|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
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Oct. 22, 2016 11:30 AM EDT Reads: 455
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 22, 2016 11:30 AM EDT Reads: 1,403
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 22, 2016 11:00 AM EDT Reads: 8,211
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
Oct. 22, 2016 10:45 AM EDT Reads: 1,143
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
Oct. 22, 2016 10:45 AM EDT Reads: 3,617
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 10:30 AM EDT Reads: 3,623
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 22, 2016 10:15 AM EDT Reads: 518
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Oct. 22, 2016 09:30 AM EDT Reads: 1,256
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 22, 2016 09:15 AM EDT Reads: 706
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 ...
Oct. 22, 2016 09:15 AM EDT Reads: 1,411
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Oct. 22, 2016 08:45 AM EDT Reads: 2,039
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 22, 2016 08:30 AM EDT Reads: 725
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 22, 2016 08:30 AM EDT Reads: 931
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 22, 2016 08:15 AM EDT Reads: 3,757
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Oct. 22, 2016 08:15 AM EDT Reads: 2,096