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Smith Micro Announces 2003 Second Quarter Results

Jul 17, 2003
Continued Strength in the Wireless Market Fuels Profit

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

The company reported net revenues for the quarter ended June 30, 2003, of $2.3 million, compared to $1.6 million recorded in the second quarter of 2002. The company's net income of $124,000 in the second quarter of 2003 resulted in a net profit of $.01 per basic and diluted share, compared to a net loss of $495,000 in the second quarter 2002 or a net loss of $.03 per basic and diluted share.

"The wireless business continues to grow quarter over quarter including revenue in the second quarter of 2003 generated by new business that involved our QuickLink Mobile Wi-Fi solution," said William W. Smith, Jr., President and Chief Executive Officer. "We are also looking forward to more rewards of our focus in the Wi-Fi sector."

"As we add more WWAN and Wi-Fi business going forward, we continue to strengthen our leadership position in the wireless market," Smith concludes.

Investor Conference Call

Smith Micro will hold an investor conference call to discuss the company's results at 4:30 p.m. Eastern time, Thursday, July 17, 2003. Investors may access the conference call over the Internet via the company's website www.smithmicro.com or PRNewswire/Thonpson.

About Smith Micro Software

Smith Micro Software, Inc., headquartered in Aliso Viejo, CA, is a developer and marketer of wireless communication and utility software products. The company designs integrated cross platform, easy-to-use software for personal computing and business solutions around the world. With a focus on the Internet, Wireless, and Broadband technologies, the company's products and services enable wireless communications, eCommerce, eBusiness, Internet communications (voice-over-IP), video conferencing, and network fax, along with traditional computer telephony. 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. For more information, contact Smith Micro at (949) 362-5800.

This release may contain forward-looking statements that involve risks and uncertainties, including without limitation risks and uncertainties relating to the company's financial prospects and projections, the company's plans for returning to sustained profitability and the company's ability to increase its business in the Wireless and Broadband segments. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are new and changing technologies, customer acceptance of those technologies, fluctuations or cancellations in orders from distribution customers, new and continuing adverse economic conditions, and the company's ability to compete effectively with other software companies. These and other factors could cause actual results to differ materially from those presented in any forward-looking statement and are discussed in the company's filings with the Securities and Exchange Commission including its recent filings on Forms 10-K and 10-Q.

Smith Micro and the Smith Micro logo are trademarks or registered trademarks of Smith Micro Software, Inc. All other trademarks and product names 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
June 30
(unaudited)
 20032002
Net Revenues:
   Products2,0701,353
   Services216264

Total Net Revenues2,2861,617
 
Cost of Revenues:
   Products430234
   Services85151

Total Cost of Revenues515385

Gross Margin1,7711,232
 
Operating Expenses:
   Selling & Marketing361567
   Research & Development603520
   General & Administrative670622

Total Operating Expenses1,6341,709

Operating Income (Loss)137(477)
Interest Income910
Interest & Other Expenses(22)(24)

Income (Loss) Before Income Tax124(491)
Income Tax Expense--4

Net Income (Loss)$124$(495)

Net Income (Loss) per share, basic$0.01$(0.03)

Weighted average shares outstanding, basic16,25716,235

Net Income (Loss) per share, diluted$0.01$(0.03)

Weighted average shares outstanding, diluted17,82216,235

Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

 Six Months Ended
June 30
(unaudited)
 20032002
Net Revenues:
   Products3,6552,810
   Services498700

Total Net Revenues4,1533,510
 
Cost of Revenues:
   Products751604
   Services169550

Total Cost of Revenues9201,154

Gross Margin3,2332,356
 
Operating Expenses:
   Selling & Marketing9431,232
   Research & Development1,2571,060
   General & Administrative1,1381,111

Total Operating Expenses3,3383,403

Operating Loss(105)(1,047)
Interest Income1622
Interest & Other Expenses(34)(44)

Loss Before Income Tax(123)(1,069)
Income Tax Expense38

Net Loss$(126)$(1,077)

Net Loss per share, basic and diluted$(0.01)$(0.07)

Weighted average shares outstanding, basic & diluted16,24016,234

Smith Micro Software, Inc.
Consolidated Balance Sheets
(in thousands)

 June 30,
2003
(unaudited)
December 31,
2002
ASSETS
Current Assets:
Cash & Cash Equivalents$3,264$3,627
Accounts Receivable, Net1,410633
Inventory, Net4545
Prepaids & Other Assets146263

   Total Current Assets4,8654,568
Equipment and Improvements, net144220
Intangible Assets, Net81224
Goodwill1,7151,715
Other Assets9339

TOTAL ASSETS$6,898$6,766

 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$734$445
Accrued Liabilities592709

   Total Current Liabilities1,3261,154
 
Common Stock1616
Additional Paid In Capital24,87324,787
Accumulated Deficit(19,317)(19,191)

   Total Stockholders' Equity5,5725,612

TOTAL LIABILITIES AND EQUITY$6,898$6,766

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