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Smith Micro Software Reports Third 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 third quarter ended September 30, 2012.

“Revenues for the third quarter of 2012 were 8.3% higher than the second quarter primarily due to the continued roll-out of NetWise Director™, our data offload solution, as well as market expansion of our Visual Voicemail and Voicemail-to-Text products,” said William W. Smith Jr., President and CEO of Smith Micro Software. “Our operating expenses for this quarter were down slightly versus the second quarter, and were down 35% this year versus the same quarter last year excluding restructuring and impairment charges. We remain prudent about managing costs while continuing to invest in strategic areas of our business, such as Windows 8, intelligent traffic management, and enterprise mobile connectivity.”

Smith Micro reported revenues of $11.0 million for the third quarter ended September 30, 2012, compared to $12.6 million reported in the third quarter ended September 30, 2011, and $10.2 million for second quarter of 2012.

Third quarter 2012 gross profit on a GAAP basis was $8.9 million and was the same as reported in the third quarter of 2011. On a non-GAAP basis (which excludes amortization of intangibles and stock compensation), third quarter 2012 gross profit was $8.9 million, compared to $10.2 million for the same quarter last year.

GAAP gross profit as a percentage of revenue was 80.7% for the third quarter of 2012, compared to 70.7% for the third quarter of 2011 primarily due to no amortization of intangibles this year. Non-GAAP gross profit as a percentage of revenue was 80.8% for the third quarter of 2012, compared to 80.7% for the same quarter last year.

GAAP net loss for the third quarter of 2012 was $4.8 million, or $0.13 loss per diluted share, compared to a GAAP net loss of $134.5 million, or $3.76 loss per diluted share, for the third quarter of 2011. The 2011 net loss included the goodwill and long-lived asset impairment charge of $124.3 million.

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