Business
Smith Micro Reports First Quarter 2020 Financial Results
Total First Quarter Revenue Grew to $13.3 million, a 58% Increase over First Quarter 2019 PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (NASDAQ:
About this update from Smith Micro Software, Inc.
[{"type":"text","content":"\nTotal First Quarter Revenue Grew to $13.3 million, a 58% Increase over First Quarter 2019\n\n PITTSBURGH--(BUSINESS WIRE)--\nSmith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its first quarter ended March 31, 2020.\n\n\n“The first quarter of 2020 was another very solid quarter for the Company and I was very pleased with the strong results that delivered revenue growth, profitability and strong free cash flow,” said William W. Smith, Jr., President and CEO of Smith Micro. “In response to the current worldwide crisis caused by the COVID-19 pandemic, our global workforce transitioned seamlessly to remote operations and continues to be very productive working from home.\n\n\n“Like most companies navigating current market conditions we expect some impact in the short term, but we are in the enviable position of being able to maintain our profitability and free cash flow and have a solid and growing balance sheet at hand as we work through current headwinds.”\n\n\nFirst Quarter 2020 Financial Results\n\n\nSmith Micro reported revenue of $13.3 million for the first quarter ended March 31, 2020, compared to $8.4 million reported in the first quarter ended March 31, 2019.\n\n\nFirst quarter 2020 gross profit was $12.1 million compared to $7.5 million reported in the first quarter of 2019.\n\n\nGross profit as a percentage of revenue was 91 percent for the first quarter of 2020 compared to 89 percent for the first quarter of 2019.\n\n\nGenerally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the first quarter of 2020 was $2.0 million, or $0.05 diluted earnings per share, compared to a GAAP net income available to common stockholders of $14 thousand, or $0.00 diluted earnings per share, for the first quarter of 2019.\n\n\nNon-GAAP net income (which excludes stock-based compensation, amortization of intangibles, acquisitions costs, and preferred stock dividends) for the first quarter of 2020 was $4.1 million, or $0.10 diluted earnings per share, compared to a non-GAAP net income of $776 thousand, or $0.02 diluted earnings per share, for the first quarter of 2019.\n\n\nTotal cash and cash equivalents at March 31, 2020 were $19.5 million.\n\n\nTo supplement our financial information presented in accordance with GAAP, t...