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Smith Micro Announces Net Revenues of $3.6 Million, an Increase of 137% over the Third Quarter of 2003; Net Income of $1.1 Million for Third Quarter 2004

Oct 20, 2004
Recent EV-DO, 3G High-Speed Data Service Availability Sparks Growth

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 third quarter 2004 results.

The company reported net revenues for the quarter ended September 30, 2004, of $3.6 million, an increase of 137% compared to $1.5 million recorded in the third quarter of 2003. The company's net income of $1.1 million in the third quarter of 2004 resulted in a net income of $.06 per basic and diluted share, compared to a net loss of $472,000 in the third quarter of 2003 or a net loss of $.03 per basic and diluted share. The company also reported a backlog entering into the fourth quarter of 2004 of $2.0 million, a record for the company.

"We believe that Verizon Wireless' continued endorsement of its high-speed 3G data network through the addition of 14 more metropolitan service areas is a great boost to our wireless program moving forward," said William W. Smith, Jr., President and Chief Executive Officer. "We are also excited about the addition of Dobson Communications to our customer base as we look to expand our reach into other wireless service providers," Mr. Smith concluded.

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, October 20, 2004. Investors may access the conference call over the Internet via the company's website www.smithmicro.com or at PRNewswire/Thomson.

About Smith Micro Software

Smith Micro Software, Inc., headquartered in Aliso Viejo, CA, is a developer and marketer of wireless communication, broadband, eCommerce and utility software products for multiple OS platforms. The company designs integrated cross platform, easy-to-use software for personal computing and business solutions around the world. With a focus on Wireless and Broadband and Internet technologies, the company's products and services enable wireless communications, eCommerce, eBusiness, Internet communications (voice-over-IP), video conferencing, network fax, and traditional computer telephony. Smith Micro's complete line of products is available through original equipment manufacturers (OEMs), direct sales, retail stores, and value-added resellers (VARs). 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. These forward-looking statements speak only as of the date hereof and are based upon the information currently available to the company. Such information is subject to change, and the company will not necessarily inform you of such changes. 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
September 30 (unaudited)
 20042003
Net Revenues:
   Products$3,304$1,283
   Services252218
 
Total Net Revenues3,5561,501
 
Cost of Revenues:
   Products555298
   Services11871
 
Total Cost of Revenues673369
 
Gross Margin2,8831,132
 
Operating Expenses:
   Selling & Marketing375364
   Research & Development633622
   General & Administrative790629
 
Total Operating Expenses1,7981,615
 
Operating Income (Loss)1,085(483)
Interest Income1411 
 
Income (Loss) Before Income Tax1,099(472)
Income Tax Expense22----- 
 
Net Income (Loss)$1,077($472)
 
Net Income (Loss) per share, basic$0.06($0.03)
 
Weighted average shares outstanding, basic17,25416,610
 
Net Income (Loss) per share, fully diluted$0.06($0.03)
 
Weighted average shares outstanding, fully diluted18,61716,610
 



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

 Nine Months Ended
September 30 (unaudited)
 20042003
Net Revenues:
   Products$8,414$4,938
   Services747716
 
Total Net Revenues9,1615,654
 
Cost of Revenues:
   Products1,8021,049
   Services293240
 
Total Cost of Revenues2,0951,289
 
Gross Margin7,0664,365
 
Operating Expenses:
   Selling & Marketing1,1651,307
   Research & Development1,9221,879
   General & Administrative2,1561,801
 
Total Operating Expenses5,2434,987
 
Operating Income (Loss)1,823(622)
Interest Income2827 
 
Income (Loss) Before Income Tax1,851(595)
Income Tax Expense37
 
Net Income (Loss)$1,814($598)
 
Net Income (Loss) per share, basic$0.11($0.04)
 
Weighted average shares outstanding, basic17,11716,364
 
Net Income (Loss) per share, fully diluted$0.10($0.04)
 
Weighted average shares outstanding, fully diluted18,26516,364
 



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

 September 30,
2004
(unaudited)
December 31,
2003
ASSETS
Current Assets:
Cash & Cash Equivalents$5,737$3,722
Accounts Receivable, Net1,825741
Inventory, Net2422
Prepaids & Other Assets66204
 
   Total Current Assets7,6524,689
Equipment and Improvements, net6670
Intangible Assets, Net740
Goodwill1,7151,715
Other Assets7973
 
TOTAL ASSETS$9,519$6,587
 
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable$750$538
Accrued Liabilities797459
 
   Total Current Liabilities1,547997
 
Common Stock17 17 
Additional Paid In Capital26,255 25,687 
Accumulated Deficit(18,300)(20,114)
 
   Total Stockholders' Equity7,9725,590
 
TOTAL LIABILITIES AND EQUITY$9,519$6,587
 
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