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Smith Micro Announces 2003 First Quarter Results

Apr 24, 2003
New Product Shipments Help in Continued Improvement

Aliso Viejo, CA -- Smith Micro Software, Inc. (NASDAQ:SMSI), a developer and marketer of a wide range of software andservice solutions for the wireless and Internet markets, todayreported its first quarter 2003 results.

The company reported net revenues for the quarter ended March31, 2003, of $1.9 million, compared to $1.9 million in the firstquarter of 2002. The company's net loss of $250,000 in the firstquarter of 2003 resulted in a loss of $.02 per basic and dilutedshare, compared to a net loss of $582,000 in the first quarter 2002or $.04 per basic and diluted share.

"We continue to be very confident that the wireless sector is anexciting sector for us to address. The announcement of QuickLinkMobile Wi-Fi at the CTIA trade show last month was well receivedand places us in the forefront of the Wi-Fi market," said WilliamW. Smith, Jr., President and Chief Executive Officer.

"We also started shipping FAXstf X Pro, a powerful fax solutionfor the Mac OS X community and the WebDNA product line, wasenhanced by the shipment of the Enterprise Edition which rounds outa complete lineup of web site development tools. We believe thatthese product releases will serve us well in 2003," Smithconcludes.

Investor Conference Call

Smith Micro will hold an investor conference call to discuss thecompany's results at 4:30 p.m. Eastern time, Thursday, April 24,2003. Investors may access the conference call over the Internetvia the company's website www.smithmicro.com or PRNewswire/Thonpson.

About Smith Micro Software

Smith Micro Software, Inc., headquartered in Aliso Viejo, CA, isa developer and marketer of wireless communication and utilitysoftware products. 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 services enablewireless communications, eCommerce, eBusiness, Internetcommunications (voice-over-IP), video conferencing, and networkfax, along with traditional computer telephony. Smith Micro'scomplete line of products is available through direct sales, retailstores, value-added resellers (VARs) and original equipmentmanufacturers (OEMs). Smith Micro's common stock trades on TheNasdaq Stock Market® under the symbol SMSI. For more information, contact Smith Micro at (949)362-5800.

This release may contain forward-looking statements thatinvolve risks and uncertainties, including without limitation risksand uncertainties relating to the company's financial prospects andprojections, the company's plans for returning to sustainedprofitability and the company's ability to increase its business inthe Wireless and Broadband segments. Among the important factorsthat could cause actual results to differ materially from those inthe forward-looking statements are new and changing technologies,customer acceptance of those technologies, fluctuations orcancellations in orders from distribution customers, new andcontinuing adverse economic conditions, and the company's abilityto compete effectively with other software companies. These andother factors could cause actual results to differ materially fromthose presented in any forward-looking statement and are discussedin the company's filings with the Securities and ExchangeCommission including its recent filings on Forms 10-K and10-Q.

Smith Micro, the Smith Micro logo, QuickLink, QuickLinkMobile, FAXstf and WebDNA are trademarks or registered trademarksof Smith Micro Software, Inc. All other trademarks and productnames are the property of their respective companies.

Financial Schedules follow

Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 Three Months Ended
March 31
(unaudited)
 20032002
Net Revenues:
   Products1,5851,457
   Services282436

Total Net Revenues1,8671,893
 
Cost of Revenues:
   Products321370
   Services84399

Total Cost of Revenues405769

Gross Margin1,4621,124
 
Operating Expenses:
   Sales & Marketing582665
   Research & Development654540
   General & Administrative468489

Total Operating Expenses1,7041,694

Operating Loss(242)(570)
Interest Income712
Interest & Other Expenses(12)(20)

Loss Before Income Tax(247)(578)
Income Tax Expense34

Net Loss$(250)$(582)

Net Loss per share, basic and diluted$(0.02)$(0.04)

Weighted average shares outstanding, basic & diluted16,22316,232

Smith Micro Software, Inc.
Consolidated Balance Sheets
(in thousands)
 March 31,
2003
(unaudited)
December 31,
2002
ASSETS
Current Assets:
Cash & Cash Equivalents$3,450$3,627
Accounts Receivable, Net667633
Inventory, Net3345
Prepaids & Other Assets219263

   Total Current Assets4,3694,568
Equipment and Improvements, net165220
Intangible Assets, Net153224
Goodwill1,7151,715
Other Assets3239

TOTAL ASSETS$6,434$6,766

 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$497$445
Accrued Liabilities583709

   Total Current Liabilities1,0801,154
 
Common Stock1616
Additional Paid In Capital24,77924,787
Accumulated Deficit(19,441)(19,191)

   Total Stockholders' Equity5,3545,612

TOTAL LIABILITIES AND EQUITY$6,434$6,766

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