2016 Q1 Form 10-Q Financial Statement

#000119312516568279 Filed on April 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $7.214M $10.53M
YoY Change -31.48% 24.62%
Cost Of Revenue $2.113M $2.118M
YoY Change -0.24% -12.48%
Gross Profit $5.101M $8.411M
YoY Change -39.35% 39.51%
Gross Profit Margin 70.71% 79.88%
Selling, General & Admin $4.856M $5.068M
YoY Change -4.18% -26.7%
% of Gross Profit 95.2% 60.25%
Research & Development $3.923M $3.341M
YoY Change 17.42% -21.37%
% of Gross Profit 76.91% 39.72%
Depreciation & Amortization $430.0K $500.0K
YoY Change -14.0% -42.53%
% of Gross Profit 8.43% 5.94%
Operating Expenses $8.779M $8.409M
YoY Change 4.4% -24.67%
Operating Profit -$3.679M $2.000K
YoY Change -184050.0% -100.04%
Interest Expense $1.000K $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net -$2.000K -$1.000K
YoY Change 100.0%
Pretax Income -$3.680M $1.000K
YoY Change -368100.0% -100.02%
Income Tax $26.00K $11.00K
% Of Pretax Income 1100.0%
Net Earnings -$3.706M -$10.00K
YoY Change 36960.0% -99.81%
Net Earnings / Revenue -51.37% -0.09%
Basic Earnings Per Share -$0.32 $0.00
Diluted Earnings Per Share -$0.32 $0.00
COMMON SHARES
Basic Shares Outstanding 11.52M 11.38M
Diluted Shares Outstanding 11.52M 11.38M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.08M $13.78M
YoY Change -5.08% 22.52%
Cash & Equivalents $11.40M $9.977M
Short-Term Investments $1.679M $3.800M
Other Short-Term Assets $900.0K $700.0K
YoY Change 28.57% -22.22%
Inventory $27.00K $87.00K
Prepaid Expenses
Receivables $5.459M $7.598M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.48M $22.19M
YoY Change -12.24% 10.74%
LONG-TERM ASSETS
Property, Plant & Equipment $2.150M $3.799M
YoY Change -43.41% -38.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $196.0K $221.0K
YoY Change -11.31% -0.9%
Total Long-Term Assets $2.346M $4.094M
YoY Change -42.7% -35.87%
TOTAL ASSETS
Total Short-Term Assets $19.48M $22.19M
Total Long-Term Assets $2.346M $4.094M
Total Assets $21.82M $26.29M
YoY Change -16.98% -0.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.480M $1.660M
YoY Change -10.84% 2.28%
Accrued Expenses $5.539M $5.129M
YoY Change 7.99% -28.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.126M $7.194M
YoY Change 12.96% -19.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.110M $3.766M
YoY Change -17.42% 5.4%
Total Long-Term Liabilities $3.110M $3.766M
YoY Change -17.42% 1.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.126M $7.194M
Total Long-Term Liabilities $3.110M $3.766M
Total Liabilities $11.24M $10.96M
YoY Change 2.52% -13.78%
SHAREHOLDERS EQUITY
Retained Earnings -$214.6M -$208.3M
YoY Change 3.02% 3.29%
Common Stock $225.2M $223.6M
YoY Change 0.7% 3.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.59M $15.33M
YoY Change
Total Liabilities & Shareholders Equity $21.82M $26.29M
YoY Change -16.98% -0.52%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$3.706M -$10.00K
YoY Change 36960.0% -99.81%
Depreciation, Depletion And Amortization $430.0K $500.0K
YoY Change -14.0% -42.53%
Cash From Operating Activities $260.0K $740.0K
YoY Change -64.86% -120.56%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$20.00K
YoY Change 350.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $2.400M -$920.0K
YoY Change -360.87% -304.44%
Cash From Investing Activities $2.320M -$940.0K
YoY Change -346.81% -313.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 20.00K
YoY Change -50.0% 0.0%
NET CHANGE
Cash From Operating Activities 260.0K 740.0K
Cash From Investing Activities 2.320M -940.0K
Cash From Financing Activities 10.00K 20.00K
Net Change In Cash 2.590M -180.0K
YoY Change -1538.89% -94.27%
FREE CASH FLOW
Cash From Operating Activities $260.0K $740.0K
Capital Expenditures -$90.00K -$20.00K
Free Cash Flow $350.0K $760.0K
YoY Change -53.95% -121.23%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="2%" align="left"><b>1.</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="justify"><b>The Company</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 7%" 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 solutions to simplify and enhance the mobile experience. As a leader in wireless connectivity, our applications ensure high quality of service for mobile users while optimizing networks for wireless service providers and enterprises.&#xA0;Using our intelligent device software, along with premium voice, video and messaging applications, we create new opportunities to engage consumers and monetize mobile services. In addition to wireless solutions, Smith Micro develops 2D/3D graphics software used by professional artists, animators, illustrators, and designers worldwide.</p> </div>
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86000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3704000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3680000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000
CY2016Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2113000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
667000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2370000
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2579000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
8779000
CY2016Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
7000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2315000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
7000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3923000
CY2016Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
105000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
17000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
361000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2486000
CY2016Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016Q1 smsi Lease Incentive Amount For Improvement Of Space
LeaseIncentiveAmountForImprovementOfSpace
2200000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
426000
CY2016Q1 smsi Number Of Geographic Location
NumberOfGeographicLocation
3 Location
CY2016Q1 smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2 Institution
CY2016Q1 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1605000 shares
CY2016Q1 smsi Lease Agreement Term
LeaseAgreementTerm
P10Y
CY2016Q1 smsi Incentives Price Per Square Foot
IncentivesPricePerSquareFoot
40.00
CY2016Q1 smsi Extended Period In Which People To Be Employed Under Government Grant
ExtendedPeriodInWhichPeopleToBeEmployedUnderGovernmentGrant
2016-04-30

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