$SMSI
SMITH MICRO SOFTWARE, INC.

2014 Q3 Form 10-Q Financial Statement

#000119312514391808 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $9.448M $8.746M
YoY Change 8.03% -20.58%
Cost Of Revenue $2.201M $2.492M
YoY Change -11.68% 17.55%
Gross Profit $7.247M $6.254M
YoY Change 15.88% -29.67%
Gross Profit Margin 76.7% 71.51%
Selling, General & Admin $5.203M $8.277M
YoY Change -37.14% -8.77%
% of Gross Profit 71.8% 132.35%
Research & Development $3.188M $5.355M
YoY Change -40.47% -8.38%
% of Gross Profit 43.99% 85.63%
Depreciation & Amortization $700.0K $990.0K
YoY Change -29.29% -10.0%
% of Gross Profit 9.66% 15.83%
Operating Expenses $8.391M $19.23M
YoY Change -56.37% 29.1%
Operating Profit -$1.144M -$12.98M
YoY Change -91.19% 116.08%
Interest Expense $0.00 $10.00K
YoY Change -100.0% -66.67%
% of Operating Profit
Other Income/Expense, Net -$3.000K $7.000K
YoY Change -142.86% -76.67%
Pretax Income -$1.147M -$12.97M
YoY Change -91.16% 172.14%
Income Tax -$5.000K $76.00K
% Of Pretax Income
Net Earnings -$1.142M -$13.05M
YoY Change -91.25% 171.12%
Net Earnings / Revenue -12.09% -149.2%
Basic Earnings Per Share -$0.03 -$0.35
Diluted Earnings Per Share -$0.03 -$0.35
COMMON SHARES
Basic Shares Outstanding 41.23M shares 37.04M shares
Diluted Shares Outstanding 41.23M shares 37.04M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.69M $18.06M
YoY Change -29.71% -33.11%
Cash & Equivalents $10.49M $10.86M
Short-Term Investments $2.201M $7.196M
Other Short-Term Assets $1.300M $1.300M
YoY Change 0.0% 0.0%
Inventory $165.0K $162.0K
Prepaid Expenses
Receivables $7.355M $7.015M
Other Receivables $700.0K $700.0K
Total Short-Term Assets $22.19M $27.20M
YoY Change -18.41% -40.22%
LONG-TERM ASSETS
Property, Plant & Equipment $4.697M $7.910M
YoY Change -40.62% -35.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $205.0K $223.0K
YoY Change -8.07% 11.5%
Total Long-Term Assets $4.902M $8.133M
YoY Change -39.73% -34.94%
TOTAL ASSETS
Total Short-Term Assets $22.19M $27.20M
Total Long-Term Assets $4.902M $8.133M
Total Assets $27.10M $35.33M
YoY Change -23.32% -39.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.145M $2.396M
YoY Change -10.48% 19.8%
Accrued Expenses $6.079M $9.850M
YoY Change -38.28% 109.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.955M $14.28M
YoY Change -37.27% 65.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.736M $2.051M
YoY Change 82.16% -39.68%
Total Long-Term Liabilities $3.888M $2.142M
YoY Change 81.51% -37.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.955M $14.28M
Total Long-Term Liabilities $3.888M $2.142M
Total Liabilities $12.84M $16.42M
YoY Change -21.77% 36.81%
SHAREHOLDERS EQUITY
Retained Earnings -$208.5M -$195.0M
YoY Change 6.93%
Common Stock $222.7M $213.9M
YoY Change 4.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.25M $18.92M
YoY Change
Total Liabilities & Shareholders Equity $27.10M $35.33M
YoY Change -23.32% -39.08%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$1.142M -$13.05M
YoY Change -91.25% 171.12%
Depreciation, Depletion And Amortization $700.0K $990.0K
YoY Change -29.29% -10.0%
Cash From Operating Activities $1.160M -$4.740M
YoY Change -124.47% 17.33%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$680.0K
YoY Change -97.06% 240.0%
Acquisitions
YoY Change
Other Investing Activities -$980.0K $7.110M
YoY Change -113.78% 114.16%
Cash From Investing Activities -$1.010M $6.430M
YoY Change -115.71% 105.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.300M 20.00K
YoY Change 26400.0% 0.0%
NET CHANGE
Cash From Operating Activities 1.160M -4.740M
Cash From Investing Activities -1.010M 6.430M
Cash From Financing Activities 5.300M 20.00K
Net Change In Cash 5.450M 1.710M
YoY Change 218.71% -292.13%
FREE CASH FLOW
Cash From Operating Activities $1.160M -$4.740M
Capital Expenditures -$20.00K -$680.0K
Free Cash Flow $1.180M -$4.060M
YoY Change -129.06% 5.73%

Facts In Submission

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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> <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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139000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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112000
us-gaap Increase Decrease In Deferred Revenue
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267000
us-gaap Operating Expenses
OperatingExpenses
31312000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CostOfGoodsAndServicesSold
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ProvisionForDoubtfulAccounts
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us-gaap Restructuring Charges
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CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
2375000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
5318000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Proceeds From Issuance Of Common Stock
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5291000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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328000
us-gaap Inventory Write Down
InventoryWriteDown
38000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
793000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6000
us-gaap Proceeds From Stock Plans
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21000
us-gaap General And Administrative Expense
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ShareBasedCompensation
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smsi Incentives Price Per Square Foot
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smsi Lease Incentive Amount For Improvement Of Space
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2200000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1536000 shares
smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2 Institution
smsi Number Of Customers
NumberOfCustomers
3 Customer
smsi Extended Period In Which People To Be Employed
ExtendedPeriodInWhichPeopleToBeEmployed
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
CY2013 smsi Period In Which People To Be Employed
PeriodInWhichPeopleToBeEmployed
P3Y
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232 People
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1300000
CY2014Q2 us-gaap Payments For Restructuring
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400000
CY2014Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
600000
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400000
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100000
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1800000
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EarningsPerShareDiluted
-0.35
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
shares
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37036000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37036000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37036000 shares
CY2013Q3 us-gaap Gross Profit
GrossProfit
6254000
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
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8746000
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ComprehensiveIncomeNetOfTax
-13046000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
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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 Nonoperating Income Expense
NonoperatingIncomeExpense
7000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3000
CY2013Q3 us-gaap Severance Costs1
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1100000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
821000
CY2013Q3 us-gaap Other Restructuring Costs
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200000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
19234000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5355000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3705000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2492000
CY2013Q3 smsi Restructuring Special Charges
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5600000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3064000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
532000
CY2013Q3 us-gaap Restructuring Charges
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5602000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
76000
CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2013Q3 us-gaap Restructuring Costs And Asset Impairment Charges
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CY2013Q3 us-gaap General And Administrative Expense
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4572000
CY2013Q3 smsi Lease Rental Terminations Cost For Restructuring
LeaseRentalTerminationsCostForRestructuring
3300000
CY2013Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
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2271000 shares
CY2013Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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41225000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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41225000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41225000 shares
CY2014Q3 us-gaap Gross Profit
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7247000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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0
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q3 us-gaap Operating Income Loss
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CY2014Q3 us-gaap Comprehensive Income Net Of Tax
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CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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CY2014Q3 us-gaap Net Income Loss
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CY2014Q3 us-gaap Operating Expenses
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CY2014Q3 us-gaap Research And Development Expense
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2201000
CY2014Q3 us-gaap Income Tax Expense Benefit
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CY2014Q3 us-gaap Operating Leases Rent Expense Net
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300000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2014Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1596000 shares
CY2014Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location

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