$SMSI
SMITH MICRO SOFTWARE, INC.

2013 Q3 Form 10-Q Financial Statement

#000119312513434753 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $8.746M $11.01M
YoY Change -20.58% -12.81%
Cost Of Revenue $2.492M $2.120M
YoY Change 17.55% -42.7%
Gross Profit $6.254M $8.892M
YoY Change -29.67% -0.43%
Gross Profit Margin 71.51% 80.75%
Selling, General & Admin $8.277M $9.073M
YoY Change -8.77% -26.42%
% of Gross Profit 132.35% 102.04%
Research & Development $5.355M $5.845M
YoY Change -8.38% -45.37%
% of Gross Profit 85.63% 65.73%
Depreciation & Amortization $990.0K $1.100M
YoY Change -10.0% -66.36%
% of Gross Profit 15.83% 12.37%
Operating Expenses $19.23M $14.90M
YoY Change 29.1% -35.31%
Operating Profit -$12.98M -$6.007M
YoY Change 116.08% -57.4%
Interest Expense $10.00K $30.00K
YoY Change -66.67% 200.0%
% of Operating Profit
Other Income/Expense, Net $7.000K $30.00K
YoY Change -76.67%
Pretax Income -$12.97M -$4.767M
YoY Change 172.14% -96.27%
Income Tax $76.00K $46.00K
% Of Pretax Income
Net Earnings -$13.05M -$4.813M
YoY Change 171.12% -96.42%
Net Earnings / Revenue -149.2% -43.71%
Basic Earnings Per Share -$0.35 -$0.13
Diluted Earnings Per Share -$0.35 -$0.13
COMMON SHARES
Basic Shares Outstanding 37.04M shares 35.88M shares
Diluted Shares Outstanding 37.04M shares 35.88M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.06M $27.00M
YoY Change -33.11% -50.09%
Cash & Equivalents $10.86M $10.07M
Short-Term Investments $7.196M $17.00M
Other Short-Term Assets $1.300M $1.300M
YoY Change 0.0% -27.78%
Inventory $162.0K $200.0K
Prepaid Expenses
Receivables $7.015M $9.300M
Other Receivables $700.0K $7.600M
Total Short-Term Assets $27.20M $45.50M
YoY Change -40.22% -37.84%
LONG-TERM ASSETS
Property, Plant & Equipment $7.910M $12.30M
YoY Change -35.69% -24.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $223.0K $200.0K
YoY Change 11.5% 0.0%
Total Long-Term Assets $8.133M $12.50M
YoY Change -34.94% -24.7%
TOTAL ASSETS
Total Short-Term Assets $27.20M $45.50M
Total Long-Term Assets $8.133M $12.50M
Total Assets $35.33M $58.00M
YoY Change -39.08% -35.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.396M $2.000M
YoY Change 19.8% -57.45%
Accrued Expenses $9.850M $4.700M
YoY Change 109.57% -37.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.28M $8.600M
YoY Change 65.99% -31.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.051M $3.400M
YoY Change -39.68% -5.56%
Total Long-Term Liabilities $2.142M $3.400M
YoY Change -37.0% -5.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.28M $8.600M
Total Long-Term Liabilities $2.142M $3.400M
Total Liabilities $16.42M $12.00M
YoY Change 36.81% -26.83%
SHAREHOLDERS EQUITY
Retained Earnings -$195.0M
YoY Change
Common Stock $213.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.92M $45.90M
YoY Change
Total Liabilities & Shareholders Equity $35.33M $58.00M
YoY Change -39.08% -35.41%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$13.05M -$4.813M
YoY Change 171.12% -96.42%
Depreciation, Depletion And Amortization $990.0K $1.100M
YoY Change -10.0% -66.36%
Cash From Operating Activities -$4.740M -$4.040M
YoY Change 17.33% -32.89%
INVESTING ACTIVITIES
Capital Expenditures -$680.0K -$200.0K
YoY Change 240.0% -88.7%
Acquisitions
YoY Change
Other Investing Activities $7.110M $3.320M
YoY Change 114.16% -69.43%
Cash From Investing Activities $6.430M $3.130M
YoY Change 105.43% -65.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 20.00K
YoY Change 0.0% -122.22%
NET CHANGE
Cash From Operating Activities -4.740M -4.040M
Cash From Investing Activities 6.430M 3.130M
Cash From Financing Activities 20.00K 20.00K
Net Change In Cash 1.710M -890.0K
YoY Change -292.13% -129.87%
FREE CASH FLOW
Cash From Operating Activities -$4.740M -$4.040M
Capital Expenditures -$680.0K -$200.0K
Free Cash Flow -$4.060M -$3.840M
YoY Change 5.73% -9.65%

Facts In Submission

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dei Trading Symbol
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dei Entity Registrant Name
EntityRegistrantName
SMITH MICRO SOFTWARE INC
dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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dei Document Type
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dei Document Period End Date
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>1.&#xA0;&#xA0;The Company</b></p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 6%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">Smith Micro Software, Inc. (&#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; &#x201C;Smith Micro,&#x201D; or the &#x201C;Company&#x201D;) provides software and services that simplify, secure and enhance the mobile experience. The Company&#x2019;s portfolio of wireless solutions includes a wide range of client and server applications that manage voice, data, video and connectivity over mobile broadband networks. Our primary customers are the world&#x2019;s leading mobile network operators, chipset and mobile&#xA0;device manufacturers and enterprise businesses. In addition to our wireless and mobility software, Smith Micro offers personal productivity and graphics products distributed through a variety of consumer channels worldwide.</p> </div>
us-gaap Inventory Related Text
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us-gaap Income Taxes Paid
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Gain Loss On Disposition Of Assets
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-21152000
us-gaap Increase Decrease In Accounts Receivable
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1395000
us-gaap Nonoperating Income Expense
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Payments To Acquire Productive Assets
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap General And Administrative Expense
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
66000
us-gaap Inventory Write Down
InventoryWriteDown
41000
us-gaap Share Based Compensation
ShareBasedCompensation
3052000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
578000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
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us-gaap Depreciation And Amortization
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3321000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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2598000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12608000
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OperatingLeasesRentExpenseNet
2100000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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6000
us-gaap Net Cash Provided By Used In Investing Activities
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21287000
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
168000
smsi Restructuring Income Expense Net
RestructuringIncomeExpenseNet
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smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
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smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
smsi Number Of Major Customers
NumberOfMajorCustomers
3 Customer
smsi One Time Employee Termination And Other Costs
OneTimeEmployeeTerminationAndOtherCosts
200000
CY2012Q1 smsi Annualized Savings From Restructuring
AnnualizedSavingsFromRestructuring
7000000
CY2012Q1 smsi Additional Percentage Of Additional Reduction Of Headcount
AdditionalPercentageOfAdditionalReductionOfHeadcount
0.07 pure
CY2011Q4 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P2Y
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EarningsPerShareDiluted
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CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35879000 shares
CY2012Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35879000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4805000
CY2012Q3 us-gaap Gross Profit
GrossProfit
8892000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
8000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
30000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
11012000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
8000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5011000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
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2120000
CY2012Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2012Q3 us-gaap Share Based Compensation
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CY2012Q3 us-gaap Selling And Marketing Expense
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CY2012Q3 us-gaap Research And Development Expense
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CY2012Q3 us-gaap Operating Expenses
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CY2012Q3 us-gaap Income Tax Expense Benefit
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CY2012Q3 smsi Restructuring Income Expense Net
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CY2012Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
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CY2012Q3 smsi Number Of Geographic Location
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CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37036000 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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37036000 shares
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2013Q3 us-gaap Gross Profit
GrossProfit
6254000
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
0
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
3000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2013Q3 us-gaap Nonoperating Income Expense
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CY2013Q3 us-gaap Net Income Loss
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CY2013Q3 us-gaap Sales Revenue Net
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CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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3000
CY2013Q3 us-gaap General And Administrative Expense
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CY2013Q3 us-gaap Cost Of Goods And Services Sold
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CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q3 us-gaap Selling And Marketing Expense
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CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2013Q3 us-gaap Research And Development Expense
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5355000
CY2013Q3 us-gaap Operating Expenses
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CY2013Q3 us-gaap Income Tax Expense Benefit
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CY2013Q3 smsi Restructuring Income Expense Net
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CY2013Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2271000 shares
CY2013Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location

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