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Smith Micro Announces 2003 Year-End Results

Feb 05, 2004
First Quarter 2004 Brightened with $1 Million Backlog

Aliso Viejo, Calif., February 5, 2004-- 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 year-end 2003 results.

The company reported net revenues for the quarter ended December 31, 2003, of $1.6 million, compared to $1.8 million recorded in the fourth quarter of 2002. The company's net loss of $325,000 in the fourth quarter of 2003 resulted in a net loss of $.02 per basic and diluted share, compared to a net loss of $286,000 in the fourth quarter of 2002 or a net loss of $.02 per basic and diluted share after a non-recurring tax benefit.

"The bright side is that we have a $1 million backlog situation for the first quarter 2004 and either have fulfilled the orders already or will do so before the end of the quarter, said William W. Smith, Jr., President and Chief Executive Officer. A backlog like this is not necessarily indicative of trends in our business and this is particularly true in OEM business models, like ours, where order patterns tend to be sporadic and likely to come in all at once, which causes us to have to prioritize shipments," Mr. Smith continued.

"As I indicated in last quarter's announcement, the wireless market is an emerging market but we still see indications that it will grow over time as we have seen with some of the wireless leaders showing growth in their various wireless businesses," 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, February 5, 2004. Investors may access the conference call over the Internet via the company's website or at First Call Events.

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 or visit the company's Web site at www.smithmicro.com.

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, unforeseen delays in the timing of orders from OEM 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.

Note: Financial Schedules follow

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

 Three Months Ended
December 31
(unaudited)
 20032002
Net Revenues:
   Products$1,353$1,582
   Services209193

Total Net Revenues1,5621,775
 
Cost of Revenues:
   Products301309
   Services81122

Total Cost of Revenues382431

Gross Margin1,1801,344
 
Operating Expenses:
   Selling & Marketing359427
   Research & Development627599
   General & Administrative512603

Total Operating Expenses1,4981,629

Operating Loss(318)(285)
Interest Income10 13 
Interest & Other Expenses(17)(14)

Loss Before Income Tax(325)(286)
Income Tax Expense (Benefit)----------

Net Loss$(325)$(286)

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

Weighted average shares outstanding, basic and diluted16,94616,235

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

 Twelve Months Ended
December 31
(unaudited)
 20032002
Net Revenues:
   Products$6,291$6,029
   Services9251,102

Total Net Revenues7,2167,131
 
Cost of Revenues:
   Products1,3501,420
   Services321782

Total Cost of Revenues1,6712,202

Gross Margin5,5454,929
 
Operating Expenses:
   Selling & Marketing1,6662,175
   Research & Development2,5062,162
   General & Administrative2,2582,316

Total Operating Expenses6,4306,653

Operating Loss(885)(1,724)
Interest Income37 45 
Interest & Other Expenses(72)(71)

Loss Before Income Tax(920)(1,750)
Income Tax Expense (Benefit)(1,062)

Net Loss$(923)$(688)

Net Loss per share, basic and diluted$(0.06)$(0.04)

Weighted average shares outstanding,
basic and diluted
16,51116,235

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

 December 31,
2003
(unaudited)
December 31,
2002
ASSETS
Current Assets:
Cash & Cash Equivalents$3,722$3,627
Accounts Receivable, Net741633
Inventory, Net2245
Prepaids & Other Assets204263

   Total Current Assets4,6894,568
Equipment and Improvements, net70220
Intangible Assets, Net40224
Goodwill1,7151,715
Other Assets7339

TOTAL ASSETS$6,587$6,766

 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$538$445
Accrued Liabilities459709

   Total Current Liabilities9971,154
 
Common Stock17 16 
Additional Paid In Capital25,687 24,787 
Accumulated Deficit(20,114)(19,191)

   Total Stockholders' Equity5,5905,612

TOTAL LIABILITIES AND EQUITY$6,587$6,766

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