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SMITH MICRO REPORTS 93% INCREASE IN REVENUE OVER SECOND QUARTER 1998

Jul 27, 1999
 

ALISO VIEJO, CA - Smith Micro Software, Inc. (Nasdaq:SMSI) today announced net revenues of $3,201,000 for the second quarter ended June 30, 1999 compared with net revenues of $1,656,000 for the same period in 1998. The company recorded a net loss for the quarter of ($684,000) or ($0.05) per share, compared with a net loss of ($709,000) or ($0.05) per share for the same period in 1998.

For the six months ended June 30, 1999, net revenues were $6,067,000 compared with net revenues of $4,922,000 for the same period in 1998. The company recorded a net loss for the six-month period of ($1,376,000) or ($0.10) per share compared with a net loss of ($596,000) or ($0.04) per share for the same period in 1998.

At the end of the second quarter, the company's financial condition remained strong with working capital of $14.3 million and no long-term debt.

"The second quarter of 1999 represented our fourth sequential quarter of revenue growth," said Bill Smith, President and CEO of Smith Micro. "Smith Micro's second quarter net revenues increased 93% compared to the same quarter last year, and increased 12% from the first quarter." We are pleased that we continue to grow revenues based on sales of both new and core products, and we believe Smith Micro is well positioned to regain bottom line profitability. The continued investment in our new Internet focus and retail presence has kept the bottom line from improving over the first quarter. However, we believe that this investment was necessary for our return to future profitability."

During the second quarter, Smith Micro acquired STF Technologies, making Smith Micro the world's leading manufacturer of Macintosh® communications software.

Smith Micro also announced the release of the first software product developed by its STF Mac Division, the Mac® client for conexs.com. The Mac client software allows Apple® computer users to access the conexs.com service, a mass market Internet communications service that offers real-time Internet chat and phone capabilities. With conexs.com, Apple computer-based Internet users can make audio calls anywhere in the world with the convenience and cost-efficiency of the Internet.

About Smith Micro

Headquartered in Aliso Viejo, California, Smith Micro is a leading developer and marketer of software products that make communications simple. With a focus on the Internet, broadband and modem-based technologies, the company designs integrated, easy-to-use software that enables fax, data, voice and video communication to personal computer users around the world. Smith Micro's complete line of products is available through direct sales, retail stores, value-added resellers (VARs) and original equipment manufacturers (OEMs). Smith Micro's common stock trades on The Nasdaq Stock Market® under the symbol SMSI.

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)

  Second Quarter Ended June 30
  1999
(unaudited)
1998
(unaudited)
Net revenues $3,201 $1,656
Cost of sales 578 581
Gross Margin 2,623 1,075
Operating expenses:
  Selling and marketing 1,510 759
  Research and development 940 849
  General and administrative 967 840
Total operating expenses 3,417 2,438
Operating loss (794) (1,363)
Interest income, net 110 183
Loss before income taxes (684) (1,180)
Income tax expense (benefit) -- (471)
Net Loss $(684) $(709)
Net loss per basic and diluted share $(0.05) $(0.05)
Weighted average shares outstanding, basic and diluted 14,462 14,075

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

  Sixth Months Ended June 30
  1999
(unaudited)
1998
(unaudited)
Net revenues $6,067 $4,922
Cost of sales 1,314 1,447
Gross Margin 4,753 3,475
Operating expenses:
  Selling and marketing 3,043 1,527
  Research and development 1,831 1,625
  General and administrative 1,859 1,676
Total operating expenses 6,733 4,828
Operating loss (1,980) (1,353)
Interest income, net 248 363
Loss before income taxes (1,732) (990)
Income tax expense (benefit) (356) (394)
Net Loss $(1,376) $(596)
Net loss per basic and diluted share $(0.10) $(0.04)
Weighted average shares outstanding, basic and diluted 14,268 14,075
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