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Smith Micro Software Reports Fourth Quarter and Fiscal Year 2013 Financial Results
Aliso Viejo, CA, March 6, 2014 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, 2013.
We achieved a 35 percent sequential increase in fourth quarter revenues, primarily due to new revenues from a leading chipset manufacturer and a strong holiday season for our productivity and graphics products, said William W. Smith Jr., President and CEO of Smith Micro Software. Fourth quarter revenues were down approximately 2 percent from the same quarter last year, but we saw a total year-over-year increase in our CommSuite, NetWise, and Productivity & Graphics product lines totaling $4.6 million. In addition, fourth quarter non-GAAP loss per share improved from $0.06 in 2012 to $0.01 loss per share in 2013, reflecting the positive impact of our third quarter restructuring.
Smith Micro reported revenues of $11.8 million for the fourth quarter ended December 31, 2013, compared to $12.0 million reported in the fourth quarter of 2012.
Fourth quarter 2013 gross profit on both a GAAP and non-GAAP basis (which excludes stock compensation) was $9.5 million, compared to $9.7 million reported in the fourth quarter of 2012.
GAAP and non-GAAP gross profit as a percentage of revenues was 80.0 percent for the fourth quarter of 2013, compared to 80.6 percent on both a GAAP and non-GAAP basis for the fourth quarter of 2012.
GAAP net loss for the fourth quarter of 2013 was $1.5 million, or $0.04 loss per share, compared to GAAP net loss of $4.1 million, or $0.12 loss per share, for the fourth quarter of 2012.
The following information was filed by Smith Micro Software Inc (SMSI) on Thursday, March 6, 2014 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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