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Smith Micro Software Inc (SMSI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Smith Micro Software Inc

CIK: 948708 Ticker: SMSI

Exhibit 99.1

 

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AT THE COMPANY:    IR INQUIRIES:
Suzanne Runald    Todd Kehrli or Jim Byers

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949-362-5800

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smsi@mkr-group.com

 

 

Smith Micro Reports Fourth Quarter and Fiscal Year 2015 Financial Results

Achieves non-GAAP Profitability in the Fourth Quarter

ALISO VIEJO, CA, March 8, 2016

Smith Micro Software, Inc. (NASDAQ:SMSI), today reported financial results for the fourth quarter and full year ended December 31, 2015, including a return to profitability for the fourth quarter of fiscal 2015.

“Revenue for the fourth quarter was $10.0 million and we were profitable on a non-GAAP basis,” said William W. Smith Jr., President and CEO of Smith Micro Software. “In 2015, we were able to increase revenues seven percent year over year to $39.5 million, increase gross profit 13 percent, decrease non-GAAP operating expenses by 11 percent, and hold cash and cash equivalents essentially flat for the year.”

“We worked hard in 2015 to engage significant new customers, and we signed multiple new deals in the fourth quarter that included a North America wireless carrier, our second MSO/cable company, and a well-known handset OEM, all using our NetWise solution. We anticipate these new agreements will begin to ramp by mid-year, which will help offset the decreased revenue we expect from Sprint as a result of their cost cutting measures,” Mr. Smith concluded.

Fiscal Fourth Quarter 2015 Financial Results:

Smith Micro reported revenues of $10.0 million for the fourth quarter ended December 31, 2015, compared to $10.6 million reported in the fourth quarter of 2014.

Fourth quarter 2015 gross profit on both a GAAP and non-GAAP basis (which excludes stock compensation) was $8.0 million, compared to $8.3 million reported in the fourth quarter of 2014.


The following information was filed by Smith Micro Software Inc (SMSI) on Tuesday, March 8, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Stockholders' Equity
Balance Sheet Details
Balance Sheet Details (tables)
Balance Sheet Details - Additional Information (detail)
Balance Sheet Details - Available-for-sale Securities Recorded At Fair Value With Unrealized Gains Or Losses (detail)
Balance Sheet Details - Deferred Rent And Other Long Term Liabilities (detail)
Balance Sheet Details - Summary Of Accrued Liabilities (detail)
Balance Sheet Details - Summary Of Equipment And Improvements (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Company Lease Of Buildings Under Non-cancellable Operating Leases (detail)
Equity Transactions
Equity Transactions - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Federal Statutory Rate To Profit Before Income Taxes (detail)
Income Taxes - Gross Unrecognized Tax Benefits Changes In Balances (detail)
Income Taxes - Schedule Of Income (loss) Before Provision For Income Taxes (detail)
Income Taxes - Summary Of Income Tax Expense (detail)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (detail)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Net Income (loss) Per Share (detail)
Preferred Stock
Preferred Stock - Additional Information (detail)
Profit Sharing
Profit Sharing - Additional Information (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Quarterly Financial Data - Summarized Quarterly Information (detail)
Restructuring
Restructuring (tables)
Restructuring - Activity In Restructuring Liability Accounts (detail)
Restructuring - Additional Information (detail)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (detail)
Segment, Customer Concentration And Geographical Information
Segment, Customer Concentration And Geographical Information (tables)
Segment, Customer Concentration And Geographical Information - Additional Information (detail)
Segment, Customer Concentration And Geographical Information - Company Revenue In Different Geographic Locations (detail)
Segment, Customer Concentration And Geographical Information - Company's Customers That Represent 10% Or More Of Company's Revenues (detail)
Segment, Customer Concentration And Geographical Information - Revenues Generated By Each Business Unit (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Assumptions Used Estimate Fair Value Of Employee Stock Purchase Plans (detail)
Stock-based Compensation - Assumptions Used To Compute Share-based Compensation Costs For Stock Options Granted (detail)
Stock-based Compensation - Non-cash Stock-based Compensation Expenses (detail)
Stock-based Compensation - Summary Of Outstanding Restricted Stock Awards And Related Activity (detail)
Stock-based Compensation - Summary Of Outstanding Stock Options And Related Activity (detail)
Stock-based Compensation - Summary Of Outstanding Stock Options And Related Activity (parenthetical) (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Ticker: SMSI
CIK: 948708
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-498016
Submitted to the SEC: Wed Mar 09 2016 1:12:09 PM EST
Accepted by the SEC: Wed Mar 09 2016
Period: Thursday, December 31, 2015
Industry: Prepackaged Software

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