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
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...