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Smith Micro Software Reports Second Quarter Financial Results

Stocks in this article: SMSI

Smith Micro Software, Inc. ( NASDAQ:SMSI), a leading provider of wireless and mobility solutions, today reported financial results for the second quarter ended June 30, 2012.

“Revenues for the second quarter of 2012 were slightly higher than the first quarter. Our messaging product line, namely Visual Voicemail, continues to outperform, which helps to offset a decline in legacy software revenues,” said William W. Smith Jr., President and CEO of Smith Micro Software. “As expected, the first commercial deployment of NetWise Director™, our data offload and traffic management solution, began part way through the quarter, and the feedback has been positive. The nationwide roll-out is continuing and we anticipate increased volumes in the third quarter and beyond from this new solution.

“Our operating expenses for the quarter were down 41% compared to the second quarter of last year, and decreased another 13% from the first quarter. We continue to carefully manage our costs while maintaining strong investment in product innovation and development which should lead to increased revenues down the road.”

Smith Micro reported revenues of $10.2 million for the second quarter ended June 30, 2012, compared to $16.1 million reported in the second quarter ended June 30, 2011, and $10.1 million for first quarter of 2012.

Second quarter 2012 gross profit on a GAAP basis was $8.4 million compared to $12.5 million reported in the second quarter of 2011. On a non-GAAP basis (which excludes amortization of intangibles and stock compensation), second quarter 2012 gross profit was $8.4 million compared to $13.8 million for the same quarter last year.

GAAP gross profit as a percentage of revenue was 82.3% for the second quarter of 2012 compared to 77.9% for the second quarter of 2011. Non-GAAP gross profit as a percentage of revenue was 82.4% for the second quarter of 2012 compared to 85.7% for the same quarter last year.

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