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SMSI Q4 2011 Earnings
Smith Micro Software Reports Fourth Quarter
and Fiscal Year 2011 Financial Results
Aliso Viejo, CA, February 22, 2012 Smith Micro Software, Inc. (NASDAQ:SMSI), a leading provider of wireless and mobility solutions, today reported financial results for the fourth quarter and full year ended December 31, 2011.
Despite lackluster results in 2011, we believe we have repositioned the company to capitalize on a growing list of 2012 sales opportunities, said William W. Smith Jr., President and CEO of Smith Micro Software. The announcement of our first commercial deployment of Mobile Network Director validates our unique approach to the critical and global network congestion problem facing wireless operators. Our ability to execute on new revenue opportunities, combined with our ongoing cost containment efforts, makes us optimistic that we will get back to profitability before the end of 2012, and that is our goal.
Smith Micro reported revenues of $11.2 million for the fourth quarter ended December 31, 2011, a 68% decrease from revenues of $35.3 million reported in the fourth quarter of 2010.
Fourth quarter 2011 gross profit on a GAAP basis was $8.5 million compared to $31.2 million reported in the fourth quarter of 2010. On a non-GAAP basis (which excludes amortization of intangibles and stock compensation), fourth quarter 2011 gross profit was $8.5 million compared to $32.6 for the same quarter last year.
GAAP gross profit as a percentage of revenues was 75.7% for the fourth quarter of 2011 compared to 88.5% for the fourth quarter of 2010. Non-GAAP gross profit as a percentage of revenues was 75.8% for the fourth quarter of 2011 compared to 92.3% for the same quarter last year.
GAAP net loss for the fourth quarter of 2011 was $9.5 million, or $0.27 loss per diluted share compared to GAAP net income of $5.8 million, or $0.16 income per diluted share for the fourth quarter of 2010.
The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, February 22, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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