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Unwired Planet, Inc. (UPIP), today announced financial results for the
first quarter 2013.
“Having completed our transformation, we find ourselves laser focused on
our IP portfolio monetization efforts. We can now ‘lean forward’ with a
highly cash efficient and effective platform for Unwired Planet going
forward. Our legacy business distractions are now behind us and the
critical operational changes we have implemented, including moving our
headquarters to Reno, Nevada, bolstering our board, and taking decisive
action in our legal complaints, creating a strong foundation for our
future. I am confident we have created a platform and model that will
yield a return for shareholders that reflects the value our foundational
IP portfolio deserves,” said Mike Mulica, Chief Executive Officer of
Unwired Planet.
On a GAAP basis, net loss for the first fiscal quarter ended September
30, 2012 was $15.1 million or $0.17 per share, compared with a net
income of $31.9 million, or $0.36 per share, in the prior quarter and
net income of $2.6 million, or $0.03 per share, in the September quarter
in the preceding year. Restructuring costs in the quarter were $0.5
million.
On a non-GAAP basis, net loss for the first fiscal quarter ended
September 30, 2012 was $8.1 million, or $0.09 per share, compared with a
net loss of $6.3 million, or $0.07 per share, in the prior quarter and a
net income of $11.4 million, or $0.13 per share, in the September
quarter in 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 income (loss) and net income (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
Operations.
Non-GAAP Measure
The Company’s stated results include the non-GAAP measures: non-GAAP net
income (loss) and non-GAAP net income (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
measure 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.
Conference Call Information
Unwired Planet has scheduled a conference call for 5:00 p.m. eastern
daylight time today to discuss its financial results for its first
quarter 2013 ended September 30, 2012. Interested parties may access the
conference call over the Internet through Unwired Planet’s website at www.unwiredplanet.com
or by telephone at (877) 941-4776 or (480) 629-9714 (international). A
replay of the conference call will be available for three weeks (until
November 28), beginning at 5:00 p.m. PT on November 7 by calling (800)
406-7325. The replay can be accessed internationally by calling (303)
590-3030, access code: 4574427 #.
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 (NASDAQ: UPIP) is the inventor of the mobile internet.
Unwired Planet established many of the foundational patents that allow
mobile devices to connect to the Internet. Over the years, the company
has amassed a patent portfolio of approximately 200 issued US and
foreign patents and approximately 75 pending applications, many of which
are considered foundational to mobile communications, and span smart
devices, cloud technologies and unified messaging.
The statements in this press release in Mr. Mulica’s quote with respect
to future events or expectations 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, 2012.
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-UNAUDITED
(In thousands)
September 30,
June 30,
2012
2012
Assets
Current Assets:
Cash, cash equivalents and short-term investments
$
69,975
$
83,569
Prepaid and other current assets
2,767
3,960
Total current assets
72,742
87,529
Property and equipment, net
460
452
Long-term investments
7,305
9,423
Deposits and other assets
89
89
Total assets
$
80,596
$
97,493
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable
$
7,988
$
6,088
Accrued liabilities
6,446
8,119
Accrued restructuring costs
9,442
12,871
Total current liabilities
23,876
27,078
Accrued restructuring costs, less current portion
659
827
Long-term taxes payable and other
719
959
Total liabilities
25,254
28,864
Stockholders' equity
55,342
68,629
Total liabilities and stockholders' equity
$
80,596
$
97,493
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED
(In thousands, except per share data)
Three Months Ended
September 30,
June 30,
September 30,
2012
2012
2011
Revenues:
Patents
$
3
$
4
$
15,021
Total revenues
3
4
15,021
Operating Expenses:
Sales and marketing expenses
78
239
375
Patent initiative expenses
5,559
4,623
1,724
General and administrative
3,791
2,527
1,686
Restructuring and other related costs
457
190
551
Total operating expenses
9,885
7,579
4,336
Operating income (loss) from continuing operations
(9,882)
(7,575)
10,685
Interest and other income (expense), net
50
(258)
62
Net income (loss) from continuing operations
(9,832)
(7,833)
10,747
Income taxes
-
(3,790)
-
Net income (loss) from continuing operations
(9,832)
(4,043)
10,747
Gain (loss) on sale of discontinued operation
(750)
45,133
-
Discontinued operations, net
(4,528)
(9,237)
(8,106)
Net income (loss)
$
(15,110)
$
31,853
$
2,641
Basic net income (loss) per share from:
Continuing operations
$
(0.11)
$
(0.05)
$
0.12
Discontinued operations
(0.06)
0.41
(0.09)
Net income (loss) per share
$
(0.17)
$
0.36
$
0.03
Diluted net income (loss) per share from:
Continuing operations
$
(0.11)
$
(0.05)
$
0.12
Discontinued operations
(0.06)
0.41
(0.09)
Net income (loss) per share
$
(0.17)
$
0.36
$
0.03
Shares used in basic net income (loss) per share
89,971
88,200
85,482
Shares used in diluted net income (loss) per share
89,971
88,200
86,432
Stock-based compensation by category:
Sales and marketing
$
1
$
15
$
-
Patent initiative
-
43
-
General and administrative
435
613
134
Discontinued operations
73
3,554
451
$
509
$
4,225
$
585
UNWIRED PLANET, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
(LOSS)
(In thousands, except per share data)
Three Months Ended
September 30,
June 30,
September 30,
2012
2012
2011
Reconciliation between GAAP and Non-GAAP net income (loss):
Net income (loss)
$
(15,110
)
$
31,853
$
2,641
Exclude:
Restructuring costs
457
190
551
Stock-based compensation
436
671
134
Strategic costs
886
676
-
Discontinued operations, net of tax
5,278
(35,896
)
8,106
Tax impact related to unusual transactions
-
(3,790
)
-
Non-GAAP net income (loss)
$
(8,053
)
$
(6,296
)
$
11,432
GAAP net income (loss) per share
$
(0.17
)
$
0.36
$
0.03
Exclude:
Restructuring costs
$
0.01
$
-
$
0.01
Stock-based compensation
$
-
$
0.01
$
-
Strategic costs
$
0.01
$
0.01
$
-
Discontinued operations, net of tax
$
0.06
$
(0.41
)
$
0.09
Tax impact related to unusual transactions
$
-
$
(0.04
)
$
-
Non-GAAP net income (loss) per share
$
(0.09
)
$
(0.07
)
$
0.13
Shares used in computing net income (loss) per share:
GAAP
89,971
88,200
85,482
Non-GAAP
89,971
88,200
86,432
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
Three Months Ended
September 30,
June 30,
September 30,
2012
2012
2011
Operating activities:
Net income (loss)
$
(15,110
)
$
31,853
$
2,641
Loss/(gain) on sale of discontinued operation
750
(45,133
)
-
Reconciling items:
Depreciation, amortization of intangibles and stock-based
compensation
653
4,626
2,157
Non-cash restructuring charges
100
131
212
Non-cash tax benefits
-
(3,790
)
-
Recovery of doubtful accounts
-
38
197
Other non-cash items, net
300
534
307
Changes in operating assets and liabilities
(1,527
)
(8,676
)
(22,968
)
Net cash used for operating activities
(14,834
)
(20,417
)
(17,454
)
Investing activities:
Purchases of property and equipment, net
-
-
(389
)
Payment of settlement related to discontinued operation
-
-
(12,000
)
Sale of discontinued operation, net
(1,893
)
46,238
-
Proceeds from sales and maturities of investments, net
6,886
(15,031
)
6,440
Net cash provided by (used by) investing activities
4,993
31,207
(5,949
)
Financing activities:
Net proceeds from issuance of common stock
1,271
1,093
119
Cash provided by financing activities
1,271
1,093
119
Net increase/(decrease) in cash and cash equivalents
(8,570
)
11,883
(23,284
)
Cash and cash equivalents at beginning of period
39,709
27,826
47,266
Cash and cash equivalents at end of period, including discontinued
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