ALISO VIEJO, CA -Smith Micro Software, Inc. (Nasdaq NMS: SMSI)) today announced financial results for the first quarter ended March 31, 1998.
For the three months ended March 31, 1998, net revenues were $3,266,000, a 23 percent increase from the $2,658,000 in net revenues for the same period in 1997. The company reported net income of $113,000 or $.01 per diluted share, compared with a net loss for the first quarter last year of $1,184,000 or ($0.08) per diluted share.
"Following a difficult first half of 1997, we have now reported three consecutive quarters of improved revenues and profitability," said William W. Smith, President and CEO of Smith Micro. "Our first quarter achievements go beyond the modest numbers we have reported so far in 1998. Since the beginning of the year we announced the acquisition of server-based fax technologies, new OEM agreements, as well as extensions of former agreements with major PC and modem manufacturers. We also established operations in Europe and Australia. In addition, we believe that the industry agreement on a new unified standard for 56k modems will help this sector of our business."
Smith added that "We are optimistic about the market potential for our video communication software, now that a wide array of low-cost digital cameras are being introduced into the market, and for our new fax software product lines, which should help us to penetrate the corporate fax server market in 1998."
The company also reported that its annual meeting of stockholders will be held at 10:00 a.m. on Thursday, May 14, 1998 at its corporate headquarters in Aliso Viejo, California.
Smith Micro provides communication software for personal computers, which includes a range of software products for use on the Windows 95, Windows NT, the soon to be released Windows 98, Windows, DOS, OS/2, and Macintosh operating systems. The company markets its products worldwide through a network of OEMs and retail distributors. Smith Micro may be contacted at 51 Columbia, Aliso Viejo, CA 92656. Phone: (949) 362-5800. The company's Web Site address is www.smithmicro.com.
This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, governmental and technological factors effecting the company's operations, markets, products, services and prices, as well as, other factors detailed 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 TABLES FOLLOW|
|SMITH MICRO SOFTWARE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS|
(in thousands, except share and per-share amounts)
| ||First Quarter Ended|
|Cost of revenue||866||1,246|
| Selling and marketing||768||995|
| Research and development||786||882|
| General and administrative||836||1,536|
|Total operating expenses||2,390||3,413|
|Interest income, net||180||180|
|Loss before income taxes||190||(1,821)|
|Income tax expense (benefit)||77||(637)|
|Net loss per basic and diluted share||$(0.01)||$(0.08)|
|Weighted average shares outstanding, Basic||14,075||14,074|
|Weighted average shares outstanding, Diluted||14,076||14,074|
*Includes the results of Pacific Coast Software for all periods presented. Pacific Coast Software, acquired by Smith Micro in September, 1999, was accounted for as a pooling of interests.