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Smith Micro Reduces 3rd Quarter Net Loss On 83% Revenue Increase Over Year Ago

Oct 26, 2000

Aliso Viejo, CA -- Smith Micro Software, Inc. (NASDAQ:SMSI), a developer and marketer of a wide range of software andservice solutions for the Internet and wireless markets, todayreported that its fourth consecutive quarter revenue increasehelped to reduce the company's net loss substantially from year-agolevels.

Net revenues for the third quarter ended September 30, 2000totaled $3.4 million, compared with net revenues of $1.8 millionfor the same quarter last year and $3.2 million for the secondquarter of 2000. The company reported a third quarter net loss of$873,000, or $0.05 per diluted share, compared with a net loss of$3.7 million, or $0.24 per diluted share a year earlier and a netloss of $632,000, or $0.04 per diluted share, in the precedingquarter.

"We saw year-over-year improvement in most parts of thebusiness," said William W. Smith, Jr., chairman and chief executiveofficer. "Third quarter revenues included contributions from twoacquisitions completed during the quarter, retail sales remainedrobust, and we reduced the net loss by 76 percent over the thirdquarter last year. Furthermore, we completed the third quarter withno long-term debt, $7.2 million in cash, working capital of $9.7million."

"Our growing focus on the wireless marketplace, a diversifiedsuite of products, an enhancement of professional services talent,two strategically important third-quarter acquisitions, improvedexpense ratios, a strong presence in multiple distributionchannels, and an establishment of strategic business relationships,strengthens our ability to continue to move towards profitability,"Smith said.

Investor Conference Call

Smith Micro will hold an investor conference call to discuss thecompany's results at 4:30 p.m. eastern time later today. Investorsmay access the conference call via telephone, or over the Internetvia the company's website www.smithmicro.com or www.vcall.com. To listen to the live call bytelephone, please dial 800/840-6217 or go to either web site atleast 15 minutes early to register, download, and install anynecessary audio software. For those who cannot listen to the livebroadcast, a replay will be available through November 15 bydialing 800-633-8284 and entering reservation number 16626739.

About Smith Micro Software

Smith Micro Software, headquartered in Aliso Viejo, California,is a developer and marketer of eCommerce and communication softwareproducts and services. The company designs integrated,cross-platform, easy-to-use software for personal computing andbusiness solutions around the world. With a focus on the Internet,wireless, and broadband technologies, the company's products andprofessional services enable eCommerce and eBusiness, Internetcommunications (voice-over-IP), video conferencing, wirelesscommunications and network fax, along with traditional computertelephony. Smith Micro's complete line of products is availablethrough direct sales, retail stores, value-added resellers (VARs)and original equipment manufacturers (OEMs). Smith Micro's commonstock trades on The Nasdaq Stock Market® under the symbol SMSI. For more information, contact Smith Micro at (949)362-5800.

This release contains forward-looking statements that involverisks and uncertainties and actual results may differ materiallyfrom those suggested by the forward-looking statements. Among otherthings, the company's attempt to develop new markets in eCommerce,Mac and wireless markets involves the development of new productsfor markets where the company has relatively little experience andwhere competition is keen. If the company's product line takeslonger to develop than currently anticipated and/or if thecompany's competition develops products that gain market acceptancemore quickly than the company can develop its products, thatopportunity will be lost or delayed. Other important factors whichcould cause actual results to differ materially from those in theforward-looking statements include, but are not limited toeconomic, competitive, governmental and technological factorsaffecting the company's operations, markets, products, services andprices, as well as other factors detailed in the company's filingswith the Securities and Exchange Commission including its recentfilings on Forms 10-K and 10-Q.

Smith Micro and the Smith Micro logo are trademarks orregistered trademarks of Smith Micro Software, Inc. All othertrademarks and product names are the property of their respectivecompanies.

FINANCIAL TABLES FOLLOW

Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 Three Months Ended
September 30
(unaudited)
 20001999
Net Revenues$3,374$1,845
Cost of Revenues985652

Gross Margin2,3891,193

Expenses:
   Sales and Marketing1,3941,649
   Research and Development9691,009
   General and Administrative9861,162

Total Operating Expenses3,3493,820

Operating Loss(960)(2,627)

Other Income, net94111
Loss Before Income Tax(866)(2,516)
Income Tax Expense71,187
Net Loss$(873)$(3,703)

Net loss per basic and diluted share Per Share$(0.05)$(0.24)

Weighted average shares outstanding, basic anddiluted16,03015,504
Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 Nine Months Ended
September 30
(unaudited)
 20001999
Net Revenues$9,670$8,243
Cost of Revenues2,1551,964

Gross Margin7,5156,279

Expenses:
   Sales and Marketing4,2354,910
   Research and Development2,9102,938
   General and Administrative2,8033,071

Total Operating Expenses9,94810,919

Operating Loss(2,433)(4,640)

Other Income, net321350
Loss Before Income Tax(2,112)(4,290)
Income Tax Expense52831
Net Loss$(2,164)$(5,121)

Net loss per basic and diluted share Per Share$(0.14)$(0.33)

Weighted average shares outstanding, basic anddiluted15,89815,347
Smith Micro Software, Inc.
Balance Sheets
(in thousands)
 (unaudited)
September 30,
2000
December 31,
1999

ASSETS
Current Assets:
Cash and Cash Equivalents$7,174$8,704
Accounts Receivable (Net)4,9663,487
Inventory349502
Prepaids and Other Assets189253

   Total Current Assets12,67812,946
Equipment and Improvements, net518456
Other Assets132215
Intangible Assets (Net)3,0922,312

TOTAL ASSETS$16,420$15,929

 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$1,345$747
Accrued Liabilities1,6591,350

   Total Current Liabilities3,0042,097
Common Stock1616
Additional Paid In Capital24,78823,039
Accumulated Deficit(11,388)(9,223)

   Total Stockholders' Equity13,41613,832

TOTAL LIABILITIES AND EQUITY$16,420$15,929

Smith Micro Software, Inc.
Business Division Revenue
(in thousands, unaudited)
 Three Months Ended
September 30
(unaudited)
 20001999

Wireless and Broadband$758$607
Internet Solutions923204
Macintosh392342
Retail1,301692

   Total Revenue$3,374$1,845

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