-----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, Hp1cQz6f/0GlX3RzfaUDaQ6976Uec/7Go0qBbzeamz5Bh1JSbL71pNDRgTKihmKK 47mOSrp1sOJaexZkqWIqtQ== 0001157523-04-004370.txt : 20040504 0001157523-04-004370.hdr.sgml : 20040504 20040504160918 ACCESSION NUMBER: 0001157523-04-004370 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040504 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040504 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: 04777923 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 a4632667.txt SONIC SOLUTIONS 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 (Date of earliest event reported): May 4, 2004 SONIC SOLUTIONS (Exact name of registrant as specified in its charter) California 72870 93-0925818 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer organization) 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 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. c. Exhibits Exhibit Description ------- -------------------------------------------------- 99.1 Press Release of Sonic Solutions dated May 4, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On May 4, 2004, Sonic Solutions issued a press release announcing the results of its fourth quarter and fiscal year ended March 31, 2004. 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. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SONIC SOLUTIONS By: /s/ Robert J. Doris --------------------------- Name: Robert J. Doris Title: President and Director (Principal Executive Officer) Date: May 4, 2004 3 EX-99.1 2 a4632667ex991.txt SONIC SOLUTIONS Exhibit 99.1 Sonic Solutions Reports Record Results for Fourth Quarter and Fiscal Year Ended March 31, 2004; 10th Consecutive Quarter of Increasing Revenues Drives All-Time Record Profits NOVATO, Calif.--(BUSINESS WIRE)--May 4, 2004--Sonic Solutions (Nasdaq:SNIC) announced today the financial results for the Company's fourth quarter and fiscal year ended March 31, 2004. Net revenue for the quarter was $17,302,000 compared to $9,467,000 for the same period in the prior fiscal year. Net income for the quarter was $4,336,000 or $0.17 per diluted share compared to net income of $145,000 or $0.01 per diluted share for the same period in the prior fiscal year. Net revenue for the fiscal year ended March 31, 2004 was $56,853,000 compared to $32,718,000 for the prior fiscal year. Net income for the fiscal year was $11,084,000 or $0.46 per diluted share compared to net income of $2,537,000 or $0.13 per diluted share for the prior fiscal year. Sonic will hold its fourth quarter and fiscal year ended March 31, 2004 earnings conference call on Tuesday, May 4, 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) Three Months Twelve Months Ended Ended March 31, March 31, (unaudited) (audited) 2004 2003 2004 2003 ------- ------- ------- ------- Net Revenue $17,302 $ 9,467 $56,853 $32,718 Cost of Revenue 1,917 1,974 7,052 7,446 ------- ------- ------- ------- Gross Profit 15,385 7,493 49,801 25,272 ------- ------- ------- ------- Operating expenses Marketing and sales 3,343 2,548 12,629 8,762 Research and development 5,724 3,825 19,731 10,625 General and administrative 1,466 792 4,669 3,101 ------- ------- ------- ------- Total operating expenses 10,533 7,165 37,029 22,488 ------- ------- ------- ------- Operating income 4,852 328 12,772 2,784 Other income (expense), net 136 (70) 238 (47) ------- ------- ------- ------- Income before income taxes 4,988 258 13,010 2,737 Provision for income taxes 652 113 1,926 200 ------- ------- ------- ------- Net income $ 4,336 145 11,084 2,537 ======= ======= ======= ======= Net income per share applicable to common Shareholders: Basic $ 0.20 $ 0.01 $ 0.54 $ 0.15 ======= ======= ======= ======= Diluted $ 0.17 $ 0.01 $ 0.46 $ 0.13 ======= ======= ======= ======= Shares used in computing net income per share: Basic 21,766 17,564 20,459 16,391 ======= ======= ======= ======= Diluted 25,197 20,807 23,889 19,311 ======= ======= ======= ======= Sonic Solutions Condensed Balance Sheets (in thousands) (audited) March 31, March 31, 2004 2003 ---------- --------- Assets Current assets: Cash, cash equivalents and investments $ 36,182 $ 9,708 Accounts receivable, net of allowance for returns and doubtful accounts of $243 and $425, at March 31, 2004 and 2003, respectively 9,443 5,823 Inventory 560 531 Prepaid expenses and other current assets 1,400 869 -------- -------- Total current assets 47,585 16,931 -------- -------- Fixed assets, net 3,610 1,745 Purchased and internally developed software costs, net 1,042 920 Acquired intangibles 2,898 1,345 Goodwill 15,533 6,715 Other assets 277 697 -------- -------- Total assets $ 70,945 $ 28,353 ======== ======== Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 10,122 $ 7,087 Deferred revenue and deposits 4,965 1,840 Capital Leases 60 0 -------- -------- Total current liabilities 15,147 8,927 -------- -------- Capital lease, net of current portion 75 0 -------- -------- Total liabilities 15,222 8,927 Shareholders' equity: Common stock 70,994 45,765 Cumulative foreign translation adjustment (16) 0 Accumulated deficit (15,255) (26,339) -------- -------- Total shareholders' equity 55,723 19,426 -------- -------- Total liabilities and shareholders' equity $ 70,945 $ 28,353 ======== ======== 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. Such forward-looking statements include, without limitation, statements concerning or relating to implications of the Company's revenues and financial results for the third quarter ended December 31, 2003, including any statements containing words such as "believes," "expects," and words of similar import or statements of management's opinion. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, including financial results, market performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause such differences include, but are not limited to, the timely introduction and acceptance of new products, costs associated with new product introductions, the transition of products to new hardware configurations and platforms, risks related to the Company's acquisitions, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Forms 10-K, 10-Q and 8-K, including, but not limited to, those described in the Company's Form 10-Q for the fiscal quarter ended September 30, 2003. The Company does not undertake to update any forward looking statements. Sonic, the Sonic logo, Backup MyPC, CinePlayer, PrePlay, DVD Producer, Edit-on-DVD, HyperMux DL, NoNOISE, Sonic PrimeTime, RecordNow!, Simple Backup, Sonic JumpSafe and Sonic SmartBalance are trademarks of Sonic Solutions. AuthorScript, AutoDVD, DVDit!, DVD Fusion, MyDVD, OpenDVD, PrePlay, ReelDVD, Scenarist, Sonic DVD Creator 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 clay_leighton@sonic.com or Market Street Partners Carolyn Bass or Rob Walker, 415-445-3234 carolyn@marketstreetpartners.com rwalker@marketstreetpartners.com -----END PRIVACY-ENHANCED MESSAGE-----