Welcome!

News Feed Item

Unwired Planet, Inc. Announces Second Quarter Fiscal 2014 Financial Results

Unwired Planet, Inc. (NASDAQ: UPIP) today announced financial results for the second quarter of fiscal year 2014.

“During the second quarter, we pressed forward with our licensing efforts, launched an enforcement action to protect our mobile payment patents, saw key dates set in previously existing litigation, and set the ground work for future licensing options,” said Eric Vetter, president and chief administrative officer of Unwired Planet. “While the licensing environment continues to be difficult, we are encouraged by our progress, as well as external market developments over the past three months. We continue to focus on pursuing a variety of licensing and alternative value creation strategies while closely managing our costs.”

On a GAAP basis, net loss for second fiscal quarter ended December 31, 2013 was $7.3 million, or $0.07 per share, compared with a net loss of $7.2 million, or $0.07 per share, in the prior quarter, and with a net loss of $11.6 million, or $0.13 per share, in the December quarter of the preceding year.

On a non-GAAP basis, net loss for the second fiscal quarter ended December 31, 2013 was $7.1 million, or $0.07 per share, compared with a net loss of $6.6 million, or $0.06 per share, in the prior quarter, and with a net loss of $6.1 million, or $0.07 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 loss and net 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 Cash Flows.

Conference Call Information

Unwired Planet has scheduled a conference call for 5:00 p.m. eastern time today to discuss its financial results for its second quarter fiscal 2014. Interested parties may access the conference call over the Internet through the company's website at www.unwiredplanet.com or by telephone at 877-941-8416 or 480-629-9808 (international). A replay of the conference call will be available until February 20, 2014, beginning at 5:00 p.m. PT on January 30, 2014 by calling 800-406-7325. The replay can be accessed internationally by calling 303-590-3030, access code: 4663708#.

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, Inc. (NASDAQ: UPIP) is the inventor of the Mobile Internet and a premier intellectual property company focused exclusively on the mobile industry. The company's patent portfolio of approximately 2,600 issued and pending US and foreign patents, includes technologies that allow mobile devices to connect to the Internet and enable mobile communications. The portfolio spans 2G, 3G, and 4G technologies, as well as cloud-based mobile applications and services. Unwired Planet's portfolio includes patents related to key mobile technologies, including baseband mobile communications, mobile browsers, mobile advertising, push technology, maps and location based services, mobile application stores, social networking, mobile gaming, mobile payments, and mobile search, among others. Unwired Planet is headquartered in Reno, Nevada.

Cautionary Note Regarding Forward Looking Statements

Any statements in this press release with respect to future events or expectations, including statements regarding the Company’s licensing activities and expectations regarding enhancing shareholder value 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, 2013. 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

(In thousands, except par value)

Unaudited

 
  December 31,   June 30,
  2013     2013  

ASSETS

Current assets:
Cash and cash equivalents $ 11,063 $ 47,613
Short-term investments 40,038 10,793
Restricted cash and investments - 17,251
Accounts receivable - 88
Prepaid and other current assets   588     420  

Total current assets

51,689 76,165
Property and equipment, net of accumulated depreciation 216 212
Long-term investments 21,831 -
Debt issue costs and other assets   1,876     1,861  
Total assets $ 75,612   $ 78,238  

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable 724 $ 2,317
Accrued liabilities 1,119 2,817
Accrued legal expense 4,018 3,686
Accrued compensation 716 1,057
Accrued restructuring costs   514     594  
Total current liabilities 7,091 10,471
Accrued restructuring costs, net of current portion - 259
Long-term note payable 23,831 22,096
Other long-term liabilities   930     1,485  
Total liabilities   31,852     34,311  
Stockholders' equity
Preferred stock - -
Common stock 109 100
Treasury stock (702 ) (575 )
Additional paid-in-capital 3,239,201 3,224,769
Accumulated other comprehensive income - 2
Accumulated deficit   (3,194,848 )   (3,180,369 )
Total stockholders' equity   43,760     43,927  
Total liabilities and stockholders' equity $ 75,612   $ 78,238  
 
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Unaudited

 
  Three Months Ended   Six Months Ended
December 31, December 31,
  2013       2012     2013       2012  
Revenue:
License fees $ - $ 3 $ - $ 6
Fee Share   -     -     -     -  
Net revenue   -     3     -     6  
 
Operating costs and expenses:
Sales and marketing expense - - - 78
Patent licensing expenses 5,743 3,156 10,546 8,715
General and administrative 1,359 4,350 3,143 8,141
Restructuring and other related costs   -     1,349     -     1,806  
Total operating costs and expenses   7,102     8,855     13,689     18,740  
Operating loss from continuing operations (7,102 ) (8,852 ) (13,689 ) (18,734 )
 
Interest income 27 57 70 135
Interest expense (899 ) - (1,782 ) (3 )
Other income (expense), net   449     (18 )   803     (43 )
Loss from continuing operations   (7,525 )   (8,813 )   (14,598 )   (18,645 )
 
Discontinued operations:
Loss on sale of discontinued operations - - - (750 )
Discontinued operations, net of tax   232     (2,797 )   119     (7,325 )
(Income) loss from discontinued operations 232 (2,797 ) 119 (8,075 )
       
Net loss $ (7,293 ) $ (11,610 ) $ (14,479 ) $ (26,720 )
 
Basic and diluted net loss per share from:
Continuing operations $ (0.07 ) $ (0.10 ) $ (0.14 ) $ (0.21 )
Discontinued operations   -     (0.03 )   -     (0.09 )
Net loss $ (0.07 ) $ (0.13 ) $ (0.14 ) $ (0.30 )
 

Weighted average shares outstanding basic and diluted

109,141 90,323 105,631 90,147
 
 

UNWIRED PLANET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Unaudited
 
  Six Months Ended
December 31,
  2013       2012  
Cash flows from operating activities:
Net loss $ (14,479 ) $ (26,720 )
Loss on sale of discontinued operations - 750
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 47 243
Stock-based compensation 910 1,296
Non-cash restructuring charges 2 397
Amortization of premiums/discounts on investments, net 69 537
Realized loss on sale of investments 81 -
Gain on change of fair value on consultant incentive award obligation (795 ) -
In kind interest payments on note payable 1,627 -
Amortization debt discount and issuance costs 155 -
Changes in operating assets and liabilities:
Accounts receivable 88 -
Prepaid assets, deposits, and other assets (231 ) 2,408
Accounts payable (1,593 ) 667
Accrued liabilities (417 ) (2,690 )
Accrued restructuring costs (341 ) (6,285 )
Restricted Cash   17,251     (675 )
Net cash provided by (used in) operating activities   2,374     (30,072 )
 
Cash flows from investing activities:
Proceeds from sale (Purchases) of property and equipment (51 ) 74
Payments to vendors related to the sale of discontinued operation - (1,893 )
Purchases of short-term investments (29,851 ) (10,014 )
Proceeds from sales and maturities of investments 17,107 26,476
Purchases of long-term investments (38,482 ) (948 )
Proceeds from sales and maturities of long-term investments   -     5  
Net cash provided by (used for) investing activities   (51,277 )   13,700  
 
Cash flows from financing activities:
Net proceeds from rights offering issuance of common stock 12,500 -
Proceeds from issuance of common stock 1,446 1,272
Payment of debt and equity issuance costs (1,467 ) -
Purchase of treasury stock (126 ) -
Employee stock purchase plan   -     6  
Net cash provided by financing activities   12,353     1,278  
 
Net decrease in cash and cash equivalents (36,550 ) (15,094 )
Cash and cash equivalents at beginning of period   47,613     39,709  
Cash and cash equivalents at end of period $ 11,063   $ 24,615  
 

Non-GAAP Measure

The Company’s stated results include the non-GAAP measures: non-GAAP net loss and non-GAAP net 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.

 
UNWIRED PLANET, INC.

RECONCILIATION OF GAAP LOSS TO NON-GAAP LOSS - UNAUDITED

(In thousands, except per share data)

 
  Three Months Ended   Six Months Ended
December 31, December 31,
2013   2012 2013   2012
Reconciliation between GAAP and Non-GAAP net loss:
Net loss $ (7,293) $ (11,610) $ (14,479) $ (26,720)
Exclude:
Restructuring costs - 1,349 - 1,806
Stock-based compensation 466 298 910 734
Strategic costs - 1,094 - 1,980
Discontinued operations, net of tax (232) 2,797 (119) 8,075
Non-GAAP net loss $ (7,059) $ (6,072) $ (13,688) $ (14,125)
 
GAAP net loss per share $ (0.07) $ (0.13) $ (0.14) $ (0.30)
Exclude:
Restructuring costs - 0.02 - 0.02
Stock-based compensation - - 0.01 0.01
Post strategic costs - 0.01 - 0.02
Discontinued operations, net of tax - 0.03 - 0.09
Non-GAAP net loss $ (0.07) $ (0.07) $ (0.13) $ (0.16)
 

Shares used in computing net loss per share GAAP

109,141 90,323 105,631 90,147
Non-GAAP 109,141 90,323 105,631 90,147
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...