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Exhibit 99.1
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Smith Micro Reports Third Quarter 2018 Financial Results
Company Achieves Non-GAAP Profitability During the Quarter
ALISO VIEJO, CA, October 24, 2018
– Smith Micro Software, Inc. (NASDAQ: SMSI), today reported financial results for its third quarter ended September 30, 2018.“I am overall pleased with the quarter that came in line with our expectations,” said William W. Smith Jr., President and CEO of Smith Micro Software. “Revenues increased over the prior year, and we again achieved operating profitability during the quarter.”
“During the first nine months of this fiscal year, we have made tremendous strides throughout the organization, particularly with the product enhancements that we plan to launch in the fourth quarter. We remain focused on optimizing performance and driving revenue on our core product platforms, SafePath® and CommSuite®, so that we can finish the year strong and maximize 2019 opportunities.”
Fiscal Third Quarter 2018 Financial Results:
Smith Micro Software reported revenue of $6.5 million for the third quarter ended September 30, 2018, compared to $5.8 million reported in the third quarter ended September 30, 2017.
Third quarter 2018 gross profit was $5.5 million, compared to $4.6 million reported in the third quarter of 2017.
Gross profit as a percentage of revenue was 85 percent for the third quarter of 2018, compared to 80 percent for the third quarter of 2017.
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Smith Micro Software Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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This Quarterly Report on Form 10-Q ("report") contains forward-looking statements regarding Smith Micro which include, but are not limited to, statements concerning our ability to remain a going concern, our ability to raise more funds, customer concentration, projected revenues, expenses, gross profit and income, the competitive factors affecting our business, market acceptance of products, the success and timing of new product introductions, and the protection of our intellectual property.
We received net proceeds of approximately $10.7 million from the sale of our common stock in two private placements, which was partially offset by payments of $1.0 million of related party notes payable and $0.4 million of dividends on preferred stock.
Selling and marketing expenses were $4.5 million and $4.7 million for the nine months ended September 30, 2018 and 2017, respectively, representing a decrease of $0.2 million, or 3.8%.
Therefore, our actual results could differ materially and adversely from those expressed or implied in any forward-looking statements as a result of various factors, and investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Research and development expenses were $6.5 million and $6.8 million for the nine months ended September 30, 2018 and 2017, respectively, representing a decrease of $0.3 million, or 4.0%.
This decrease was primarily due...Read more
Wireless revenue of $6.3 million...Read more
Wireless revenue of $17.6 million...Read more
Revenues were $6.5 million and...Read more
Revenues were $18.9 million and...Read more
The primary uses of operating...Read more
This decrease was primarily due...Read more
With the exception of historical...Read more
Over the past three decades,...Read more
This usage was partially offset...Read more
This usage was partially offset...Read more
The amortization of intangible assets...Read more
The amortization of intangible assets...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Smith Micro Software Inc provided additional information to their SEC Filing as exhibits
Ticker: SMSI
CIK: 948708
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025261
Submitted to the SEC: Fri Oct 26 2018 12:06:33 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Prepackaged Software