|By Business Wire||
|January 30, 2014 04:06 PM EST||
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)
|December 31,||June 30,|
|Cash and cash equivalents||$||11,063||$||47,613|
|Restricted cash and investments||-||17,251|
|Prepaid and other current assets||588||420|
Total current assets
|Property and equipment, net of accumulated depreciation||216||212|
|Debt issue costs and other assets||1,876||1,861|
LIABILITIES AND STOCKHOLDERS' EQUITY
|Accrued legal expense||4,018||3,686|
|Accrued restructuring costs||514||594|
|Total current liabilities||7,091||10,471|
|Accrued restructuring costs, net of current portion||-||259|
|Long-term note payable||23,831||22,096|
|Other long-term liabilities||930||1,485|
|Accumulated other comprehensive income||-||2|
|Total stockholders' equity||43,760||43,927|
|Total liabilities and stockholders' equity||$||75,612||$||78,238|
|UNWIRED PLANET, INC.|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
(In thousands, except per share data)
|Three Months Ended||Six Months Ended|
|December 31,||December 31,|
|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||)|
|Other income (expense), net||449||(18||)||803||(43||)|
|Loss from continuing operations||(7,525||)||(8,813||)||(14,598||)||(18,645||)|
|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||)|
|Basic and diluted net loss per share from:|
Weighted average shares outstanding basic and diluted
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|Six Months Ended|
|Cash flows from operating activities:|
|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|
|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:|
|Prepaid assets, deposits, and other assets||(231||)||2,408|
|Accrued restructuring costs||(341||)||(6,285||)|
|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||$||24,615|
The Company’s stated results include the non-GAAP measures: non-GAAP net loss and non-GAAP net loss per share. These non-GAAP measures exclude certain items that generally are non-recurring events or are non-cash items that many other companies exclude, in order to compare Unwired Planet with other companies, such as stock-based compensation. These non-GAAP measures also exclude items which management does not consider in evaluating Unwired Planet’s on-going business, such as restructuring costs and discontinued operations. Unwired Planet considers non-GAAP net income (loss) to be an important metric because it provides a useful measure of the operational performance of Unwired Planet and is used by Unwired Planet's management for that purpose. In addition, investors often use measures such as these to evaluate the financial performance of a company. These non-GAAP measures are presented for supplemental informational purposes only for understanding Unwired Planet's operating results. These non-GAAP results should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies.
|UNWIRED PLANET, INC.|
RECONCILIATION OF GAAP LOSS TO NON-GAAP LOSS - UNAUDITED
(In thousands, except per share data)
|Three Months Ended||Six Months Ended|
|December 31,||December 31,|
|Reconciliation between GAAP and Non-GAAP net loss:|
|Net loss||$ (7,293)||$ (11,610)||$ (14,479)||$ (26,720)|
|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)|
|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
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Sep. 29, 2016 01:30 PM EDT Reads: 4,444
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 29, 2016 01:15 PM EDT Reads: 3,009
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Sep. 29, 2016 01:15 PM EDT Reads: 305
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 29, 2016 01:15 PM EDT Reads: 2,904
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Sep. 29, 2016 01:00 PM EDT Reads: 1,686
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Sep. 29, 2016 12:45 PM EDT Reads: 5,131
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Sep. 29, 2016 12:30 PM EDT Reads: 1,743
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Sep. 29, 2016 12:30 PM EDT Reads: 1,757
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Sep. 29, 2016 12:00 PM EDT Reads: 440
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 29, 2016 12:00 PM EDT Reads: 3,139
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Sep. 29, 2016 11:45 AM EDT Reads: 2,594
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Sep. 29, 2016 11:30 AM EDT Reads: 2,157
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 29, 2016 11:00 AM EDT Reads: 3,521
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Sep. 29, 2016 11:00 AM EDT Reads: 4,164
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Sep. 29, 2016 11:00 AM EDT Reads: 2,407