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Smith Micro Reports 66% Increase in Fourth Quarter Revenues Over the Same Period a Year Ago

Feb 08, 2001
Marking 5th Consecutive Quarterly Increase in Revenues

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 its fifth consecutive quarter of revenue growth.

The company reported net revenues for the quarter ended December31, 2000, of $4.1 million, an increase of 66 percent from the samequarter last year. The company's net revenues in the fourth quarterincreased 21 percent quarter over quarter, making the fifthconsecutive quarter of revenue growth. In the fourth quarter, thecompany reported a net loss of $989,000, or ($0.06) per dilutedshare, compared with a net loss of $980,000, or ($0.06) per dilutedshare in the same quarter last year. In the third quarter, thecompany reported a net loss of $873,000, or $0.05 per dilutedshare.

For the full year, net revenues rose to $13.7 million in 2000,up 28 percent from $10.7 million in 1999. The net loss for the fullyear was cut nearly in half to $3.2 million, or ($0.20) per dilutedshare, from $6.1 million, or ($0.40) per diluted share, in1999.

"Virtually all business divisions showed significant revenuegrowth from the fourth quarter of 1999, with our largestunit-wireless & broadband-increasing 22 percent year-over-year.Our retail sales grew by 76 percent, and our Internet Solutionsbusiness was up more than three-fold. In addition, sales of ourcombined retail products ranked in the top 100 of all softwarepublishers' retail products sold during 2000, both in volume anddollars sold, according to PC Data," said William W. Smith, Jr.,Chairman and Chief Executive Officer.

He added that "the revenue improvements and reduction in the netloss for 2000 coupled with early indications of strong receptionfor substantially all of the Company's new products introducedduring 2000, provide for a strong base for our business in 2001. Weare targeting significant increases in revenues, approximately halfof which we believe should come from the wireless and broadbandsector under new marketing agreements with wireless providers.Although it is still early in the year, we believe that if ourmarkets continue to develop and strengthen through 2001, ourresults of operations will become profitable sometime during thesecond half of the year although we will not necessarily beprofitable on an annualized basis in 2001."

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 800/633-8516 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 February 19 bydialing 800-633-8284 and entering reservation number 17764795.

About Smith Micro Software

Smith Micro Software, headquartered in Aliso Viejo, California,is a developer and marketer of Intranet and Internet Framework,communication and diagnostic software products and professionalservices. The company designs integrated, cross-platform,easy-to-use software for personal computing and business solutionsaround the world. With a focus on the Internet, wireless, andbroadband technologies, the company's products and professionalservices enable eCommerce and eBusiness, Internet communications(voice-over-IP), video conferencing, wireless communications andnetwork fax, along with traditional computer telephony. SmithMicro's complete line of products is available through directsales, retail stores, value-added resellers (VARs) and originalequipment manufacturers (OEMs). Smith Micro's common stock tradeson The Nasdaq Stock Market® under the symbol SMSI. For more information, contact Smith Micro at (949)362-5800.

This press release contains forward-looking statementsregarding the Company's projections for increased revenues, reducedlosses and profitability in 2001. These forward-looking statementsinvolve risks and uncertainties and actual results may differmaterially from those described herein. Specific facts that couldcause the actual results to differ include, but are not limited tonew and changing technologies and customer acceptance of thosetechnologies; fluctuations or cancellations in orders fromdistribution customers; the company's ability to competeeffectively with other software companies; as well as other factorsdetailed in the company's filings with the Securities and ExchangeCommission including its recent filings on Forms 10-K and10-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 Schedules follow

Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 Three Months Ended
December 31
(unaudited)
 20001999
Net Revenues$4,068$2,457
Cost of Revenues1,493512

Gross Margin2,5751,945

 
   Sales and Marketing1,3421,225
   Research and Development1,131888
   General and Administrative1,182852

Total Operating Expenses3,6552,965

Operating Loss(1,080)(1,020)

Other Income, net9397
Loss Before Income Tax(987)(923)
Income Tax Expense257
Net Loss$(989)$(980)

Net loss per basic and diluted share Per Share$(0.06)$(0.06)

Weighted average shares outstanding, basic anddiluted16,23215,558
Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 Twelve Months Ended
December 31
(unaudited)
 20001999
Net Revenues$13,738$10,700
Cost of Revenues3,6492,476

Gross Margin10,0898,224

 
   Sales and Marketing5,5786,135
   Research and Development4,0413,826
   General and Administrative3,9853,923

Total Operating Expenses13,60413,884

Operating Loss(3,515)(5,660)

Other Income, net414447
Loss Before Income Tax(3,101)(5,213)
Income Tax Expense54888
Net Loss$(3,155)$(6,101)

Net loss per basic and diluted share Per Share$(0.20)$(0.40)

Weighted average shares outstanding, basic anddiluted15,98415,292
Smith Micro Software, Inc.
Consolidated Balance Sheets
(in thousands)
 (unaudited)
December 31,
2000
December 31,
1999

ASSETS
Current Assets:
Cash and Cash Equivalents$6,178$8,704
Accounts Receivable (Net)4,7503,487
Inventory338502
Prepaids and Other Assets294253

   Total Current Assets11,56012,946
Equipment and Improvements, net737456
Other Assets89215
Intangible Assets (Net)2,9282,312

TOTAL ASSETS$15,314$15,929

 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$1,590$747
Accrued Liabilities1,2971,350

   Total Current Liabilities2,8872,097
Common Stock1616
Additional Paid In Capital24,78923,039
Accumulated Deficit(12,378)(9,223)

   Total Stockholders' Equity12,42713,832

TOTAL LIABILITIES AND EQUITY$15,314$15,929

Smith Micro Software, Inc.
Business Division Revenue
(in thousands, unaudited)
 Three Months Ended
December 31
(unaudited)
 20001999

Wireless and Broadband$1,312$1,075
Internet Solutions1,106312
Macintosh597470
Retail1,053600

   Total Revenue$4,068$2,457

 Twelve Months Ended
December 31
(unaudited)
 20001999

Wireless and Broadband$4,996$5,063
Internet Solutions3,555847
Macintosh1,6341,351
Retail3,5533,439

   Total Revenue$13,738$10,700

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