$SMSI
SMITH MICRO SOFTWARE, INC.

2014 Q2 Form 10-Q Financial Statement

#000119312514291373 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $8.528M $10.48M
YoY Change -18.66% 3.08%
Cost Of Revenue $2.451M $2.401M
YoY Change 2.08% 33.69%
Gross Profit $6.077M $8.083M
YoY Change -24.82% -3.49%
Gross Profit Margin 71.26% 77.1%
Selling, General & Admin $5.714M $9.431M
YoY Change -39.41% 3.6%
% of Gross Profit 94.03% 116.68%
Research & Development $3.609M $5.900M
YoY Change -38.83% -4.42%
% of Gross Profit 59.39% 72.99%
Depreciation & Amortization $810.0K $1.050M
YoY Change -22.86% -4.55%
% of Gross Profit 13.33% 12.99%
Operating Expenses $11.76M $15.33M
YoY Change -23.31% 0.87%
Operating Profit -$5.681M -$7.248M
YoY Change -21.62% 6.21%
Interest Expense $0.00 $10.00K
YoY Change -100.0% -66.67%
% of Operating Profit
Other Income/Expense, Net -$2.000K $8.000K
YoY Change -125.0% -74.19%
Pretax Income -$5.683M -$7.240M
YoY Change -21.51% 6.58%
Income Tax $12.00K $4.000K
% Of Pretax Income
Net Earnings -$5.695M -$7.244M
YoY Change -21.38% 6.14%
Net Earnings / Revenue -66.78% -69.1%
Basic Earnings Per Share -$0.15 -$0.19
Diluted Earnings Per Share -$0.15 -$0.19
COMMON SHARES
Basic Shares Outstanding 38.52M shares 37.25M shares
Diluted Shares Outstanding 38.52M shares 37.25M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.256M $23.46M
YoY Change -73.34% -25.04%
Cash & Equivalents $5.036M $9.161M
Short-Term Investments $1.220M $14.30M
Other Short-Term Assets $1.600M $1.400M
YoY Change 14.29% -12.5%
Inventory $169.0K $130.0K
Prepaid Expenses
Receivables $7.389M $8.457M
Other Receivables $700.0K $600.0K
Total Short-Term Assets $16.11M $34.09M
YoY Change -52.76% -30.56%
LONG-TERM ASSETS
Property, Plant & Equipment $5.373M $9.232M
YoY Change -41.8% -30.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $205.0K $184.0K
YoY Change 11.41% -8.0%
Total Long-Term Assets $5.578M $9.416M
YoY Change -40.76% -29.73%
TOTAL ASSETS
Total Short-Term Assets $16.11M $34.09M
Total Long-Term Assets $5.578M $9.416M
Total Assets $21.68M $43.51M
YoY Change -50.16% -30.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.378M $1.828M
YoY Change -24.62% 7.53%
Accrued Expenses $6.722M $6.517M
YoY Change 3.15% 1.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.219M $9.419M
YoY Change -12.74% 1.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.701M $2.839M
YoY Change 30.36% -16.5%
Total Long-Term Liabilities $3.855M $2.930M
YoY Change 31.57% -13.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.219M $9.419M
Total Long-Term Liabilities $3.855M $2.930M
Total Liabilities $12.07M $12.35M
YoY Change -2.23% -2.76%
SHAREHOLDERS EQUITY
Retained Earnings -$207.3M -$181.9M
YoY Change 13.96%
Common Stock $217.0M $213.1M
YoY Change 1.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.610M $31.16M
YoY Change
Total Liabilities & Shareholders Equity $21.68M $43.51M
YoY Change -50.16% -30.39%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$5.695M -$7.244M
YoY Change -21.38% 6.14%
Depreciation, Depletion And Amortization $810.0K $1.050M
YoY Change -22.86% -4.55%
Cash From Operating Activities -$4.940M -$4.730M
YoY Change 4.44% -19.42%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$50.00K
YoY Change -20.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities $1.410M $1.200M
YoY Change 17.5% 7.14%
Cash From Investing Activities $1.360M $1.150M
YoY Change 18.26% 5.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.940M -4.730M
Cash From Investing Activities 1.360M 1.150M
Cash From Financing Activities 0.000 0.000
Net Change In Cash -3.580M -3.580M
YoY Change 0.0% -31.29%
FREE CASH FLOW
Cash From Operating Activities -$4.940M -$4.730M
Capital Expenditures -$40.00K -$50.00K
Free Cash Flow -$4.900M -$4.680M
YoY Change 4.7% -20.0%

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SMITH MICRO SOFTWARE INC
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dei Entity Central Index Key
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>1. The Company</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> 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 devices, communications and network connectivity for end-users as well as Machine-to-Machine (&#x201C;M2M&#x201D;) endpoints. Our primary customers are the world&#x2019;s leading wireless service providers, mobile&#xA0;device and chipset manufacturers, and enterprise businesses. In addition to our wireless and mobility software, Smith Micro offers personal productivity, graphics and animation products distributed through a variety of consumer channels worldwide.</p> </div>
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us-gaap General And Administrative Expense
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us-gaap Cost Of Goods And Services Sold
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11000
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34000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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17000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Depreciation And Amortization
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1676000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Selling And Marketing Expense
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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279000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
1798000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Research And Development Expense
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us-gaap Proceeds From Stock Options Exercised
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6000
us-gaap Restructuring Charges
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us-gaap Operating Expenses
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us-gaap Income Tax Expense Benefit
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smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
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1347000 shares
smsi Number Of Geographic Location
NumberOfGeographicLocation
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smsi Incentives Price Per Square Foot
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40.00
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P10Y
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NumberOfCustomers
3 Customer
smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2 Institution
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Three months or less
smsi Operating Leases Expiring Period
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smsi Lease Incentive Amount For Improvement Of Space
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2200000
smsi Extended Period In Which People To Be Employed
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2015-02-28
CY2013 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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0.26 pure
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16000000
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37247000 shares
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-0.19
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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37247000 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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shares
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EarningsPerShareBasicAndDiluted
-0.19
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37247000 shares
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ComprehensiveIncomeNetOfTax
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CY2013Q2 us-gaap Gross Profit
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8083000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2013Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-17000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-7240000
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NonoperatingIncomeExpense
8000
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-17000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CostOfGoodsAndServicesSold
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CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1021000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4569000
CY2013Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2013Q2 us-gaap Research And Development Expense
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5900000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
15331000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2013Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2323000 shares
CY2013Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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38518000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
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CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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38518000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38518000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11000 shares
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2014Q2 us-gaap Gross Profit
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6077000
CY2014Q2 us-gaap Operating Income Loss
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CY2014Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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0
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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1000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2014Q2 us-gaap Nonoperating Income Expense
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CY2014Q2 us-gaap Net Income Loss
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CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
8528000
CY2014Q2 us-gaap Restructuring Reserve Settled Without Cash1
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1300000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
CY2014Q2 us-gaap Other Restructuring Costs
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100000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3418000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2451000
CY2014Q2 us-gaap Restructuring And Related Cost Expected Cost
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400000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1846000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2296000
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2014Q2 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2014Q2 us-gaap Restructuring Costs And Asset Impairment Charges
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600000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3609000
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
2435000
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OperatingExpenses
11758000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000
CY2014Q2 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
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2090000 shares
CY2014Q2 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2014Q2 smsi Restructuring Special Charges
RestructuringSpecialCharges
1800000
CY2014Q2 smsi Quarterly Savings From Restructuring
QuarterlySavingsFromRestructuring
2000000
CY2013Q3 us-gaap Other Restructuring Costs
OtherRestructuringCosts
200000
CY2013Q3 us-gaap Severance Costs1
SeveranceCosts1
1100000
CY2013Q3 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1000000
CY2013Q3 smsi Restructuring Special Charges
RestructuringSpecialCharges
5600000
CY2013Q3 smsi Lease Rental Terminations Cost For Restructuring
LeaseRentalTerminationsCostForRestructuring
3300000

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