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Smith Micro Software, Inc. Reports 1998 Financial Results

Feb 09, 1999

ALISO VIEJO, CA - Smith Micro Software, Inc. (Nasdaq NMS: SMSI) today announced financial results for its fourth quarter and fiscal year ended December 31, 1998. Net revenues for the fourth quarter ended December 31, 1998, were $2,538,000, as compared to $2,087,000 for the third quarter ended September 30, 1998 and $3,256,000 reported for the fourth quarter in 1997. The company reported a net loss of ($694,000), or ($0.05) per share for the fourth quarter of 1998, compared with a net loss of ($708,000), or ($0.05) per share for the third quarter of 1998 and compared to net income of $44,000, or less than one cent per share, for the fourth quarter of 1997.

For the year ended December 31, 1998, net revenues were $9,547,000 as compared to $11,684,000 in 1997. The company reported a net loss of ($1,998,000), or ($.14) per share, in 1998 compared with a net loss of ($1,587,000), or ($0.11) per share, in 1997.

"The strategic plan that we laid out in the beginning of 1998 called for Smith Micro to focus on Internet-based communication software and sales in the IP telephony marketplace," said William W. Smith, Jr., President and CEO of Smith Micro Software, Inc. "We successfully diversified our business, concluding the year with the introduction of two new IP telephony applications, Internet CommSuite and HotFaxShare with IP Gateway."

"We are also very pleased that we have signed up new bundling customers in the IP telephony market by adding new xDSL, ISPs, cable, and Internet content providers," Mr. Smith continues. "We look forward to quarter to quarter growth of revenues in 1999 and we believe that the new IP telephony products will soon account for a rapidly growing portion of our revenues."

Smith Micro is a leading developer and marketer of software products that make person-to-person communications simple. With a focus on the Internet, broadband and modem-based technologies, the company designs integrated, easy-to-use software that enables fax, data, voice and video communication to personal computer users around the world. Headquartered in Aliso Viejo, California, the company markets its products worldwide through a network of OEMs and retail distributors. The company is publicly traded on the Nasdaq National Market System under the symbol SMSI.

(in thousands, except share and per-share amounts)

 Fourth Quarter Ended
December 31
Fourth Quarter Ended
December 31
Net revenues$2,538$3,256$9,547$11,684
Cost of revenue7589092,8983,853
Gross profit1,7802,3746,6497,831
Operating expenses:
  Selling and marketing1,2249213,7793,525
  Research and development8217303,2623,266
  General and administrative9478123,4434,191
Total operating expenses2,9922,46310,48410,982
Operating loss(1,212)(116)(3,835)(3,151)
Interest income, net161194725725
Loss before income taxes(1,051)78(3,110)(2,426)
Income tax expense (benefit)(357)34(1,112)(839)
Net Loss$(694)$(44)$(1,998)$(1,587)
Net loss per basic and diluted share$(0.05)$(0.00)$(0.14)$(0.11)
Weighted average shares outstanding, Basic14,07514,07514,07514,075
Weighted average shares outstanding, Diluted14,07514,07514,07514,075