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Smith Micro Software, Inc. (SMSI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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 2019 Financial Results

Total Annual Revenue Grew to $43.3 million, a 65% Increase over Fiscal 2018

Total Fourth Quarter Revenue Grew to $12.3 million, a 67% Increase over Fourth Quarter 2018

 

 

PITTSBURGH, PA, March 5, 2020

– Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2019.

“The Company’s fiscal 2019 was an extremely positive year and exciting time for us, as we delivered strong revenue growth, profits, and cash flow from operations throughout the year,” said William W. Smith, Jr., President and CEO of Smith Micro. “We begin 2020 with a strong tailwind, a more diversified customer base, and overall enhanced product portfolio for our flagship SafePath platform, as we look to expand our leadership in the value-added services market within the mobile operators space.”

Fourth Quarter 2019 Financial Results

Smith Micro reported revenue of $12.3 million for the fourth quarter ended December 31, 2019, compared to $7.4 million reported in the fourth quarter ended December 31, 2018.

Fourth quarter 2019 gross profit was $11.3 million compared to $6.4 million reported in the fourth quarter of 2018.

Gross profit as a percentage of revenue was 92 percent for the fourth quarter of 2019 compared to 87 percent for the fourth quarter of 2018.

Generally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the fourth quarter of 2019 was $3.7 million, or $0.09 diluted earnings per share,

 


The following information was filed by Smith Micro Software Inc (SMSI) on Thursday, March 5, 2020 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 Smith Micro Software Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

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 Operations
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Summary Of Allocation Of Purchase Price (Detail)
Acquisitions - Summary Of Consideration Paid For Acquisitions (Detail)
Acquisitions - Summary Of Unaudited Proforma Results Of Operation (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt And Related Party Transactions
Debt And Related Party Transactions - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Earnings Per Share (Detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (Detail)
Equipment And Improvements
Equipment And Improvements (Tables)
Equipment And Improvements - Additional Information (Detail)
Equipment And Improvements - Summary Of Equipment And Improvements (Detail)
Equity Transactions
Equity Transactions - Additional Information (Detail)
Gain On Sale Of Software Product
Gain On Sale Of Software Product - Additional Information (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Future Amortization Expense Related To Intangible Assets (Detail)
Goodwill And Intangible Assets - Schedule Of Acquired Intangible Assets By Major Asset Class (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 Loss 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 (Benefit) (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)
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 - Additional Information (Detail)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Summarized Quarterly Information (Detail)
Restructuring
Restructuring (Tables)
Restructuring - Activity In Restructuring Liability Accounts (Detail)
Restructuring - Additional Information (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 - Quarterly Revenues Generated By The Wireless Segment (Detail)
Segment, Customer Concentration And Geographical Information - Wireless Revenues By Product (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: 0001564590-20-010806
Submitted to the SEC: Fri Mar 13 2020 4:01:58 PM EST
Accepted by the SEC: Fri Mar 13 2020
Period: Tuesday, December 31, 2019
Industry: Prepackaged Software

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