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Smith Micro Reports 2015 Third Quarter Financial Results


News provided by

Smith Micro Software, Inc.

Oct 28, 2015, 04:05 ET

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Smith Micro Software, Inc.
Smith Micro Software, Inc.

ALISO VIEJO, Calif., Oct. 28, 2015 /PRNewswire/ -- Smith Micro Software, Inc. (NASDAQ:SMSI) today reported financial results for its third quarter ended September 30, 2015.

"As previously announced, revenues for the third quarter were $9.6 million versus $9.4 million in both the second quarter of 2015 and the third quarter of last year, and revenues for the first nine months of the year grew 11.6 percent versus the same period last year," said William W. Smith Jr., President and CEO of Smith Micro Software.

"Despite the impact of market consolidation and restructuring on the timing of our deal flow, we continue to keep our expenses under control and cash increased by $1.1 million for the quarter, ending at $12.6 million.  We have sales cycles in play with several large operators and cable providers and remain confident in our ability to close these deals, albeit later than expected," Smith concluded.

Fiscal Third Quarter 2015 Financial Results:

Smith Micro Software reported revenues of $9.6 million for the third quarter ended September 30, 2015, compared to $9.4 million reported in the third quarter ended September 30, 2014.

Third quarter 2015 gross profit on both a GAAP and non-GAAP basis (which excludes stock-based compensation) was $7.6 million, compared to $7.2 million reported in the third quarter of 2014.

GAAP and non-GAAP gross profit as a percentage of revenues was 79.6 percent for the third quarter of 2015, compared to 76.7 percent for the third quarter of 2014. 

GAAP net loss for the third quarter of 2015 was $0.8 million, or $0.02 loss per diluted share, compared to a GAAP net loss of $1.1 million, or $0.03 loss per diluted share, for the third quarter of 2014.

Non-GAAP net loss (which excludes stock-based compensation and normalizes tax expense) for the third quarter of 2015 was $0.1 million, or $0.00 loss per diluted share, compared to a non-GAAP net loss of $0.4 million, or $0.01 loss per diluted share, for the third quarter of 2014.

Fiscal September Year-To-Date 2015 Financial Results:

For the nine months ended September 30, 2015, the Company reported revenues of $29.5 million, compared to $26.4 million for the nine months ended September 30, 2014, an increase of 11.6 percent.

GAAP and non-GAAP (which excludes stock-based compensation) gross profit was $23.4 million for the nine months ended September 30, 2015, compared to $19.4 million for the nine months ended September 30, 2014.  

GAAP gross profit as a percentage of revenues was 79.2 percent for the nine months ended September 30, 2015, compared to 73.2 percent for the same period last year. Non-GAAP gross profit as a percentage of revenues was 79.2 percent for the nine months ended September 30, 2015, compared to 73.3 percent for same period last year.  

GAAP net loss for the nine months ended September 30, 2015 was $2.0 million, or a loss of $0.04 per diluted share, compared to a GAAP net loss for the nine months ended September 30, 2014 of $12.0 million, or $0.31 loss per diluted share.

Non-GAAP net loss for the nine months ended September 30, 2015 was $0.2 million, or $0.00 per diluted share, compared to a non-GAAP net loss of $5.4 million, or $0.14 loss per diluted share, for the nine months ended September 30, 2014. 

Total cash and cash equivalents and short-term investments at September 30, 2015 were $12.6 million.

Fully diluted weighted average common shares outstanding as of September 30, 2015 were 46.0 million, compared to 39.2 million fully diluted weighted average common shares outstanding as of September 30, 2014.

Fiscal 2015 Guidance:

  • Revenues for fiscal 2015 are expected to be between $39 and $40 million, which would represent year-over-year growth in the range of 6 to 8 percent.
  • The Company should be close to breakeven on a non-GAAP basis for the fiscal year 2015.

The Company uses a non-GAAP reconciliation of gross profit, loss before taxes, net loss and loss per share in the presentation of financial results in this press release. Management believes that this presentation may be more meaningful in analyzing our income generation since stock-based compensation is excluded from the non-GAAP earnings calculation and adjustments are made for Proforma taxes. Since we are in a cumulative loss position, the non-GAAP income tax expense (benefit) for the period ended September 30, 2015 was computed by using a tax rate of 38 percent using the Company's normalized combined U.S. federal, state and foreign statutory tax rates less various tax adjustments. This presentation may be considered more indicative of our ongoing operational performance. The tables below present the differences between non-GAAP earnings and net loss on an absolute and per-share basis. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and the non-financial measures as reported by Smith Micro Software may not be comparable to similarly titled amounts reported by other companies.

Investor Conference Call:

Smith Micro Software will hold an investor conference call today to discuss the Company's third quarter 2015 results at 4:30 p.m. ET, October 28, 2015. To access the call, dial (888) 481-2877 and when prompted provide the passcode "178490."  Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.  In addition, the conference call will be available on the Smith Micro website in the Investor Relations section.

About Smith Micro Software, Inc.:

Smith Micro Software provides solutions that simplify, secure and enhance the mobile experience. Our portfolio includes a wide range of applications that manage broadband connectivity, data traffic, devices, voice and video communications over wireless networks.  With 30 years of experience developing world-class client and server software, Smith Micro helps the leading mobile network operators, device manufacturers and enterprises increase efficiency and capitalize on the growth of mobile-connected consumers and workforces.  For more information, visit smithmicro.com. (NASDAQ:SMSI)

Safe Harbor Statement:

This release contains forward-looking statements that involve risks and uncertainties, including without limitation, forward-looking statements relating to the company's financial prospects and other projections of its performance, the existence of new sales opportunities and interest in the company's products and solutions, the company's ability to increase its revenue by capitalizing on new opportunities, customer concentration given that the majority of our sales depend on a few large client relationships, including Sprint, and the risk of being delisted from NASDAQ if we fail to meet any of the listing requirements. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are changes in demand for the company's products from its customers and their end-users, new and changing technologies, customer acceptance and timing of deployment of those technologies, and the company's ability to compete effectively with other software and technology companies. These and other factors discussed in the company's filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management regarding future events and business performance as of the date of this release, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.

Smith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.

Note:  Financial Schedules Attached

AT THE COMPANY:


IR INQUIRIES:

Suzanne Runald


Todd Kehrli or Jim Byers

Public Relations

949-362-5800

[email protected]


MKR Group

323-468-2300

[email protected]

Smith Micro Software, Inc.

Reconciliation of GAAP to Non-GAAP Results

(in thousands, except per share amounts) - unaudited








Stock


Non-


GAAP

Compensation

Taxes

GAAP

Three Months Ended 9/30/15:





  Gross profit

$7,627

$3

$-

$7,630

  Loss before provision for income taxes

($764)

$544

$-

($220)

  Net loss

($770)

$544

$89

($137)

  EPS-diluted

($0.02)

$0.02

$0.00

($0.00)






Three Months Ended 9/30/14:





  Gross profit

$7,247

$2

$-

$7,249

  Loss before provision for income taxes

($1,147)

$560

$-

($587)

  Net loss

($1,142)

$560

$218

($364)

  EPS-diluted

($0.03)

$0.01

$0.01

($0.01)






Nine Months Ended 9/30/15:





  Gross profit

$23,353

$9

$-

$23,362

  Loss before provision for income taxes

($1,988)

$1,697

$-

($291)

  Net loss

($2,011)

$1,697

$133

($181)

  EPS-diluted

($0.04)

$0.04

$0.00

($0.00)






Nine Months Ended 9/30/14:





  Gross profit

$19,353

$10

$-

$19,363

  Loss before provision for income taxes

($11,964)

$3,241

$-

($8,723)

  Net loss

($12,004)

$3,241

$3,355

($5,408)

  EPS-diluted

($0.31)

$0.08

$0.09

($0.14)

Smith Micro Software, Inc.

Statements of Comprehensive Loss for the Three Months and Nine Months Ended September 30, 2015 and 2014

(in thousands, except per share amounts) - unaudited










  For the Three Months


For the Nine Months


 Ended September 30,


 Ended September 30,


2015


2014


2015


2014

Revenues

$    9,586


$    9,448


$ 29,501


$  26,425

Cost of revenues

1,959


2,201


6,148


7,072

Gross profit

7,627


7,247


23,353


19,353









Operating expenses:








  Selling and marketing

2,220


2,139


6,639


7,471

  Research and development

3,480


3,188


10,268


11,046

  General and administrative

2,695


3,064


8,437


10,360

  Restructuring expense

-


-


-


2,435

Total operating expenses

8,395


8,391


25,344


31,312

Operating loss

(768)


(1,144)


(1,991)


(11,959)

Interest and other income (expense), net

4


(3)


3


(5)

Loss before provision for income taxes

(764)


(1,147)


(1,988)


(11,964)

Provision for income tax expense (benefit)

6


(5)


23


40

Net loss

$      (770)


$  (1,142)


$  (2,011)


$ (12,004)









Other comprehensive income (loss), before tax:








  Unrealized holding gains (losses) on available-for-sale securities

-


(1)


1


-

  Income tax expense related to items of other comprehensive income








-


-


-


-

  Other comprehensive income (loss), net of tax

-


(1)


1


-

Comprehensive loss

$      (770)


$  (1,143)


$  (2,010)


$ (12,004)









Loss per share:








  Basic and diluted

$     (0.02)


$     (0.03)


$    (0.04)


$     (0.31)









Weighted average shares outstanding:








  Basic and diluted

46,160


41,225


45,975


39,165

Smith Micro Software, Inc.

Consolidated Balance Sheets

(in thousands)


September 30,


December 31,


2015


2014


(unaudited)


(audited)

ASSETS




Current Assets:




Cash & cash equivalents

$             8,531


$         10,165

Short term investments

4,080


2,880

Accounts receivable, net

8,005


8,216

Income tax receivable

9


706

Inventory, net

64


97

Prepaid and other assets

934


765

  Total current assets

21,623


22,829

Equipment & improvements, net

2,956


4,273

Other assets

196


214

Deferred tax asset

74


74

TOTAL ASSETS

$          24,849


$         27,390





LIABILITIES & STOCKHOLDERS' EQUITY




Current Liabilities:




  Accounts payable

$             1,470


$           1,521

  Accrued liabilities

5,030


5,752

  Deferred revenue

650


1,498

  Deferred tax liability

74


74

   Total current liabilities

7,224


8,845





Long-term liabilities

3,476


3,643

   Total non-current liabilities

3,476


3,643





Stockholders' Equity:




  Common stock

46


45

  Additional paid in capital

224,397


223,141

  Accumulated comprehensive deficit

(210,294)


(208,284)

   Total stockholders' equity

14,149


14,902

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$          24,849


$         27,390

Logo - http://photos.prnewswire.com/prnh/20150408/197501LOGO

SOURCE Smith Micro Software, Inc.

Related Links

http://smithmicro.com

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