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Company Ships First Enterprise Customer; Regains Financial Momentum
ALISO VIEJO, Calif., Aug. 9 /PRNewswire-FirstCall/ -- 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 2005 results.
The company reported net revenues of $3.3 million for the quarter ended June 30, 2005, compared to $3.1 million recorded in the second quarter of 2004. The company's net income of $764,000 in the second quarter of 2005 resulted in a net income of $0.04 per basic share and $0.03 per diluted share, compared to net income of $634,000 in the second quarter of 2004 or net income of $0.04 per basic share and $0.04 per diluted share. From a sequential quarter perspective, net income for the second quarter of 2005 of $764,000, or $0.03 per fully diluted share, was a significant increase from the first quarter 2005 net loss of $128,000 or $(0.01) per fully diluted share.
The company also reported a backlog entering into the third quarter of 2005 of $1.3 million.
The company reported net revenues of $5.4 million for the six months ended June 30, 2005, compared to $5.6 million recorded in the six months ended June 30, 2004. The company's net income of $636,000 for the six months ended June 30, 2005 resulted in a net income of $0.03 per basic share and $0.03 per diluted share.
The company ended the quarter with cash and cash equivalents of $30 million, $20.8 million was the net result of an equity transaction in February of 2005. Cash and cash equivalents do not reflect the recent acquisition of Allume Systems, which closed on July 1, 2005. The agreement called for Smith Micro to pay $11 million in cash and 397,547 shares of restricted Smith Micro common stock, valued at $1.75 million to purchase all of the outstanding shares of Allume Systems, Inc from International Microcomputer Software, Inc. (IMSI).
"As we stated during the previous quarter conference call, we saw the issues resulting in our shortfall in the first quarter to be temporary and we are pleased by the performance for the second quarter," said William W. Smith, Jr., President and Chief Executive Officer. "We are excited with the potential that the acquisition of Allume Systems brings to a combined company. Allume's strong product line and new JPEG compression technology will be an important addition to our wireless software offerings," Mr. Smith continues.
Investor Conference Call
Smith Micro will hold an investor conference call today, August 9, 2005, at 4:30 pm EDT to discuss the company's second quarter financial results. Investors may access the conference call over the Internet via the company's website http://www.smithmicro.com/ or at http://phx.corporate-ir.net/playerlink.zhtml?c=107760&s=wm&e=1099397
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(R) 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 Attached
Smith Micro Software, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
June 30
(unaudited)
2005 2004
Net Revenues:
Products $3,179 $2,840
Services 151 277
Total Net Revenues 3,330 3,117
Cost of Revenues:
Products 476 627
Services 69 105
Total Cost of Revenues 545 732
Gross Margin 2,785 2,385
Operating Expenses:
Selling & Marketing 369 387
Research & Development 697 621
General & Administrative 1,161 733
Total Operating Expenses 2,227 1,741
Operating Income 558 644
Interest Income 214 5
Income Before Income Tax 772 649
Income Tax Expense 8 15
Net Income $764 $634
Net Income per share, basic $0.04 $0.04
Weighted average shares outstanding, basic 21,584 17,072
Net Income per share, fully diluted $0.03 $0.04
Weighted average shares outstanding,
fully diluted 22,713 18,022
Smith Micro Software, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Six Months Ended
June 30
(unaudited)
2005 2004
Net Revenues:
Products $5,038 $5,110
Services 322 495
Total Net Revenues 5,360 5,605
Cost of Revenues:
Products 746 1,247
Services 144 175
Total Cost of Revenues 890 1,422
Gross Margin 4,470 4,183
Operating Expenses:
Selling & Marketing 809 790
Research & Development 1,394 1,289
General & Administrative 1,937 1,366
Total Operating Expenses 4,140 3,445
Operating Income 330 738
Interest Income 314 14
Income Before Income Tax 644 752
Income Tax Expense 8 15
Net Income $636 $737
Net Income per share, basic $0.03 $0.04
Weighted average shares outstanding, basic 20,629 17,048
Net Income per share, fully diluted $0.03 $0.04
Weighted average shares outstanding,
fully diluted 21,901 18,019
Smith Micro Software, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2005 2004
(unaudited)
ASSETS
Current Assets:
Cash & Cash Equivalents $29,946 $8,634
Accounts Receivable, Net 2,660 2,024
Income Tax Receivable 35 35
Inventory, Net 26 47
Prepaid & Other Assets 271 203
Total Current Assets 32,938 10,943
Equipment & Improvements, Net 108 113
Goodwill 1,715 1,715
Other Assets 19 57
TOTAL ASSETS $34,780 $12,828
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $1,048 $939
Accrued Liabilities 1,020 790
Total Current Liabilities 2,068 1,729
Common Stock 22 18
Additional Paid In Capital 48,723 27,750
Accumulated Deficit (16,033) (16,669)
Total Stockholders' Equity 32,712 11,099
TOTAL LIABILITIES & EQUITY $34,780 $12,828
DATASOURCE: Smith Micro Software, Inc.
CONTACT: Bruce T. Quigley, Vice President of Business Development and
Investor Relations of Smith Micro Software, Inc., +1-949-362-5800,
; or IR Inquiries, Charles Messman or Todd Kehrli of
MKR Group, +1-818-556-3700, ; or Media Inquiries, Steve Simon
of S&S Public Relations, +1-847-955-0700, , all for Smith Micro
Software, Inc.
Web site: http://www.smithmicro.com/