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SMITH MICRO REPORTS FIRST QUARTER 1999 RESULTS

Apr 29, 1999
 

ALISO VIEJO, CA - Smith Micro Software, Inc. (Nasdaq: SMSI) today announced financial results for the first quarter ended March 31, 1999.

For the three months ended March 31, 1999, net revenues were $2,866,000, as compared to $3,266,000 for the same period in 1998. The company reported a net loss of ($692,000) or ($.05) per diluted share, compared with net income for the first quarter last year of $113,000 or $0.01 per diluted share.

"On a quarter to quarter basis, first quarter revenues grew 13% from the fourth quarter 1998 net revenues of $2,538,000, marking the third consecutive quarter of revenue growth for Smith Micro," said William W. Smith, Jr., President and CEO of Smith Micro.

"We are continuing to market HotFax® MessageCenter and Internet CommSuite in the retail channel, including online Internet stores. As a result, sales and marketing expenditures increased $765,000 in the first quarter of 1999 compared to the same period in 1998. Our retail products represented approximately 34% of net revenues in the current quarter."

"Looking ahead, our recently announced acquisition of STF Technologies, Inc., our new Mac division, broadens our customer base, and gives us a position of leadership in the Apple communications software marketplace. To maximize this position, we are developing a Mac Client version of conexs.com, which will bring true Internet telephony capabilities to the Mac platform, and continue to establish Smith Micro as a leader in Internet-based communication software and sales in the personal computer Internet telephony marketplace and now on the Macintosh side as well," Smith added.

The company also reported that its annual meeting of stockholders will be held at 10:00 a.m. on Wednesday, May 26, 1999 at its corporate headquarters in Aliso Viejo, California.

Smith Micro is a leading developer and marketer of software products that make person-to-person communications simple. With a focus on the Internet, broadband and modem-based technologies, the company designs integrated, easy-to-use software that enables personal computer users to access fax, data, voice and video communications around the world. Headquartered in Aliso Viejo, California, Smith Micro's complete line of products are available through direct sales, and a worldwide network of retail distributors, value-added resellers (VARs) and OEMs. Smith Micro's common stock trades on The Nasdaq Stock Market® under the symbol SMSI. For more information, contact Bruce Quigley at Smith Micro at 949/362-5800.

This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, governmental and technological factors effecting the company's operations, markets, products, services and prices, as well as, other factors detailed in the company's filings with the Securities and Exchange Commission including its recent filings on Forms 10-K and 10-Q.

Smith Micro, the Smith Micro logo, conexs.com, FAXstf and STF Technologies are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.

FINANCIAL TABLES FOLLOW
SMITH MICRO SOFTWARE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS *
(in thousands, except share and per-share amounts)

 First Quarter Ended March 31
 1999
(unaudited)
1998
(unaudited)
Net revenues$2,866$3,266
Cost of sales736866
Gross Margin2,1302,400
Operating expenses:
  Selling and marketing1,533768
  Research and development891786
  General and administrative892836
Total operating expenses3,3162,390
Operating loss(1,186)10
Interest income, net138180
Loss before income taxes(1,048)190
Income tax expense (benefit)(356)77
Net Loss$(692)$113
Net loss per basic and diluted share$(0.05)$(0.01)
Weighted average shares outstanding, basic and diluted14,07514,076
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