Unwired Planet, Inc. Announces Third Quarter 2013 Financial Results
Unwired Planet, Inc. Announces Third Quarter 2013 Financial Results
RENO, Nev.--(BUSINESS WIRE)-- Unwired Planet, Inc. (UPIP) today announced financial results for the third quarter 2013.
"This has been a transformational quarter for Unwired Planet," said Mike Mulica, chief executive officer of Unwired Planet. "We are now executing a completely focused licensing strategy as a long-term industry platform for the realization of our intellectual property value across 2G, 3G, 4G technologies as well as cloud-based mobile applications and services. With the completion of the patent transaction with Ericsson, we have begun actively engaging priority licensing targets and are working closely with our partners to proceed in the most efficient way to enhance shareholder value."
On a GAAP basis, net loss for the third fiscal quarter ended March 31, 2013 was $12.2 million, or $0.13 per share, compared with a net loss of $11.6 million, or $0.13 per share, in the prior quarter, and with a net loss of $9.5 million, or $0.11 per share, in the March quarter of the preceding year.
On a non-GAAP basis, net loss for the third fiscal quarter ended March 31, 2013 was $5.8 million, or $0.06 per share, compared with a net loss of $6.1 million, or $0.07 per share, in the prior quarter and a net loss of $4.7 million, or $0.05 per share, in the March 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 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.
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 third quarter 2013. Interested parties may access the conference call over the Internet through the company's website at www.unwiredplanet.com or by telephone at 877-941-4775 or 480-629-9761 (international). A replay of the conference call will be available for three weeks (May 30, 2013), beginning at 5:00 p.m. PT on May 9, 2013 by calling 800-406-7325. The replay can be accessed internationally by calling 303-590-3030, access code: 4619468#.
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. (NAS: 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 more than 2,400 issued 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, and mobile search. 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, 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) | |||||||
March 31, | June 30, | ||||||
2013 | 2012 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 8,242 | $ | 39,709 | |||
Short-term investments | 20,522 | 43,860 | |||||
Restricted cash and investments | 18,657 | - | |||||
Prepaid and other current assets | 1,593 | 3,960 | |||||
Total current assets | 49,014 | 87,529 | |||||
Property and equipment, net | 227 | 452 | |||||
Long-term investments | 1,123 | 9,423 | |||||
Deposits and other assets | 80 | 89 | |||||
Total assets | $ | 50,444 | $ | 97,493 | |||
Liabilities and Stockholders' Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 2,693 | $ | 6,088 | |||
Accrued liabilities | 6,471 | 8,119 | |||||
Accrued restructuring costs | 3,049 | 12,871 | |||||
Total current liabilities | 12,213 | 27,078 | |||||
Accrued restructuring costs, less current portion | 378 | 827 | |||||
Long-term taxes payable and other | 1,340 | 959 | |||||
Total liabilities | 13,931 | 28,864 | |||||
Stockholders' equity | 36,513 | 68,629 | |||||
Total liabilities and stockholders' equity | $ | 50,444 | $ | 97,493 | |||
UNWIRED PLANET, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | March 31, | ||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Patents | $ | 30 | $ | 3 | $ | 20 | $ | 36 | $ | 15,046 | ||||||||||
Total revenues | 30 | 3 | 20 | 36 | 15,046 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Sales and marketing expenses | $ | 4 | - | - | 82 | 375 | ||||||||||||||
Patent initiative expenses | $ | 2,861 | 3,156 | 3,470 | 11,576 | 8,466 | ||||||||||||||
General and administrative | 8,350 | 4,350 | 2,157 | 16,491 | 5,217 | |||||||||||||||
Restructuring and other related costs | 42 | 1,349 | 141 | 1,848 | 1,858 | |||||||||||||||
Total operating expenses | 11,257 | 8,855 | 5,768 | 29,997 | 15,916 | |||||||||||||||
Operating loss from continuing operations | (11,227 | ) | (8,852 | ) | (5,748 | ) | (29,961 | ) | (870 | ) | ||||||||||
Interest and other income (expense), net | (1,043 | ) | 39 | 36 | (954 | ) | (211 | ) | ||||||||||||
Net loss from continuing operations | (12,270 | ) | (8,813 | ) | (5,712 | ) | (30,915 | ) | (1,081 | ) | ||||||||||
Income taxes | - | - | - | - | - | |||||||||||||||
Net income (loss) from continuing operations | (12,270 | ) | (8,813 | ) | (5,712 | ) | (30,915 | ) | (1,081 | ) | ||||||||||
Gain (Loss) on sale of discontinued operation | 600 | - | 5,161 | (150 | ) | 5,161 | ||||||||||||||
Discontinued operations, net | (514 | ) | (2,797 | ) | (8,986 | ) | (7,839 | ) | (21,366 | ) | ||||||||||
Net loss | $ | (12,184 | ) | $ | (11,610 | ) | $ | (9,537 | ) | $ | (38,904 | ) | $ | (17,286 | ) | |||||
Basic and diluted net loss per share from: | ||||||||||||||||||||
Continuing operations | $ | (0.13 | ) | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.34 | ) | $ | (0.01 | ) | |||||
Discontinued operations | $ | - | (0.03 | ) | (0.04 | ) | (0.09 | ) | (0.19 | ) | ||||||||||
Net income loss per share | $ | (0.13 | ) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.43 | ) | $ | (0.20 | ) | |||||
Shares used in basic and diluted net loss per share | 91,018 | 90,323 | 86,146 | 90,426 | 85,740 | |||||||||||||||
Shares used in diluted net loss per share | 91,018 | 90,323 | 86,146 | 90,426 | 85,740 | |||||||||||||||
Stock-based compensation by category: | ||||||||||||||||||||
Sales and marketing | $ | - | $ | - | $ | - | $ | 1 | $ | - | ||||||||||
General and administrative | 4,414 | 298 | 894 | 5,147 | 1,161 | |||||||||||||||
Discontinued operations | 62 | 489 | - | 624 | - | |||||||||||||||
Total stock based compensaton | $ | 4,476 | $ | 787 | $ | 894 | $ | 5,772 | $ | 1,161 | ||||||||||
UNWIRED PLANET, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | March 31, | ||||||||||||||||
2013 | 2012 | 2012 | 2013 | 2012 | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net loss | $ | (12,184 | ) | $ | (11,610 | ) | $ | (9,537 | ) | $ | (38,904 | ) | $ | (17,286 | ) | |||||
Loss/(gain) on sale of discontinued operation | (600 | ) | - | (5,161 | ) | 150 | (5,161 | ) | ||||||||||||
Reconciling items: | ||||||||||||||||||||
Depreciation, amortization of intangibles and stock-based compensation | 4,495 | 886 | 3,857 | 6,034 | 7,790 | |||||||||||||||
Non-cash restructuring charges | 42 | 71 | 161 | 213 | 560 | |||||||||||||||
Accelerated depreciation on restructured property and equipment | - | 226 | - | 226 | - | |||||||||||||||
Recovery of doubtful accounts | - | - | (58 | ) | - | 409 | ||||||||||||||
Other non-cash items, net | 1,240 | 237 | 208 | 1,778 | 779 | |||||||||||||||
Restricted cash | (17,982 | ) | ||||||||||||||||||
