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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.
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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