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Smith Micro Announces Net Revenues of $3.1 Million and Net Income of $634,000 for the Second Quarter 2004; an Increase of 36% and 411% Respectively over Prior Year

Jul 21, 2004
Enters into Third Quarter with an Excess of a $1.5 Million Backlog; a 90 plus Percentage Increase from First Quarter 2004

Aliso Viejo, Calif., April 22, 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 second quarter 2004 results.

The company reported net revenues for the quarter ended June 30, 2004, of $3.1 million, compared to $2.3 million recorded in the second quarter of 2003. The company's net income of $634,000 in the second quarter of 2004 resulted in a net income of $.04 per basic and diluted share, compared to a net income of $124,000 in the second quarter of 2003 or a net income of $.01 per basic and diluted share.

"I am pleased to report a strong profit this quarter as well as a backlog in excess of $1.5 million up from $800,000 last quarter," said William W. Smith, Jr., President and Chief Executive Officer. "The wireless business continues to be our primary growth area. Our recent joint announcement with Verizon Wireless last week, suggests that we are well positioned in the wireless business. Increases of Net Revenues at 25% and Net Income at 516% over the first quarter of this year indicate the growth that we thought we could achieve this year," Mr. Smith continues.

Investor Conference Call

Smith Micro will hold an investor conference call to discuss the company's results at 4:30 p.m. Eastern time, Wednesday, July 21, 2004. Investors may access the conference call over the Internet via the company's website www.smithmicro.com or at http://phx.corporate-ir.net/playerlink.zhtml?c=107760&s=wm&e=918146.

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, 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
June 30 (unaudited)
 20042003
Net Revenues:
   Products$2,840$2,070
   Services277216

Total Net Revenues3,1172,286
 
Cost of Revenues:
   Products627430
   Services10585

Total Cost of Revenues732515

Gross Margin2,3851,771
 
Operating Expenses:
   Selling & Marketing387361
   Research & Development621603
   General & Administrative733692

Total Operating Expenses1,7411,656

Operating Income644115
Interest Income59

Income Before Income Tax649124
Income Tax Expense15-----

Net Income$634$124

Net Income per share, basic$0.04$0.01

Weighted average shares outstanding, basic17,07216,257

Net Income per share, fully diluted$0.04$0.01

Weighted average shares outstanding, fully diluted18,02217,662

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

 Six Months Ended
June 30 (unaudited)
 20042003
Net Revenues:
   Products$5,110$3,655
   Services495498

Total Net Revenues5,6054,153
 
Cost of Revenues:
   Products1,247751
   Services175169

Total Cost of Revenues1,422920

Gross Margin4,1833,233
 
Operating Expenses:
   Selling & Marketing790943
   Research & Development1,2891,257
   General & Administrative1,3661,172

Total Operating Expenses3,4453,372

Operating Income (Loss)738(139)
Interest Income1416 

Income (Loss) Before Income Tax752(123)
Income Tax Expense15

Net Income (Loss)$737$(126)

Net Income (Loss) per share, basic$0.04$(0.01)

Weighted average shares outstanding, basic17,04816,240

Net Income (Loss) per share, fully diluted$0.04$(0.01)

Weighted average shares outstanding, fully diluted18,01916,240

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

 June 30,
2004
(unaudited)
December 31,
2003
ASSETS
Current Assets:
Cash & Cash Equivalents$3,822$3,722
Accounts Receivable, Net1,905741
Inventory, Net5422
Prepaids & Other Assets118204

   Total Current Assets5,8994,689
Equipment and Improvements, net5570
Intangible Assets, Net1840
Goodwill1,7151,715
Other Assets5373

TOTAL ASSETS$7,740$6,587

 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$835$538
Accrued Liabilities539459

   Total Current Liabilities1,374997
 
Common Stock17 17 
Additional Paid In Capital25,726 25,687 
Accumulated Deficit(19,377)(20,114)

   Total Stockholders' Equity6,3665,590

TOTAL LIABILITIES AND EQUITY$7,740$6,587

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