Smith Micro Software Inc (SMSI) saw its loss widen to $3.21 million, or $0.26 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.60 million, or $0.06 a share. Revenue during the quarter plunged 82.07 percent to $7.08 million from $39.51 million in the previous year period.
Operating loss for the quarter was $3.76 million, compared with an operating loss of $2.54 million in the previous year period.
“During the fourth quarter and continuing into the current quarter, we implemented a significant restructure across our entire organization, reducing costs, creating better utilization of resources, and streamlining our processes,” said William W. Smith Jr., president and chief executive officer of Smith Micro Software. “We head into our fiscal 2017 a much leaner and better positioned company and remain confident and excited about the opportunities ahead of us this year, particularly with our SafePath and NetWise IoT Services Platforms.”
Working capital drops significantly
Smith Micro Software Inc has witnessed a decline in the working capital over the last year. It stood at $2.41 million as at Dec. 31, 2016, down 83.47 percent or $12.17 million from $14.57 million on Dec. 31, 2015. Current ratio was at 1.44 as on Dec. 31, 2016, down from 3.02 on Dec. 31, 2015.
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