Smith Micro Software (SMSI) Tops Q3 EPS by 3c

Smith Micro Software (NASDAQ: SMSI) reported Q3 EPS of $0.09, $0.03 better than the analyst estimate of $0.06. Revenue for the quarter came in at $11.8 million versus the consensus estimate of $11.1 million.

• Smith Micro reported revenue of $11.8 million for the third quarter ended September 30, 2019, compared to $6.5 million reported in the third quarter ended September 30, 2018.
• Third quarter 2019 gross profit was $10.8 million compared to $5.5 million reported in the third quarter of 2018.
• Gross profit as a percentage of revenue was 91 percent for the third quarter of 2019 compared to 85 percent for the third quarter of 2018.
• Generally accepted accounting principles in the United States (“GAAP”) net income available to common stockholders for the third quarter of 2019 was $3.5 million, or $0.10 basic earnings per share and $0.09 diluted earnings per share, compared to a GAAP net loss available to common stockholders of $1.0 million, or $0.04 loss per share, for the third quarter of 2018.
• Non-GAAP net income (which excludes stock-based compensation, amortization of intangibles, debt issuance and discount costs, fair value adjustments, preferred stock dividends, and a normalized tax expense) for the third quarter of 2019 was $3.2 million, or $0.09 basic earnings per share and $0.08 diluted earnings per share, compared to a non-GAAP net income of $241 thousand, or $0.01 earnings per share, for the third quarter of 2018.

“I am pleased to report a very solid third quarter for the Company. We delivered strong revenue growth, profits, and significant cash flow from operations during the quarter,” said William W. Smith, Jr., President and CEO of Smith Micro. “It is an exciting time at the Company, as we have achieved excellent results during the first nine months of this fiscal year and believe we are well positioned to finish the year strong, allowing us to enter 2020 full steam ahead.”

For earnings history and earnings-related data on Smith Micro Software (SMSI) click here.

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