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Smith Micro Software Inc (SMSI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Smith Micro Software Inc

CIK: 948708 Ticker: SMSI

Exhibit 99.1

 

IR INQUIRIES:

Charles Messman

Investor Relations

949-362-5800

IR@smithmicro.com

 

 

Smith Micro Reports Fourth Quarter and Fiscal Year 2016 Financial Results

 

ALISO VIEJO, CA, March 9, 2017

Smith Micro Software, Inc. (NASDAQ: SMSI), today reported financial results for the fourth quarter and   year ended December 31, 2016.

“During the fourth quarter and continuing into the current quarter, we implemented a significant restructure across our entire organization, reducing costs, creating better utilization of resources, and streamlining our processes,” said William W. Smith Jr., President and CEO of Smith Micro Software.  “We head into our fiscal 2017 a much leaner and better positioned company and remain confident and excited about the opportunities ahead of us this year, particularly with our SafePath and NetWise IoT Services Platforms.”

Fiscal Fourth Quarter 2016 Financial Results

Smith Micro reported revenues of $7.1 million for the fourth quarter ended December 31, 2016, compared to $10.0 million reported in the fourth quarter of 2015.

Fourth quarter 2016 gross profit was $5.3 million, compared to $8.0 million reported in the fourth quarter of 2015.

Gross profit as a percentage of revenues was 75.4 percent for the fourth quarter of 2016, compared to a gross profit as a percentage of revenues of 80.0 percent for the fourth quarter of 2015.  

GAAP net loss was $3.2 million, or $0.26 loss per share, for the fourth quarter of 2016, compared to a GAAP net loss of $0.6 million, or $0.05 loss per share, for the fourth quarter of 2015.  The net loss in the fourth quarter of 2016 includes restructuring charges of $0.3 million and an asset impairment charge of $0.4 million pre-tax.

Non-GAAP net loss (which excludes stock-based compensation, amortization of intangible assets, impairment charges, fair value and carrying value adjustments, non-cash debt issuance and discount costs, and normalizes tax expense) for the fourth quarter of 2016 was $1.9 million, or $0.15 loss per share, compared to non-GAAP net income of $4,000, or $0.00 earnings per share, for the fourth quarter of 2015.

Fiscal 2016 Financial Results

For the fiscal year ended December 31, 2016, the Company reported revenues of $28.2 million, compared to $39.5 million for fiscal year 2015, a decrease of 28.5 percent.

Fiscal year 2016 gross profit was $20.7 million, compared to $31.4 million for the fiscal year 2015, a decrease of 34.1 percent.

Gross profit as a percentage of revenues was 73.2 percent for fiscal year 2016, compared to 79.4 percent for the fiscal year 2015.

GAAP net loss for the fiscal year ended December 31, 2016 was $14.5 million, or $1.21 loss per share, compared to

 


The following information was filed by Smith Micro Software Inc (SMSI) on Thursday, March 9, 2017 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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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 Cash Flows (parenthetical)
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Summary Of Allocation Of Purchase Price (detail)
Acquisitions - Summary Of Total Purchase Price (detail)
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 - Future Amortization Expense Related To Intangible Assets (detail)
Balance Sheet Details - Schedule Of Acquired Intangible Assets By Major Asset Class (detail)
Balance Sheet Details - Summary Of Accrued Short-term 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)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments - Additional Information (detail)
Fair Value Of Financial Instruments - Aggregate Fair Value And Carrying Value Of Long-term Debt (detail)
Fair Value Of Financial Instruments - Aggregate Fair Value And Carrying Value Of Warrant Liability And Long-term Debt (detail)
Fair Value Of Financial Instruments - Fair Value Of Warrants Determined By Using Option Pricing Model (detail)
Fair Value Of Financial Instruments - Schedule Of Roll Forward Of Warrant Liability Classified As Level 3 And Measured At Fair Value On A Recurring Basis (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)
Long Term Debt
Long Term Debt - Additional Information (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 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)
Related Party Transactions
Related Party Transactions - Additional 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: 0001564590-17-004015
Submitted to the SEC: Fri Mar 10 2017 5:20:50 PM EST
Accepted by the SEC: Fri Mar 10 2017
Period: Saturday, December 31, 2016
Industry: Prepackaged Software

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