-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HfSqrtfGIo5UHtEHYI/fyBYvRmVQraukDbFgJigBr4BHVCjrzn0e/15zSs9wEIPx tA3NGO7X3wCCMql5PbOavA== 0001157523-03-003480.txt : 20030730 0001157523-03-003480.hdr.sgml : 20030730 20030730160528 ACCESSION NUMBER: 0001157523-03-003480 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030730 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONIC SOLUTIONS/CA/ CENTRAL INDEX KEY: 0000916235 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 930925818 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23190 FILM NUMBER: 03811630 BUSINESS ADDRESS: STREET 1: 101 ROWLAND WAY STREET 2: STE 110 CITY: NOVATO STATE: CA ZIP: 94945 BUSINESS PHONE: 4158938000 MAIL ADDRESS: STREET 1: 101 ROWLAND WAY STREET 2: STE 110 CITY: NOVATO STATE: CA ZIP: 94945 8-K 1 a4445024.txt SONIC SOLUTIONS 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report: July 30, 2003 Date of earliest event reported: July 30, 2003 SONIC SOLUTIONS (Exact name of registrant as specified in its charter) California 72870 93-0925818 (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification No.) 101 Rowland Way, Suite 110 Novato, CA 94945 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (415) 893-8000 1 INFORMATION INCLUDED IN THIS REPORT Items 1 through 6, and item 8 are not applicable. ITEM 7. FINANCIAL STATEMENTS. ITEM 9. REGULATION FD DISCLOSURE (the following discussion is furnished under "Item 12. Results of Operations and Financial Condition"). In accordance with the Securities and Exchange Commission Release No. 33-8216, the following information, required to be furnished under "Item 12. Results of Operations and Financial Conditions," is furnished under "Item 9. Regulation FD Disclosure." On July 30, 2003, Sonic Solutions issued a press release announcing the results of its first quarter ended June 30, 2003. The press release is attached hereto as Exhibit 99.1. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing. EXHIBIT: The following document is filed as an exhibit to this report: Exhibit Description ------- ---------------------------------------------------------- 99.1 Press release dated July 30, 2003. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant, Sonic Solutions, has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the City of Novato, State of California, on the 30th day of July, 2003. SONIC SOLUTIONS Signature Date --------- --- /s/ Robert J. Doris July 30, 2003 ------------------- Robert J. Doris President and Director (Principal Executive Officer) /s/ A. Clay Leighton July 30, 2003 -------------------- A. Clay Leighton Senior Vice President of Worldwide Operations and Finance and Chief Financial Officer (Principal Financial Accounting Officer) 3 EXHIBIT INDEX Exhibit Description ------- -------------------------------------------------------- 99.1 Press release dated July 30, 2003. 4 EX-99 3 a4445024ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Sonic Solutions Reports Results For First Fiscal Quarter Ended June 30, 2003; Record Quarterly Revenue Drives Record Quarterly Profit NOVATO, Calif.--(BUSINESS WIRE)--July 30, 2003--Sonic Solutions (Nasdaq:SNIC) announced today results for the Company's first fiscal quarter ended June 30, 2003. Net revenue for the quarter was $12,022,000 compared to $7,384,000 for the same period in the prior fiscal year. Operating income for the quarter was $2,024,000 and net income per diluted share was $0.08 compared to operating income of $582,000 and net income per diluted share of $0.03 for the same period of the prior fiscal year. "We are very pleased by the momentum Sonic continues to generate with our OEM customers and technology partners, and the fact that it's now showing up strongly in our reported financial results," commented Bob Doris, Sonic's president. "In the June quarter Sonic generated the highest quarterly revenue, gross margin and net income in the history of the company. This is a great start to what we believe will be a very rewarding year for our shareholders." Sonic will hold its fiscal first quarter 2004 earnings conference call on Wednesday, July 30, 2003 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) Three Months Ended June 30, (unaudited) 2003 2002 -------- ------- Net revenue $12,022 $7,384 Cost of revenue 1,748 1,907 -------- ------- Gross profit 10,274 5,477 Operating expenses Marketing and sales 3,092 2,146 Research and development 4,181 1,892 General and administrative 977 857 -------- ------- Total operating expenses 8,250 4,895 Operating income 2,024 582 Other income (expense), net (50) 34 -------- ------- Income before income taxes 1,974 616 Provision for income taxes 331 40 -------- ------- Net income $1,643 576 ======== ======= Net income per share applicable to common shareholders: Basic $0.09 $0.03 ======== ======= Diluted $0.08 $0.03 ======== ======= Shares used in computing net income per share: Basic 18,434 15,289 ======== ======= Diluted 21,557 19,307 ======== ======= Sonic Solutions Condensed Balance Sheets (in thousands) June 30, March 31, 2003 2003 * ------------------------ Assets (unaudited) Current assets: Cash, cash equivalents and investments $12,022 $9,708 Accounts receivable, net of allowance for returns and doubtful accounts of $411 and $425, at June 30, 2003 and March 31, 2003, respectively 5,287 5,823 Inventory 746 531 Prepaid expenses and other current assets 915 869 ------------ ----------- Total current assets 18,970 16,931 ------------ ----------- Fixed assets, net 1,884 1,745 Purchased and internally developed software costs, net 968 920 Acquired intangibles 1,211 1,345 Goodwill 6,715 6,715 Other assets 1,214 697 ------------ ----------- Total assets $30,962 $28,353 ============ =========== Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $6,902 $7,087 Deferred revenue and deposits 2,143 1,840 ------------ ----------- Total current liabilities 9,045 8,927 ------------ ----------- Shareholders' equity: Common stock 46,613 45,765 Preferred stock 0 0 Accumulated deficit (24,696) (26,339) ------------ ----------- Total shareholders' equity 21,917 19,426 ------------ ----------- Total liabilities and shareholders' equity $30,962 $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 - News) 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. Forward Looking Statements The above paragraphs of this press release may contain forward looking statements that are based upon current expectations. Actual results could differ materially from those projected in the forward looking statements as a result of various risks and uncertainties including, among others, the timely introduction and acceptance of new products, costs associated with new product introductions, the transition of products to new hardware configurations and platforms and other factors, including those discussed in the Company's annual and quarterly reports on file with the Securities and Exchange Commission. This press release should be read in conjunction with the Company's most recent annual report on Form 10-K, Form 10-Q and Registration Statement on file with the Securities and Exchange Commission, which contain a more detailed discussion of the Company's business including risks and uncertainties that may affect future results. The Company does not undertake to update any forward looking statements. Sonic, the Sonic logo, Backup MyPC, CinePlayer, DVD PrePlay, DVD Producer, Edit-on-DVD, OpenDVD, PrimeTime, RecordNow and Simple Backup are trademarks of Sonic Solutions. AuthorScript, AutoDVD, DVD-Audio Creator, DVD Creator, DVDit!, DVD Fusion, MyDVD, NoNOISE, ReelDVD, Scenarist and Sonic Solutions are registered trademarks of Sonic Solutions. All other company or product names are trademarks of their respective owners and, in some cases, are used by Sonic under license. Specifications, pricing and delivery schedules are subject to change without notice. CONTACT: Sonic Solutions A. Clay Leighton, 415-893-8000 (Chief Financial Officer) clay_leighton@sonic.com or Market Street Partners Carolyn Bass, 415-321-2455 carolyn@marketstreetpartners.com Rob Hawkins, 415-321-2455 rob@marketstreetpartners.com -----END PRIVACY-ENHANCED MESSAGE-----