|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
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
May. 4, 2016 05:15 PM EDT Reads: 329
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 4, 2016 05:00 PM EDT Reads: 1,304
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
May. 4, 2016 04:30 PM EDT Reads: 816
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
May. 4, 2016 03:30 PM EDT Reads: 607
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 4, 2016 03:00 PM EDT Reads: 1,044
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 4, 2016 03:00 PM EDT Reads: 1,162
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 4, 2016 02:00 PM EDT Reads: 1,272
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 4, 2016 02:00 PM EDT Reads: 1,212
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
May. 4, 2016 01:45 PM EDT Reads: 1,106
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 4, 2016 01:45 PM EDT Reads: 1,329
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 4, 2016 01:00 PM EDT Reads: 1,423
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 4, 2016 12:45 PM EDT Reads: 904
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 4, 2016 12:45 PM EDT Reads: 1,257
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 4, 2016 12:45 PM EDT Reads: 599
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 4, 2016 12:30 PM EDT Reads: 1,077