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Smith Micro Software posts Q1 net income

Revenues increased to $23.78m from $21.88m for the first quarter of 2008

By CBR Staff Writer

Smith Micro Software, a developer of solutions for the mobility market, has posted a net income of $278,000, or $0.01 per diluted share, for the first quarter ended March 31, 2009, compared to a net loss of $317,000, or $0.01 per diluted share, in the first quarter of 2008.

Revenues for the first quarter of 2009 increased to $23.78m from $21.88m in the same quarter of 2008. Gross profit for the first quarter of 2009 increased to $19.26m from $16.76m in the same period of 2008.

GAAP gross profit as a percentage of revenue was 81% for the first quarter of 2009, compared with 76.6% for the same quarter in 2008.

William Smith Jr, president and CEO of Smith Micro Software, said: I am pleased to report another solid financial performance for our first quarter of 2009, which included achieving record first quarter revenue of $23.8m, an increase of 9% year-over-year. Our wireless business segment, which includes our connectivity and security mobility products, continues to strongly contribute to our overall organic growth, increasing 19% over the first quarter last year to $19.3m.

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