Smith Micro Software Inc. shares are on an upswing after the Aliso Viejo-based company reported revenue and profit growth in the fourth quarter and full year.
Investors sent Smith Micro (Nasdaq: SMSI) shares up 27% to $2.38 and a $77 million market cap on March 14, the first trading day after the company reported its year-end results.
Shares rose to $83 million as of late last week. Its stock price is up about 40% for 2019.
Smith Micro specializes in mobile device software and applications in voice messaging, creating, sharing and monetizing content, analytics, as well as 2D and 3D graphics.
Revenue in the fourth quarter hit $7.4 million, up 30% year-over-year. Adjusted profits were 3 cents a share, or $900,000, compared to an adjusted loss of 7 cents, or $700,000.
For the full year, Smith Micro reported revenue of $26.3 million, up about 1%, and essentially broke even on earnings, compared to a non-GAAP net loss of 26 cents per share, or $3.5 million, the prior year.
It began the New Year with $12.2 million in cash and cash equivalents.
“We entered [last year] with a concentrated focus of returning the company to growth, profitability, and positive cash flow,” Chief Executive William W. Smith said in a press release. “I am pleased to report that we achieved success on all three fronts, while continuing to streamline our operations and rationalize our product lineup.”
The company has about 175 employees companywide and 60 in Aliso Viejo, which ranked No. 29 on the Business Journal’s annual tally last year of local software makers.
App Developer Taps Newmeyer’s Quinlan
Area lawyer and retired Brigadier General Francis Quinlan has joined the board of Newport Beach-based security app developer Titan Health & Security Technologies Inc.
Quinlan practices in the Newport Beach office of Newmeyer & Dillion LLP. He previously co-founded Kester & Quinlan LLP, which was also based in the coastal city.
The retired U.S. Marine Corps commander has more than two decades of experience representing banks, venture capital firms, mortgage, title and general liability insurers, public and private corporations, and businesspeople.
His practice now includes cyber law and cybersecurity, two key benefits for Titan Health, which launched a 911 app system in 2017 that allows users to broadcast local emergency alerts, lockdowns, safety status, and users’ locations to law enforcement, campus administrators or private businesses in its network.
Users and emergency personnel can instantly communicate relevant information, including GPS coordinates, text, audio, photos and video, as well as classify the type of emergency.
Titan Health Chief Executive Vic Merjanian was one of the recipients of the Business Journal’s Excellence in Entrepreneurship awards a year ago.
Quinlan sits on the University of California–Irvine’s Law School board of visitors and is a founding member of the executive committee at UCI’s Cybersecurity Policy and Research Institute.
Great Park Gets Connected
The commercial division of Cox Communications Inc. has deployed a high-capacity fiber network to enhance connectivity for visitors at Orange County Great Park and surrounding areas.
The installations, which began in 2015 during initial construction, include IP voice services, Wi-Fi access points, network and premise security, cable TV and hosted cloud services. The improvements are part of a nationwide push for the Atlanta-based company to upgrade all its networks.
“In the last 10 years, Cox has invested more than $15 billion in infrastructure upgrades across the U.S., with plans to invest $10 billion more over the next five years to continue enhancing residential and business customers’ experiences,” said Jodi Duva, vice president, Cox Business in Orange County.
The Irvine park, which features more than 230 acres of public space, includes an outdoor amphitheater, soccer stadium, ice rink and various athletic fields.
