Sonic Solutions (NASDAQ:SNIC) didn’t just hit a new closing low over the last 52 weeks today. It closed at a low not seen since 2003. Shares have actually been weak most of this year, and this was after the company posted earnings and guidance.
Revenues posted yesterday for last quarter were $29.5 million, under the $33.7 million estimates. It also sees revenues the coming quarter in a $30 to $33 million range, under the $34.7 million estimate. Sonic is not reporting full results as part of its ongoing option review, is delinquent in SEC filings, and it stated that prior results cannot be relied upon. It seems shareholders aren’t relying on anything here out of the company except for the sell button.
Shares closed down 25% at $7.80 on over 4.4 million shares, a 4+ year low and on more than 10-times normal trading volume. As a reminder, this is the old Roxio digital media software provider.
Jon C. Ogg
August 24, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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