Hey man did you get this...are you still Hopeful...I mean holding? All this good news should run this stock up to 2 1/8 maybe 2 3/16 before it starts its decent again...Oh Happy Days! Looks like my my ship has come in...whoops! sorry, I mean styrofoam cup...|
Good luck all!
j
Now, where did I put Warren Buffets number?
Tuesday July 27, 4:03 pm Eastern Time
Company Press Release
SOURCE: Smith Micro Software, Inc.
Smith Micro Reports 93% Increase in Revenue over Second Quarter 1998
ALISO VIEJO, Calif., July 27 /PRNewswire/ -- Smith Micro Software, Inc. (Nasdaq: SMSI - news) today announced net
revenues of $3,201,000 for the second quarter ended June 30, 1999 compared with net revenues of $1,656,000 for the same
period in 1998. The company recorded a net loss for the quarter of ($684,000) or ($0.05) per share, compared with a net
loss of ($709,000) or ($0.05) per share for the same period in 1998.
For the six months ended June 30, 1999, net revenues were $6,067,000 compared with net revenues of $4,922,000 for the
same period in 1998. The company recorded a net loss for the six-month period of ($1,376,000) or ($0.10) per share
compared with a net loss of ($596,000) or ($0.04) per share for the same period in 1998.
At the end of the second quarter, the company's financial condition remained strong with working capital of $14.3 million and
no long term debt.
''The second quarter of 1999 represented our fourth sequential quarter of revenue growth,'' said Bill Smith, President and
CEO of Smith Micro. ''Smith Micro's second quarter net revenues increased 93% compared to the same quarter last year,
and increased 12% from the first quarter. We are pleased that we continue to grow revenues based on sales of both new and
core products, and we believe Smith Micro is well positioned to regain bottom line profitability. The continued investment in
our new Internet focus and retail presence has kept the bottom line from improving over the first quarter. However, we believe
that this investment was necessary for our return to future profitability.''
During the second quarter, Smith Micro acquired STF Technologies, making Smith Micro the world's leading manufacturer of
Macintosh® communications software.
Smith Micro also announced the release of the first software product developed by its STF Mac Division, the Mac® client for
conexs.com. The Mac client software allows Apple® computer users to access the conexs.com(TM) service, a mass market
Internet communications service that offers real-time Internet chat and phone capabilities. With conexs.com, Apple
computer-based Internet users can make audio calls anywhere in the world with the convenience and cost-efficiency of the
Internet.
About Smith Micro
Headquartered in Aliso Viejo, California, Smith Micro is a leading developer and marketer of software products that make
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. Smith Micro's complete line of products is available through direct sales, retail stores, value-added resellers (VARs)
and original equipment manufacturers (OEMs). Smith Micro's common stock trades on The Nasdaq Stock Market® under
the symbol SMSI.
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, the Smith Micro logo, conexs.com, FAXstf and STF Technologies are registered trademarks or trademarks of
Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.
Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per-share amounts )
Second Quarter Ended
June 30,
1999 1998
(unaudited)
Net Revenues $ 3,201 $1,656
Cost of Sales 578 581
Gross Margin 2,623 1,075
Operating Expenses:
Sales and Marketing 1,510 759
Research and Development 940 839
General and Administrative 967 840
Total Operating Expenses 3,417 2,438
Operating Loss (794) (1,363)
Other Income, net 110 183
Loss Before Income Taxes (684) (1,180)
Income Tax Benefit -- (471)
Net Loss $(684) $(709)
Net Loss Per Basic and Diluted Share $ (0.05) $ (0.05)
Weighted Average Shares Outstanding 14,462 14,075
Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per-share amounts )
Six Months Ended
June 30,
1999 1998
(unaudited)
Net Revenues $ 6,067 $4,922
Cost of Sales 1,314 1,447
Gross Margin 4,753 3,475
Operating Expenses:
Sales and Marketing 3,043 1,527
Research and Development 1,831 1,625
General and Administrative 1,859 1,676
Total Operating Expenses 6,733 4,828
Operating Loss (1,980) (1,353)
Other Income, net 248 363
Loss Before Income Taxes (1,732) (990)
Income Tax Benefit (356) (394)
Net Loss $(1,376) $(596)
Net Loss Per Basic and Diluted Share $ (0.10) $ (0.04)
Weighted Average Shares Outstanding 14,268 14,075
SOURCE: Smith Micro Software, Inc. |
