52-Week Lows: Sonic Solutions (SNIC); Roxio Isn’t Working

By Douglas A. McIntyre Published Aug 24, 3:15PM EDT

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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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.