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|Suzanne Runald||Todd Kehrli or Jim Byers|
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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