Smith Micro Software Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Smith Micro Software, Inc. ( NASDAQ:SMSI), a leading provider of wireless and mobility solutions, today reported financial results for the fourth quarter and full year ended December 31, 2012.

“Our fourth quarter revenues of $12.0 million were up 7.1% from the same period last year, and up 9.3% from the third quarter of 2012, primarily due to continued growth in our CommSuite solutions, which allow wireless carriers to capitalize on the convenience and stickiness of Visual Voicemail and Voice-to-Text applications,” said William W. Smith Jr., President and CEO of Smith Micro Software. “Our fourth quarter non-GAAP loss per share of $0.06 was cut in half from last year’s $0.12 loss per share due to higher revenues and on-going cost containment efforts. While we were disappointed in our total year revenue decline in 2012 versus 2011, we are encouraged by the year-over-year increase of $6.9 million in our newer NetWise and CommSuite product lines and the sequential growth of revenue throughout 2012.”

Smith Micro reported revenues of $12.0 million for the fourth quarter ended December 31, 2012, a 7.1% increase from revenues of $11.2 million reported in the fourth quarter of 2011.

Fourth quarter 2012 gross profit on a GAAP and non-GAAP basis (which excludes stock compensation) was $9.7 million compared to $8.5 million reported in the fourth quarter of 2011.

GAAP gross profit as a percentage of revenues was 80.6% for the fourth quarter of 2012 compared to 75.7% for the fourth quarter of 2011. Non-GAAP gross profit as a percentage of revenues was 80.6% for the fourth quarter of 2012 compared to 75.8% for the same quarter last year.

GAAP net loss for the fourth quarter of 2012 was $4.1 million, or $0.12 loss per diluted share compared to GAAP net loss of $9.5 million, or $0.27 loss per diluted share for the fourth quarter of 2011.

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