Business
Smith Micro Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Total Annual Revenue Grew to $43.3 million, a 65% Increase over Fiscal 2018 Total Fourth Quarter Revenue Grew to $12.3 million, a 67% Increase over Fourth
About this update from Smith Micro Software, Inc.
[{"type":"text","content":"\nTotal Annual Revenue Grew to $43.3 million, a 65% Increase over Fiscal 2018\n\n\nTotal Fourth Quarter Revenue Grew to $12.3 million, a 67% Increase over Fourth Quarter 2018\n\n PITTSBURGH--(BUSINESS WIRE)--\nSmith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today reported financial results for its fourth quarter and fiscal year ended December 31, 2019.\n\n\n“The Company’s fiscal 2019 was an extremely positive year and exciting time for us, as we delivered strong revenue growth, profits, and cash flow from operations throughout the year,” said William W. Smith, Jr., President and CEO of Smith Micro. “We begin 2020 with a strong tailwind, a more diversified customer base, and overall enhanced product portfolio for our flagship SafePath platform, as we look to expand our leadership in the value-added services market within the mobile operators space.”\n\n\nFourth Quarter 2019 Financial Results\n\n\nSmith Micro reported revenue of $12.3 million for the fourth quarter ended December 31, 2019, compared to $7.4 million reported in the fourth quarter ended December 31, 2018.\n\n\nFourth quarter 2019 gross profit was $11.3 million compared to $6.4 million reported in the fourth quarter of 2018.\n\n\nGross profit as a percentage of revenue was 92 percent for the fourth quarter of 2019 compared to 87 percent for the fourth quarter of 2018.\n\n\nGenerally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the fourth quarter of 2019 was $3.7 million, or $0.09 diluted earnings per share, compared to a GAAP net income available to common stockholders of $2.8 million, or $0.10 diluted earnings per share, for the fourth quarter of 2018.\n\n\nNon-GAAP net income (which excludes stock-based compensation, amortization of intangibles, debt issuance and discount costs, fair value adjustments, loss on debt extinguishment, acquisitions costs, preferred stock dividends, and a normalized tax expense) for the fourth quarter of 2019 was $3.3 million, or $0.08 diluted earnings per share, compared to a non-GAAP net income of $939 thousand, or $0.03 diluted earnings per share, for the fourth quarter of 2018.\n\n\nFiscal Year 2019 Financial Results\n\n\nSmith Micro reported revenue of $43.3 million for the year ended December 31, 2019, compared to $26.3 million reported for th...