Smith Micro (SMSI) Sees Q3 Revs Outlook Far Below Street Views
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Price: $2.98 +0.34%
Financial Fact:
Income tax expense (benefit): 11K
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Income tax expense (benefit): 11K
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Smith Micro Software, Inc. (Nasdaq: SMSI), reports it expects preliminary revenues for its third quarter ended September 30, 2011 to be approximately $12.6 million. This estimate is derived from preliminary results of operations that are unaudited and subject to completion of the financial closing process for this period. The Street was looking for revs of $17.7 million.
In addition, due to certain triggering events, some of which are the recent declines in the Company’s stock price and revenues, the Company will test goodwill and long-lived assets for impairment as of September 30, 2011 as required by generally accepted accounting principles. While Smith Micro has not yet concluded its accounting analysis, the Company now anticipates that it will record a charge for impairment of goodwill and other long-lived assets plus a reserve for deferred tax assets of approximately $115 to $125 million. The charge will not impact the Company’s cash flow or cash position, but it will result in an increase in the net loss and loss per share amounts for the third quarter of 2011 and fiscal year ending December 31, 2011.
In addition, due to certain triggering events, some of which are the recent declines in the Company’s stock price and revenues, the Company will test goodwill and long-lived assets for impairment as of September 30, 2011 as required by generally accepted accounting principles. While Smith Micro has not yet concluded its accounting analysis, the Company now anticipates that it will record a charge for impairment of goodwill and other long-lived assets plus a reserve for deferred tax assets of approximately $115 to $125 million. The charge will not impact the Company’s cash flow or cash position, but it will result in an increase in the net loss and loss per share amounts for the third quarter of 2011 and fiscal year ending December 31, 2011.
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