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Unwired Planet, Inc. (formerly Openwave Systems Inc.) (Nasdaq:OPWV), today announced financial results for the third fiscal quarter ended March 31, 2012. As a result of the Company’s announced intention to sell its product business, the results of the products businesses are consolidated and reported as discontinued operations.
“We established a strategic direction two quarters ago, and we rapidly executed on the plan to unlock the significant inherent value in our patent portfolio by separating the asset from the product businesses,” said Mike Mulica, chief executive officer of Unwired Planet. “We are now solely focused on enhancing shareholder value though our Intellectual Property initiative.”
The company ended the quarter with $66.2 million in cash and investments, not including the proceeds from the subsequent sale of the product businesses to Marlin Equity Partners, completed on April 30, 2012. On a GAAP basis, net loss for the third fiscal quarter ended March 31, 2012 was $9.5 million or $0.11 per share. On a non-GAAP basis, net loss for the third fiscal quarter ended March 31, 2012 was $4.7 million or $0.05 per share. Non-GAAP net loss excludes restructuring, costs associated with strategic alternatives, amortization of stock-based compensation, and discontinued operations.
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 Operations.
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, impairments on investments, 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.