2013 Q4 Form 10-K Financial Statement

#000119312515069548 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $11.84M $8.746M $10.48M
YoY Change -1.57% -20.58% 3.08%
Cost Of Revenue $2.370M $2.492M $2.401M
YoY Change 1.28% 17.55% 33.69%
Gross Profit $9.473M $6.254M $8.083M
YoY Change -2.29% -29.67% -3.49%
Gross Profit Margin 79.99% 71.51% 77.1%
Selling, General & Admin $6.860M $8.277M $9.431M
YoY Change -20.33% -8.77% 3.6%
% of Gross Profit 72.42% 132.35% 116.68%
Research & Development $4.110M $5.355M $5.900M
YoY Change -27.26% -8.38% -4.42%
% of Gross Profit 43.39% 85.63% 72.99%
Depreciation & Amortization $900.0K $990.0K $1.050M
YoY Change -18.92% -10.0% -4.55%
% of Gross Profit 9.5% 15.83% 12.99%
Operating Expenses $10.97M $19.23M $15.33M
YoY Change -23.02% 29.1% 0.87%
Operating Profit -$1.501M -$12.98M -$7.248M
YoY Change -67.05% 116.08% 6.21%
Interest Expense $0.00 $10.00K $10.00K
YoY Change -100.0% -66.67% -66.67%
% of Operating Profit
Other Income/Expense, Net $0.00 $7.000K $8.000K
YoY Change -76.67% -74.19%
Pretax Income -$1.500M -$12.97M -$7.240M
YoY Change -67.03% 172.14% 6.58%
Income Tax $0.00 $76.00K $4.000K
% Of Pretax Income
Net Earnings -$1.502M -$13.05M -$7.244M
YoY Change -63.75% 171.12% 6.14%
Net Earnings / Revenue -12.68% -149.2% -69.1%
Basic Earnings Per Share -$0.04 -$0.35 -$0.19
Diluted Earnings Per Share -$0.04 -$0.35 -$0.19
COMMON SHARES
Basic Shares Outstanding 37.03M shares 37.04M shares 37.25M shares
Diluted Shares Outstanding 37.03M shares 37.04M shares 37.25M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.84M $18.06M $23.46M
YoY Change -53.91% -33.11% -25.04%
Cash & Equivalents $11.76M $10.86M $9.161M
Short-Term Investments $3.078M $7.196M $14.30M
Other Short-Term Assets $1.100M $1.300M $1.400M
YoY Change 10.0% 0.0% -12.5%
Inventory $167.0K $162.0K $130.0K
Prepaid Expenses
Receivables $7.563M $7.015M $8.457M
Other Receivables $700.0K $700.0K $600.0K
Total Short-Term Assets $24.29M $27.20M $34.09M
YoY Change -43.51% -40.22% -30.56%
LONG-TERM ASSETS
Property, Plant & Equipment $7.023M $7.910M $9.232M
YoY Change -37.36% -35.69% -30.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $222.0K $223.0K $184.0K
YoY Change 22.65% 11.5% -8.0%
Total Long-Term Assets $7.245M $8.133M $9.416M
YoY Change -36.4% -34.94% -29.73%
TOTAL ASSETS
Total Short-Term Assets $24.29M $27.20M $34.09M
Total Long-Term Assets $7.245M $8.133M $9.416M
Total Assets $31.54M $35.33M $43.51M
YoY Change -42.02% -39.08% -30.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.632M $2.396M $1.828M
YoY Change -17.49% 19.8% 7.53%
Accrued Expenses $7.734M $9.850M $6.517M
YoY Change 60.16% 109.57% 1.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.830M $14.28M $9.419M
YoY Change 19.25% 65.99% 1.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.383M $2.051M $2.839M
YoY Change -0.47% -39.68% -16.5%
Total Long-Term Liabilities $3.537M $2.142M $2.930M
YoY Change 1.35% -37.0% -13.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.830M $14.28M $9.419M
Total Long-Term Liabilities $3.537M $2.142M $2.930M
Total Liabilities $13.37M $16.42M $12.35M
YoY Change 13.93% 36.81% -2.76%
SHAREHOLDERS EQUITY
Retained Earnings -$196.5M -$195.0M -$181.9M
YoY Change 16.58%
Common Stock $214.7M $213.9M $213.1M
YoY Change 1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.17M $18.92M $31.16M
YoY Change
Total Liabilities & Shareholders Equity $31.54M $35.33M $43.51M
YoY Change -42.02% -39.08% -30.39%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income -$1.502M -$13.05M -$7.244M
YoY Change -63.75% 171.12% 6.14%
Depreciation, Depletion And Amortization $900.0K $990.0K $1.050M
YoY Change -18.92% -10.0% -4.55%
Cash From Operating Activities -$3.210M -$4.740M -$4.730M
YoY Change -161.61% 17.33% -19.42%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$680.0K -$50.00K
YoY Change -75.0% 240.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities $4.120M $7.110M $1.200M
YoY Change 13.19% 114.16% 7.14%
Cash From Investing Activities $4.110M $6.430M $1.150M
YoY Change 14.8% 105.43% 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 20.00K 0.000
YoY Change 0.0% -100.0%
NET CHANGE
Cash From Operating Activities -3.210M -4.740M -4.730M
Cash From Investing Activities 4.110M 6.430M 1.150M
Cash From Financing Activities 0.000 20.00K 0.000
Net Change In Cash 900.0K 1.710M -3.580M
YoY Change -89.76% -292.13% -31.29%
FREE CASH FLOW
Cash From Operating Activities -$3.210M -$4.740M -$4.730M
Capital Expenditures -$10.00K -$680.0K -$50.00K
Free Cash Flow -$3.200M -$4.060M -$4.680M
YoY Change -160.95% 5.73% -20.0%

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2013-11-01
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10-K
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SMITH MICRO SOFTWARE INC
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No
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SMSI
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Sales Incentives</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> For our Productivity&#xA0;&amp; Graphics sales, the cost of sales incentives the Company offers without charge to customers that can be used in, or that are exercisable by a customer as a result of, a single exchange transaction is accounted for as a reduction of revenue as required by FASB ASC Topic No.&#xA0;605-50, Revenue Recognition-Customer Payments and Incentives. We use historical redemption rates to estimate the cost of customer incentives. Total sales incentives were $0.5 million, $1.2 million and $0.9 million for the years ended December&#xA0;31, 2014, 2013 and 2012, respectively.</p> </div>
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633000 shares
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0.012 pure
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p> </div>
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40649000 shares
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2014-12-31
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0.20 pure
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Through 2022
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5.98
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false
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--12-31
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2014
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0.95
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0000948708
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FY
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150000 shares
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36979000
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Significant Concentrations</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> For the year ended December&#xA0;31, 2014, two customers, each accounting for over 10% of revenues, made up 79.2% of revenues and 87% of accounts receivable, and one service provider with more than 10% of purchases totaled 27% of accounts payable. For the year ended December&#xA0;31, 2013, three customers, each accounting for over 10% of revenues, made up 77.5% of revenues and 83% of accounts receivable, and one service provider with more than 10% of purchases totaled 28% of accounts payable. For the year ended December&#xA0;31, 2012, two customers, each accounting for over 10% of revenues, made up 61.2% of revenues and 78% of accounts receivable, and no service provider accounted for more than 10% of purchases.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The Company currently outsources a key information technology service, an important component of one of its products, from one supplier. Although there are a limited number of third party providers for this type of service, management believes that other suppliers could provide similar services on comparable terms. A change in suppliers, however, could cause a disruption or delay in services which could result in a possible loss of revenues and customer confidence, all of which would adversely affect our operating results.</p> </div>
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2011
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4000 shares
CY2014 dei Entity Current Reporting Status
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0
CY2014 us-gaap Stock Issued During Period Value New Issues
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5242000
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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3495000
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3200000
CY2014 us-gaap Increase Decrease In Inventories
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54000
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0
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157000
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CY2014 us-gaap Research And Development Expense
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CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2014 us-gaap Provision For Doubtful Accounts
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CY2014 us-gaap Income Tax Expense Benefit
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CY2014 us-gaap Operating Leases Rent Expense Net
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1200000
CY2014 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
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CY2014 us-gaap Depreciation
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2900000
CY2014 us-gaap Depreciation And Amortization
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CY2014 us-gaap Advertising Expense
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CY2014 us-gaap Current Foreign Tax Expense Benefit
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CY2014 us-gaap Current Income Tax Expense Benefit
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CY2014 smsi Concentration Risk Number Of Service Providers Responsible For Concentration
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1 ServiceProvider
CY2014 smsi Experience In Operation Period
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P30Y
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CY2014 smsi Tax Credit Carry Forward Expiration Year
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2027
CY2014 smsi Incentives Price Per Square Foot
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2200000
CY2014 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
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CY2014 smsi Number Of Geographic Location
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CY2014 smsi Number Of Financial Institutions In Which Securities Held
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2015-02-28
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.00 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y
CY2012 us-gaap Stock Repurchased During Period Shares
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375000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.03 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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826000 shares
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0.005 pure
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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35849000 shares
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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12.37
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0.00 pure
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174000 shares
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-0.02 pure
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32000 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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35849000 shares
CY2012 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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3883000
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34881000
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322000
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0
CY2012 us-gaap Sales Revenue Net
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CY2012 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
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66000
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27000
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733000
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CY2012 us-gaap Stock Repurchased During Period Value
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CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2012 us-gaap Income Tax Expense Benefit
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4430000
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6000
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CY2012 us-gaap Current Foreign Tax Expense Benefit
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CY2012 us-gaap Current Income Tax Expense Benefit
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CY2012 smsi Concentration Risk Number Of Service Providers Responsible For Concentration
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0 ServiceProvider
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0.137 pure
CY2012 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
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0.00
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45053000 shares
CY2014Q4 us-gaap Gross Profit
GrossProfit
8309000
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
10544000
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
217000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
205000

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