-----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, Sye3Q0ej+pkNGZfk1tmTCV83JFo3AZOY+D3FyJ3HvbNUYThvtCtM/LBh8ItPhRd6 Ee1NkYLXb9B8s13XLmvlCQ== 0001157523-04-007350.txt : 20040804 0001157523-04-007350.hdr.sgml : 20040804 20040804121405 ACCESSION NUMBER: 0001157523-04-007350 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040802 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040804 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: 04950674 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 a4693521.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 (Date of earliest event reported): August 2, 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 August 2, 2004 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 2, 2004, Sonic Solutions issued a press release announcing the results of its first quarter ended June 30, 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: August 2, 2004 3 EX-99.1 2 a4693521ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 Sonic Solutions Reports Record Results for First Quarter Ended June 30, 2004; 11th Consecutive Quarter of Increasing Revenues NOVATO, Calif.--(BUSINESS WIRE)--Aug. 2, 2004--Sonic Solutions (Nasdaq:SNIC) announced today the financial results for the Company's first quarter ended June 30, 2004. Net revenue for the quarter was $17,909,000 compared to $12,022,000 for the same period in the prior fiscal year. Net income for the quarter was $3,987,000 or $0.16 per diluted share compared to net income of $1,643,000 or $0.08 per diluted share for the same period in the prior fiscal year. Sonic will hold its first quarter ended June 30, 2004 earnings conference call on Monday, August 2, 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 Ended June 30, (unaudited) 2004 2003 -------- -------- Net Revenue $17,909 $12,022 Cost of Revenue 1,861 1,748 -------- -------- Gross Profit 16,048 10,274 -------- -------- Operating expenses Marketing and sales 3,912 3,092 Research and development 6,548 4,181 General and administrative 1,200 977 -------- -------- Total operating expenses 11,660 8,250 -------- -------- Operating income 4,388 2,024 Other income (expense), net 60 (50) -------- -------- Income before income taxes 4,448 1,974 Provision for income taxes 461 331 -------- -------- Net income $ 3,987 1,643 ======== ======== Net income per share applicable to common Shareholders: Basic $ 0.18 $ 0.09 ======== ======== Diluted $ 0.16 $ 0.08 ======== ======== Shares used in computing net income per share: Basic 22,044 18,434 ======== ======== Diluted 25,461 21,557 ======== ======== Sonic Solutions Condensed Balance Sheets (in thousands) June 30, March 31, 2004 2004 (a) --------- --------- (unaudited) Assets Current assets: Cash, cash equivalents and investments $ 67,781 $ 36,182 Accounts receivable, net of allowance for returns and doubtful accounts of $243 and $284, at March 31, 2004 and June 30, 2004, respectively 6,990 9,443 Inventory 596 560 Prepaid expenses and other current assets 1,197 1,399 --------- --------- Total current assets 76,564 47,584 --------- --------- Fixed assets, net 3,800 3,610 Purchased and internally developed software costs, net 1,195 1,042 Acquired intangibles 2,689 2,898 Goodwill 15,533 15,533 Other assets 298 278 --------- --------- Total assets $100,079 $ 70,945 ========= ========= Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,419 $ 1,145 Accrued liabilities 8,690 8,977 Deferred revenue and deposits 5,165 4,965 Capital Leases 65 60 --------- --------- Total current liabilities 15,339 15,147 --------- --------- Capital lease, net of current portion 50 75 --------- --------- Total liabilities 15,389 15,222 Shareholders' equity: Common stock 95,977 70,994 Cumulative foreign translation adjustment (19) (16) Accumulated deficit (11,268) (15,255) --------- --------- Total shareholders' equity 84,690 55,723 --------- --------- Total liabilities and shareholders' equity $100,079 $ 70,945 ========= ========= (a) March 31, 2004 balances are derived from the audited financial statements included in the Company's 2004 Annual Report on Form 10-K. About Sonic Solutions (Nasdaq:SNIC) Based in Marin County, California, Sonic Solutions (Nasdaq "SNIC") (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. InterActual, a subsidiary of Sonic Solutions, is the leading provider of software and services that enable cutting-edge DVD interactivity in computers and next-generation home entertainment platforms. 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. Sonic, the Sonic logo, Sonic Solutions, AuthorScript, AutoDVD, Backup MyPC, CinePlayer, DVD Fusion, DVDit, DVD Producer, Edit-on-DVD, HyperMux DL, InterActual, MyDVD, NoNOISE, OpenDVD, PrePlay, RecordNow, ReelDVD, Scenarist, Simple Backup, Sonic DVD Creator, Sonic JumpSafe, Sonic PrimeTime, and Sonic SmartBalance, are trademarks or registered trademarks of Sonic Solutions in the U.S. and/or other countries. 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, 415-445-3234 carolyn@marketstreetpartners.com Rob Walker, 415-445-3234 rwalker@marketstreetpartners.com -----END PRIVACY-ENHANCED MESSAGE-----