EX-99.1 3 e14676ex99_1.txt PRESS RELEASE 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) ======== ======== 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 ======== ======== 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 ======== ======== ####