Sonic Reports Q3 EPS of $0.03 vs. $0.01
Sonic Solutions (Nasdaq: SNIC) today reported financial results for its third quarter of fiscal year 2011 ended December 31, 2010.
Sonic's non-GAAP net revenue for the December quarter was $46.3 million, calculated by excluding the impact of $0.7 million in warrant-related contra revenue and by taking into account $19.1 million in multi-year DivX site license payments, minimum royalty payments, and unbilled per-unit royalties for units shipped prior to Sonic's acquisition of DivX.
Non-GAAP gross profit, which excludes $955 thousand in amortization of acquired intangibles, was $35.7 million. Based on an assumed effective tax rate of 40%, Sonic's non-GAAP net income for the quarter was $1.6 million, or $0.03 per diluted share based on 48.5 million shares outstanding.
In addition to Sonic's results, DivX had revenue of $1.4 million during the period between October 1, 2010 and the close of its acquisition by Sonic on October 7, 2010. Excluding the impact of this DivX revenue, Sonic's Adjusted EBITDA for the quarter totaled $2.9 million.
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