Sonic Foundry narrows losses, secures new deal

The California State University system and Madison-based Sonic Foundry announced an agreement making Sonic Foundry’s Mediasite video platform one of two preferred providers, although CEO Gary Weis expects revenue impact to be nominal, according to a report in the Wisconsin State Journal.

The company narrowed its losses in its fiscal fourth quarter ending Sept. 30, 2016. The company reported a net loss of $847,000 (19 cents/share) on revenues of $9.5 million. That compares with a net loss of $1.2 million (28 cents/share) on revenues of $9.1 million for the same period in 2015.

For the full 2016 fiscal year, the company posted a $3.3 million net loss (76 cents/share) on $38 million in revenue.

In 2015, the company posted a net loss of $4.5 million ($1.04/share) on $36.5 million in revenue.