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Unwired Planet Reports Fourth Quarter And Fiscal End 2012 Financial Results

Unwired Planet, formerly Openwave Systems Inc. (Nasdaq: UPIP), today announced financial results for the fourth quarter and fiscal year end 2012.

“We are excited about the significant progress we have made in transforming Unwired Planet into an Intellectual property company. Over the past nine months, we have divested the products businesses, added IP experience to the management team and Board, and embarked on a strategy with significant potential,” said Mike Mulica, Chief Executive Officer of Unwired Planet. “The company continues to transform, making great strides towards executing our multi-pronged IP strategy.”

On a GAAP basis, net income for the fourth fiscal quarter ended June 30, 2012 was $31.9 million or $0.36 per share, compared with a net loss of $9.5 million, or $0.11 per share, in the prior quarter and net loss of $20.0 million or $0.23 per share, in the June quarter in the preceding year. Restructuring costs in the quarter were $0.2 million. Net income on a GAAP basis for the year was $14.6 million, or $0.17 per share, driven by the gain on the sale of discontinued operations, compared with a net loss of $35.2 million, or $0.42 per share, in the prior year.

On a non-GAAP basis, net loss for the fourth fiscal quarter ended June 30, 2012 was $6.3 million or $0.07 per share, compared with a net loss of $4.7 million or $0.05 per share, in the prior quarter and a net loss of $3.0 million, or $0.04 per share, in the June quarter in the preceding year. Net loss on a non-GAAP basis was $4.3 million, or $0.05 per share, for fiscal 2012 compared with a net loss of $4.5 million, or $0.05 per share, in fiscal 2011. Non-GAAP net loss excludes discontinued operations, restructuring, impairments on investments, amortization of stock-based compensation, amounts associated with certain strategic costs, certain losses on investments and the tax impact of these items.

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