·ing, di·verts
1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident.
2. our field organization, depressing revenue levels for the quarter. However, we believe that the effort we expended ex·pend
tr.v. ex·pend·ed, ex·pend·ing, ex·pends
1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend.
2. has substantially solidified so·lid·i·fy
v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies
1. To make solid, compact, or hard.
2. To make strong or united.
v.intr. our position, permitting us to focus in future quarters on delivering new capabilities and products to our customers."
Sonic Solutions Sonic Solutions NASDAQ: SNIC is a digital media company based in Novato, California, USA. It was created in 1986 by former Lucasfilm employees who developed the AudioDroid digital audio editing system as part of the Droidworks project. designs and manufactures tools to assist audio and other multimedia professionals in preparing music, video, film, graphics, and other entertainment software. The Sonic System, the Company's professional digital audio workstation A digital audio workstation (DAW) is a system designed to record, edit and play back digital audio. A key feature of DAWs is the ability to freely manipulate recorded sounds, much like a word processor manipulates typed words. , is used around the world by audio professionals to prepare recorded sound for release on Digital Audio Compact Disc, for inclusion in film and video soundtracks, and for broadcast on radio and television. The Company's MediaNet product is a high speed local area network optimized for management of data intensive file transfers typically required in digital video, digital audio, computer graphics, and desktop publishing desktop publishing, system for producing printed materials that consists of a personal computer or computer workstation, a high-resolution printer (usually a laser printer), and a computer program that allows the user to select from a variety of type fonts and sizes, . -0- Note to Editors: Sonic Solutions (SNIC) is publicly traded on NASDAQ. Trademarks and registered trademarks are the property of their respective owners.
Sonic Solutions Condensed Statements of Operations (In thousands, except per share amounts)
Three Months Ended Nine Months Ended Dec. 31, Dec. 31, 1995 1994 1995 1994 (unaudited) (unaudited)
Net revenue $3,445 $5,317 $11,443 $15,385 Cost of revenue 1,651 1,939 5,561 5,567
Gross profit 1,794 3,378 5,882 9,818
Operating expenses: Marketing and sales 1,611 1,306 4,432 3,770 Research and development 695 646 2,005 1,760 General and administrative 362 373 1,443 1,189
Total operating expenses 2,668 2,325 7,880 6,719 Operating income (874) 1,053 (1,998) 3,099
Other income 43 75 130 218
Income before income taxes (831) 1,128 (1,868) 3,317
Provision for income taxes (291) 353 (655) 1,060
Net income ($540) $775 ($1,213) $2,257 Net income per share (0.07) 0.10 (0.16) 0.29
Shares used in computing net (loss) income per share 7,466 7,763 7,452 7,725
Sonic Solutions Condensed Balance Sheets (in thousands)
Dec. 31, March 31, 1995 1995 (unaudited) Assets Current assets: Cash, cash equivalents and investments $ 4,285 $ 7,896 Accounts receivable, net of allowance for returns and doubtful accounts of $1,080 and $810, at Dec. 31, 1995 and March 31, 1995, respectively 5,577 6,606 Inventory 2,656 2,767 Prepaid expenses and other current assets 1,437 583 Deferred tax benefit 742 742
Total current assets 14,697 18,594
Fixed assets, net 2,295 1,686 Purchased and internally developed software costs, net 1,270 921 Other assets 537 511
Total assets $18,799 $21,712
Liabilities and Shareholders' Equity
Current Liabilities: Accounts payable and accrued liabilities $ 2,759 $ 4,470 Deferred revenue and deposits 481 558 Income taxes payable 15 37
Total current liabilities 3,255 5,065
Deferred income taxes 315 315
Shareholders' equity: Common stock 13,101 12,990 Retained earnings 2,125 3,338 Unrealized (loss) gain on investments 3 4
Total shareholders' equity 15,229 16,332
Total liabilities and shareholders' equity $18,799 $21,712
CONTACT: Sonic Solutions
A. Clay Leighton Leighton is the name of a number of places: