Exhibit 99.1
AT THE COMPANY: S&S PUBLIC RELATIONS:
Bruce T. Quigley Steve Simon
Director of Business Development Media Inquiries
949-362-5800 847-955-0700
bquigley@smithmicro.com steve@sspr.com
Not For Immediate Release
Smith Micro Announces 2003 First Quarter Results
New Product Shipments Help in Continued Improvement
Aliso Viejo, Calif., April 24, 2003-- Smith Micro Software, Inc. (NASDAQ: SMSI),
a developer and marketer of a wide range of software and service solutions for
the wireless and Internet markets, today reported its first quarter 2003
results.
The company reported net revenues for the quarter ended March 31, 2003, of $1.9
million, compared to $1.9 million in the first quarter of 2002. The company's
net loss of $250,000 in the first quarter of 2003 resulted in a loss of $.02 per
basic and diluted share, compared to a net loss of $582,000 in the first quarter
2002 or $.04 per basic and diluted share.
"We continue to be very confident that the wireless sector is an exciting sector
for us to address. The announcement of QuickLink Mobile Wi-Fi at the CTIA trade
show last month was well received and places us in the forefront of the Wi-Fi
market," said William W. Smith, Jr., President and Chief Executive Officer.
"We also started shipping FAXstf X Pro, a powerful fax solution for the Mac OS X
community and the WebDNA product line, was enhanced by the shipment of the
Enterprise Edition which rounds out a complete lineup of web site development
tools. We believe that these product releases will serve us well in 2003," Smith
concludes.
Investor Conference Call
Smith Micro will hold an investor conference call to discuss the company's
results at 4:30 p.m. Eastern time, Thursday, April 24, 2003. Investors may
access the conference call over the Internet via the company's website
www.smithmicro.com or at www.firstcallevents.com/service/ajwz379985191gf12.html.
-more-
About Smith Micro Software
Smith Micro Software, Inc., headquartered in Aliso Viejo, CA, is a developer and
marketer of wireless communication and utility software products. The company
designs integrated, cross platform, easy-to-use software for personal computing
and business solutions around the world. With a focus on the Internet, Wireless,
and Broadband technologies, the company's products and services enable wireless
communications, eCommerce, eBusiness, Internet communications (voice-over-IP),
video conferencing, and network fax, along with traditional computer telephony.
Smith Micro's complete line of products is available through direct sales,
retail stores, value-added resellers (VARs) and original equipment manufacturers
(OEMs). Smith Micro's common stock trades on The Nasdaq Stock Market(R) under
the symbol SMSI. For more information, contact Smith Micro at (949) 362-5800 or
visit the company's Web site at www.smithmicro.com.
This release may contain forward-looking statements that involve risks and
uncertainties, including without limitation risks and uncertainties relating to
the company's financial prospects and projections, the company's plans for
returning to sustained profitability and the company's ability to increase its
business in the Wireless and Broadband segments. Among the important factors
that could cause actual results to differ materially from those in the
forward-looking statements are new and changing technologies, customer
acceptance of those technologies, fluctuations or cancellations in orders from
distribution customers, new and continuing adverse economic conditions, and the
company's ability to compete effectively with other software companies. These
and other factors could cause actual results to differ materially from those
presented in any forward-looking statement and are discussed in the company's
filings with the Securities and Exchange Commission including its recent filings
on Forms 10-K and 10-Q.
Smith Micro and the Smith Micro logo are trademarks or registered trademarks of
Smith Micro Software, Inc. All other trademarks and product names are the
property of their respective companies.
Smith Micro, the Smith Micro logo, QuickLink, QuickLink Mobile, FAXstf and
WebDNA are trademarks or registered trademarks of Smith Micro Software, Inc. All
other trademarks and product names are the property of their respective
companies.
Note: Financial Schedules Attached
Smith Micro Software, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
March 31,
(unaudited)
2003 2002
-------- --------
Net Revenues:
Products $ 1,585 $ 1,457
Services 282 436
-------- --------
Total Net Revenues 1,867 1,893
Cost of Revenues:
Products 321 370
Services 84 399
-------- --------
Total Cost of Revenues 405 769
-------- --------
Gross Margin 1,462 1,124
Operating Expenses:
Selling & Marketing 582 665
Research & Development 654 540
General & Administrative 468 489
-------- --------
Total Operating Expenses 1,704 1,694
-------- --------
Operating Loss (242) (570)
Interest Income 7 12
Interest & Other Expenses (12) (20)
-------- --------
Loss Before Income Tax
(247) (578)
Income Tax Expense 3 4
-------- --------
Net Loss $ (250) $ (582)
======== ========
Net Loss per share, basic & diluted $ (0.02) $ (0.04)
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Weighted average shares outstanding,
basic & diluted 16,223 16,232
======== ========
Smith Micro Software, Inc
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2003 2002
------------- ------------
(unaudited)
ASSETS
Current Assets:
Cash & Cash Equivalents $ 3,450 $ 3,627
Accounts Receivable, Net 667 633
Inventory, Net 33 45
Prepaids & Other Assets 219 263
-------- --------
Total Current Assets 4,369 4,568
Equipment & Improvements, Net 165 220
Intangible Assets, Net 153 224
Goodwill 1,715 1,715
Other Assets 32 39
-------- --------
TOTAL ASSETS $ 6,434 $ 6,766
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LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $ 497 $ 445
Accrued Liabilities 583 709
-------- --------
Total Current Liabilities 1,080 1,154
Common Stock 16 16
Additional Paid In Capital 24,779 24,787
Accumulated Deficit (19,441) (19,191)
-------- --------
Total Stockholders' Equity 5,354 5,612
-------- --------
TOTAL LIABILITIES & EQUITY $ 6,434 $ 6,766
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