2015 Q1 Form 10-Q Financial Statement

#000119312515165646 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $10.53M $8.449M
YoY Change 24.62% -27.18%
Cost Of Revenue $2.118M $2.420M
YoY Change -12.48% -0.98%
Gross Profit $8.411M $6.029M
YoY Change 39.51% -34.17%
Gross Profit Margin 79.88% 71.36%
Selling, General & Admin $5.068M $6.914M
YoY Change -26.7% -25.84%
% of Gross Profit 60.25% 114.68%
Research & Development $3.341M $4.249M
YoY Change -21.37% -28.42%
% of Gross Profit 39.72% 70.48%
Depreciation & Amortization $500.0K $870.0K
YoY Change -42.53% -18.69%
% of Gross Profit 5.94% 14.43%
Operating Expenses $8.409M $11.16M
YoY Change -24.67% -26.84%
Operating Profit $2.000K -$5.134M
YoY Change -100.04% -15.85%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net -$1.000K
YoY Change
Pretax Income $1.000K -$5.134M
YoY Change -100.02% -15.68%
Income Tax $11.00K $33.00K
% Of Pretax Income 1100.0%
Net Earnings -$10.00K -$5.167M
YoY Change -99.81% -16.09%
Net Earnings / Revenue -0.09% -61.16%
Basic Earnings Per Share $0.00 -$0.14
Diluted Earnings Per Share $0.00 -$0.14
COMMON SHARES
Basic Shares Outstanding 11.38M 37.71M shares
Diluted Shares Outstanding 11.38M 37.71M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.78M $11.25M
YoY Change 22.52% -60.27%
Cash & Equivalents $9.977M $8.620M
Short-Term Investments $3.800M $2.625M
Other Short-Term Assets $700.0K $900.0K
YoY Change -22.22% 12.5%
Inventory $87.00K $167.0K
Prepaid Expenses
Receivables $7.598M $7.042M
Other Receivables $0.00 $700.0K
Total Short-Term Assets $22.19M $20.04M
YoY Change 10.74% -49.52%
LONG-TERM ASSETS
Property, Plant & Equipment $3.799M $6.161M
YoY Change -38.34% -39.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $221.0K $223.0K
YoY Change -0.9% 11.5%
Total Long-Term Assets $4.094M $6.384M
YoY Change -35.87% -38.62%
TOTAL ASSETS
Total Short-Term Assets $22.19M $20.04M
Total Long-Term Assets $4.094M $6.384M
Total Assets $26.29M $26.42M
YoY Change -0.52% -47.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.660M $1.623M
YoY Change 2.28% -9.83%
Accrued Expenses $5.129M $7.160M
YoY Change -28.37% 15.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.194M $8.984M
YoY Change -19.92% -6.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.766M $3.573M
YoY Change 5.4% 19.1%
Total Long-Term Liabilities $3.766M $3.727M
YoY Change 1.05% 24.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.194M $8.984M
Total Long-Term Liabilities $3.766M $3.727M
Total Liabilities $10.96M $12.71M
YoY Change -13.78% 0.09%
SHAREHOLDERS EQUITY
Retained Earnings -$208.3M -$201.7M
YoY Change 3.29%
Common Stock $223.6M $215.4M
YoY Change 3.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.33M $13.71M
YoY Change
Total Liabilities & Shareholders Equity $26.29M $26.42M
YoY Change -0.52% -47.26%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$10.00K -$5.167M
YoY Change -99.81% -16.09%
Depreciation, Depletion And Amortization $500.0K $870.0K
YoY Change -42.53% -18.69%
Cash From Operating Activities $740.0K -$3.600M
YoY Change -120.56% -7.46%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$20.00K
YoY Change 0.0% -77.78%
Acquisitions
YoY Change
Other Investing Activities -$920.0K $450.0K
YoY Change -304.44% -120.74%
Cash From Investing Activities -$940.0K $440.0K
YoY Change -313.64% -119.47%
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% 0.0%
NET CHANGE
Cash From Operating Activities 740.0K -3.600M
Cash From Investing Activities -940.0K 440.0K
Cash From Financing Activities 20.00K 20.00K
Net Change In Cash -180.0K -3.140M
YoY Change -94.27% -48.78%
FREE CASH FLOW
Cash From Operating Activities $740.0K -$3.600M
Capital Expenditures -$20.00K -$20.00K
Free Cash Flow $760.0K -$3.580M
YoY Change -121.23% -5.79%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. The Company</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Smith Micro Software, Inc. (&#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; &#x201C;Smith Micro,&#x201D; or the &#x201C;Company&#x201D;) provides software solutions to simplify and enhance the mobile experience. As a leader in wireless connectivity, our applications ensure the best Quality of Experience for mobile users while optimizing networks for wireless service providers and enterprises. Using our intelligent policy-on-device platform, along with premium voice, video and content monetization services, we create new opportunities to engage consumers and capitalize on the growth of connected devices. In addition to wireless and mobility software, Smith Micro develops and distributes personal, professional and educational productivity and graphics products and tools for consumers, artists, animators and designers worldwide.</p> </div>
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-1000
CY2015Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
6000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-10000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-606000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
44000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
CY2015Q1 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-673000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1167000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
8409000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3341000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2191000
CY2015Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2118000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-188000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
495000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
17000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2015Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
161000
CY2015Q1 us-gaap Inventory Write Down
InventoryWriteDown
5000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-940000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9000
CY2015Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
8000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2877000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-522000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
576000
CY2015Q1 smsi Lease Agreement Term
LeaseAgreementTerm
P10Y
CY2015Q1 smsi Incentives Price Per Square Foot
IncentivesPricePerSquareFoot
40.00
CY2015Q1 smsi Lease Incentive Amount For Improvement Of Space
LeaseIncentiveAmountForImprovementOfSpace
2200000
CY2015Q1 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
976000 shares
CY2015Q1 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2015Q1 smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2 Institution
CY2015Q1 smsi Number Of Customers
NumberOfCustomers
3 Customer
CY2015Q1 smsi Extended Period In Which People To Be Employed
ExtendedPeriodInWhichPeopleToBeEmployed
2015-02-28
CY2014Q2 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
1300000
CY2014Q2 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2014Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
100000
CY2014Q2 smsi Restructuring Special Charges
RestructuringSpecialCharges
1800000
CY2013Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.26 pure
CY2013Q3 smsi Annualized Savings From Restructuring
AnnualizedSavingsFromRestructuring
16000000

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