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Last10K.com | 10-Q Quarterly Report Wed May 15 2019
EXHIBIT 99.1
IR INQUIRIES:
Charles Messman
Investor Relations
949-362-5800
IR@smithmicro.com
Smith Micro Reports First Quarter 2019 Financial Results
Revenue Increased to $8.4 Million
PITTSBURGH, PA, May 8, 2019
– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2019.“We delivered a very solid quarter for the Company as we launched our 2019 fiscal year,” said William W. Smith Jr., President and CEO of Smith Micro Software. “We saw accelerated revenue growth with our SafePath® platform, a sixth consecutive quarter of subscriber revenue growth from the CommSuite® platform, and strong contribution from ViewSpot™, our recent Smart Retail acquisition that closed in early January.”
Mr. Smith concluded, “We are off to a solid start to the fiscal year. Our sales pipeline continues to grow across all three of our core wireless solutions, with a broader geographical reach and a more viable ecosystem of opportunities than we have seen in several years. Moving forward, we will leverage and build upon that momentum and continue to deliver growth and profitability throughout 2019.”
First Quarter 2019 Financial Results:
Smith Micro reported revenue of $8.4 million for the first quarter ended March 31, 2019, compared to $5.5 million reported in the first quarter ended March 31, 2018.
First quarter 2019 gross profit was $7.5 million compared to $4.2 million reported in the first quarter of 2018.
The following information was filed by Smith Micro Software Inc (SMSI) on Wednesday, May 8, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Revenue - Product Highlight
We received net proceeds of approximately $4.5 million from the sale of our common stock in a private placement, which was offset by payment of $1.0 million of related party notes payable and $0.1 million payment of dividends on preferred stock.
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Revenue - Product Highlight
This Quarterly Report on Form 10-Q ("Report") contains forward-looking statements regarding Smith Micro which include, but are not limited to, statements concerning customer concentration, projected revenues, market acceptance of products, the success and timing of new product introductions, the competitive factors affecting our business, our ability to raise additional capital, gross profit and income, our ability to remain a going concern, our expenses, and the protection of our intellectual property.
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Revenue - Product Highlight
Wireless revenue of $8.2 million increased $3.4 million, or 69.7%, primarily due to increased subscribers and resulting revenues from our largest customer, Sprint, associated with growth in the SafePath product.
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Revenue - Product Highlight
Revenues were $8.4 million and $5.5 million for the three months ended March 31, 2019 and 2018, respectively, representing an increase of $2.9 million, or 54.3%.
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Financial - Expense Highlight
This increase was primarily due to an increase in non-cash stock compensation, variable compensation expense, consulting fees, and acquisition fees.
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Other - Other
The amortization of intangible assets...Read more
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Other - Other
Smith Micro develops software to...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Loss
Accounting Policies
Accounting Policies (Policies)
Accounting Policies - Additional Information (Detail)
Acquisitions
Acquisitions (Tables)
Acquisitions - Summary Of Consideration Paid For Acquisitions (Detail)
Acquisitions - Summary Of Preliminary Allocation Of Purchase Price (Detail)
Acquisitions - Summary Of Unaudited Proforma Results Of Operation (Detail)
Commitments And Contingencies
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Details Of Basic And Diluted Earnings Per Share (Detail)
Equity Transactions
Equity Transactions - Additional Information (Detail)
Going Concern Evaluation
Going Concern Evaluation - Additional Information (Detail)
Goodwill
Goodwill - Additional Information (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Maturity Of Operating Lease Liabilities (Detail)
Leases - Summary Of Operating Lease Assets And Liabilities (Detail)
Leases - Summary Of Operating Lease Cost (Detail)
Revenues
Revenues (Tables)
Revenues - Additional Information (Detail)
Revenues - Schedule Of Revenues On Disaggregated Basis (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 Net Revenues (Detail)
Segment, Customer Concentration And Geographical Information - Revenues Generated By Each Business Unit (Detail)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Detail)
Subsequent Events
The Company
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: 0001564590-19-019395
Submitted to the SEC: Wed May 15 2019 12:06:30 PM EST
Accepted by the SEC: Wed May 15 2019
Period: Sunday, March 31, 2019
Industry: Prepackaged Software
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