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Unwired Planet, Inc. (UPIP), today announced financial results for the
second quarter 2013.
“Over the past year we have transformed the company into a premier
intellectual property firm. From our enforcement actions in Delaware and
Nevada, and our streamlined corporate structure in Reno, Nevada, to the
prospects of our recently announced patent deal with Ericsson, Unwired
Planet is poised to deliver on its IP model,” said Mike Mulica, Chief
Executive Officer of Unwired Planet. “This quarter we have also made
additions to our Board of Directors, which we believe will further
strengthen the Company as we seek to accelerate the pace on execution on
our long-term strategy and monetize the company’s significant assets.”
On a GAAP basis, net loss for the second fiscal quarter ended December
31, 2012 was $11.6 million, or $0.13 per share, compared with a net loss
of $15.1 million, or $0.17 per share, in the prior quarter and with a
net loss of $10.4 million, or $0.12 per share, in the December quarter
of the preceding year.
On a non-GAAP basis, net loss for the first fiscal quarter ended
December 31, 2012 was $6.1 million, or $0.07 per share, compared with a
net loss of $8.1 million, or $0.09 per share, in the prior quarter and a
net loss of $4.7 million, or $0.05 per share, in the December quarter of
the preceding year. Non-GAAP net loss excludes restructuring,
stock-based compensation, strategic costs, discontinued operations and
the tax impact of these items.
A reconciliation between net income (loss) and net income (loss) per
share on a GAAP basis and a non-GAAP basis is provided below in a table
immediately following the Condensed Consolidated Statements of
Operations.
Non-GAAP Measure
The Company’s stated results include the non-GAAP measures: non-GAAP net
income (loss) and non-GAAP net income (loss) per share. These non-GAAP
measures exclude certain items that generally are non-recurring events
or are non-cash items that many other companies exclude, in order to
compare Unwired Planet with other companies, such as stock-based
compensation. These non-GAAP measures also exclude items which
management does not consider in evaluating Unwired Planet’s on-going
business, such as restructuring costs and discontinued operations.
Unwired Planet considers non-GAAP net income (loss) to be an important
metric because it provides a useful measure of the operational
performance of Unwired Planet and is used by Unwired Planet's management
for that purpose. In addition, investors often use measures such as
these to evaluate the financial performance of a company. These non-GAAP
measures are presented for supplemental informational purposes only for
understanding Unwired Planet's operating results. These non-GAAP results
should not be considered a substitute for financial information
presented in accordance with generally accepted accounting principles,
and may be different from non-GAAP measures used by other companies.
Conference Call Information
Unwired Planet has scheduled a conference call for 5:00 p.m. eastern
daylight time today to discuss its financial results for its second
quarter 2013 ended December 31, 2012. Interested parties may access the
conference call over the Internet through Unwired Planet’s website at www.unwiredplanet.com
or by telephone at 888-846-5003 or 480-629-9856 (international). A
replay of the conference call will be available for three weeks
(until February 21), beginning at 5:00 p.m. PT on January 31 by calling
800-406-7325. The replay can be accessed internationally by calling
303-590-3030, access code: 4592391#.
A live webcast of the call, together with supplemental financial
information, will also be available on the Investors section of Unwired
Planet’s website at http://www.unwiredplant.com/investors.
A replay will be available on the website for at least three months.
About Unwired Planet
Unwired Planet (NASDAQ: UPIP) is the inventor of the mobile internet.
Unwired Planet established many of the foundational patents that allow
mobile devices to connect to the Internet. Over the years, the company
has amassed a patent portfolio of approximately 200 issued US and
foreign patents and approximately 75 pending applications, many of which
are considered foundational to mobile communications, and span smart
devices, cloud technologies and unified messaging.
The statements in this press release in Mr. Mulica’s quote with respect
to future events or expectations are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1943 and
Section 27A of the Securities Act of 1933. These forward-looking
statements are subject to many risks and uncertainties that could cause
actual results to differ materially from those projected.
Notwithstanding changes that may occur with respect to matters relating
to any forward looking statements, Unwired Planet assumes no obligation
to update the forward-looking statements included in this press release.
For a detailed discussion of these and other factors that may cause
these forward looking statements not to come true, please refer to the
risk factors discussed in Unwired Planet’s filings with the U.S.
Securities and Exchange Commission ("SEC"), including the company's
Annual Report on Form 10-K for the fiscal year ended June 30, 2012.
These documents are available through the SEC's Electronic Data
Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov
or from Unwired Planet’s website at www.unwiredplanet.com.
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED
(In thousands)
December 31,
June 30,
2012
2012
Assets
Current Assets:
Cash and cash equivalents
$
24,615
$
39,709
Short-term investments
32,669
43,860
Restricted cash and investments
675
-
Prepaid and other current assets
1,552
3,960
Total current assets
59,511
87,529
Property and equipment, net
135
452
Long-term investments
4,548
9,423
Deposits and other assets
89
89
Total assets
$
64,283
$
97,493
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable
$
5,967
$
6,088
Accrued liabilities
5,402
8,119
Accrued restructuring costs
7,298
12,871
Total current liabilities
18,667
27,078
Accrued restructuring costs, less current portion
512
827
Long-term taxes payable and other
633
959
Total liabilities
19,812
28,864
Stockholders' equity
44,471
68,629
Total liabilities and stockholders' equity
$
64,283
$
97,493
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED
(In thousands, except per share data)
Three Months Ended
Six Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2012
2012
2011
2012
2011
Revenues:
Patents
$
3
$
3
$
5
$
6
$
15,026
Total revenues
3
3
5
6
15,026
Operating Expenses:
Sales and marketing expenses
-
78
-
78
375
Patent initiative expenses
3,156
5,559
3,272
8,715
4,996
General and administrative
4,350
3,791
1,212
8,141
2,898
Restructuring and other related costs
1,349
457
1,784
1,806
2,335
Total operating expenses
8,855
9,885
6,268
18,740
10,604
Operating income (loss) from continuing operations
(8,852
)
(9,882
)
(6,263
)
(18,734
)
4,422
Interest and other income (expense), net
39
50
(309
)
89
(247
)
Net income (loss) from continuing operations
(8,813
)
(9,832
)
(6,572
)
(18,645
)
4,175
Income taxes
-
-
2,501
-
2,501
Net income (loss) from continuing operations
(8,813
)
(9,832
)
(9,073
)
(18,645
)
1,674
Loss on sale of discontinued operation
-
(750
)
-
(750
)
-
Discontinued operations, net
(2,797
)
(4,528
)
(1,317
)
(7,325
)
(9,423
)
Net loss
$
(11,610
)
$
(15,110
)
$
(10,390
)
$
(26,720
)
$
(7,749
)
Basic and diluted net income (loss) per share from:
Continuing operations
$
(0.10
)
$
(0.11
)
$
(0.11
)
$
(0.21
)
$
0.02
Discontinued operations
$
(0.03
)
(0.06
)
(0.01
)
(0.09
)
(0.11
)
Net income loss per share
$
(0.13
)
$
(0.17
)
$
(0.12
)
$
(0.30
)
$
(0.09
)
Shares used in basic and diluted net income (loss ) per share
90,323
89,971
85,594
90,147
85,538
Stock-based compensation by category:
Sales and marketing
$
-
$
1
$
-
$
1
$
-
General and administrative
298
435
133
733
267
Discontinued operations
489
73
501
562
952
$
787
$
509
$
634
$
1,296
$
1,219
UNWIRED PLANET, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(LOSS)
(In thousands, except per share data)
Three Months Ended
Six Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2012
2012
2011
2012
2011
Reconciliation between GAAP and Non-GAAP net income (loss):
Net loss
$
(11,610
)
$
(15,110
)
$
(10,390
)
$
(26,720
)
$
(7,749
)
Exclude:
Restructuring costs
1,349
457
1,784
1,806
2,335
Stock-based compensation
298
436
133
734
267
Strategic costs
1,094
886
-
1,980
-
Discontinued operations, net of tax
2,797
5,278
1,317
8,075
9,423
Tax impact related to unusual transactions
-
-
2,501
-
2,501
Non-GAAP net income (loss)
$
(6,072
)
$
(8,053
)
$
(4,655
)
$
(14,125
)
$
6,777
GAAP net loss per share
$
(0.13
)
$
(0.17
)
$
(0.12
)
$
(0.30
)
$
(0.09
)
Exclude:
Restructuring costs
$
0.02
$
0.01
$
0.02
$
0.02
$
0.03
Stock-based compensation
$
-
$
-
$
-
$
0.01
$
-
Strategic costs
$
0.01
$
0.01
$
-
$
0.02
$
-
Discontinued operations, net of tax
$
0.03
$
0.06
$
0.02
$
0.09
$
0.11
Tax impact related to unusual transactions
$
-
$
-
$
0.03
$
-
$
0.03
Non-GAAP net income (loss) per share
$
(0.07
)
$
(0.09
)
$
(0.05
)
$
(0.16
)
$
0.08
Shares used in computing net income (loss) per share:
GAAP
90,323
89,971
85,594
90,147
85,538
Non-GAAP
90,323
89,971
85,594
90,147
86,379
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
Three Months Ended
Six Months Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2012
2012
2011
2012
2011
Operating activities:
Net loss
$
(11,610
)
$
(15,110
)
$
(10,390
)
$
(26,720
)
$
(7,749
)
Loss/(gain) on sale of discontinued operation
-
750
-
750
-
Reconciling items:
Depreciation, amortization of intangibles and stock-based
compensation
886
653
1,810
1,539
3,967
Non-cash restructuring charges
71
100
187
171
399
Accelerated depreciation on restructured property and equipment
226
-
-
226
-
Recovery of doubtful accounts
-
-
270
-
467
Other non-cash items, net
237
300
264
537
571
Restricted cash
(675
)
-
(675
)
-
Changes in operating assets and liabilities
(4,374
)
(1,527
)
11,135
(5,901
)
(11,833
)
Net cash used for operating activities
(15,239
)
(14,834
)
3,276
(30,073
)
(14,178
)
Investing activities:
Purchases of property and equipment, net
74
-
(141
)
74
(530
)
Payment of settlement related to discontinued operation
-
-
-
-
(12,000
)
Sale of discontinued operation, net
-
(1,893
)
-
(1,893
)
-
Proceeds from sales and maturities of investments, net
8,634
6,886
6,760
15,520
13,200
Net cash provided by investing activities
8,708
4,993
6,619
13,701
670
Financing activities:
Net proceeds from issuance of common stock
7
1,271
175
1,278
294
Cash provided by financing activities
7
1,271
175
1,278
294
Net increase/(decrease) in cash and cash equivalents
(6,524
)
(8,570
)
10,070
(15,094
)
(13,214
)
Cash and cash equivalents at beginning of period
31,139
39,709
23,982
39,709
47,266
Cash and cash equivalents at end of period, including discontinued
operations
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