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Unwired Planet Reports Fourth Quarter And Fiscal End 2012 Financial Results

Cautionary Note Regarding Forward Looking Statements

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, 2011. 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)
 
      June 30,   June 30,
2012 2011
Assets
Current Assets:
Cash, cash equivalents and short-term investments $ 83,569 $ 81,213
Prepaid and other current assets 3,960 2,687
Current assets of discontinued operation   -   35,414
Total current assets 87,529 119,314
 
Property and equipment, net 452 1,475
Long-term investments 9,423 15,630
Deposits and other assets 89 114
Noncurrent assets of discontinued operation   -   11,284
Total assets $ 97,493 $ 147,817
 
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 6,088 $ 2,271
Accrued liabilities 8,119 5,265
Accrued settlement related to discontinued operations - 12,000
Accrued restructuring costs 12,871 13,660
Current liabilities of discontinued operation   -   48,376
Total current liabilities 27,078 81,572
 
Accrued restructuring costs, less current portion 827 12,515
Deferred rent obligations and long-term taxes payable 959 1,415
Noncurrent liabilities of discontinued operation   -   9,370
Total liabilities 28,864 104,872
 
Stockholders' equity   68,629   42,945
Total liabilities and stockholders' equity $ 97,493 $ 147,817
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED
(In thousands, except per share data)
 
      Three Months Ended     Twelve Months Ended
June 30,   March 31,   June 30, June 30,   June 30,
  2012     2012     2011     2012     2011  
Revenues:
Patents $ 4   $ 20   $ 10   $ 15,050   $ 4,019  
Total revenues   4     20     10     15,050     4,019  
 
 
Operating Expenses:
Sales and marketing expenses 239 - - 614 -
Patent initiative expenses 4,623 3,470 1,698 13,089 3,398
General and administrative 2,527 2,157 1,647 7,651 5,732
Restructuring and other related costs   190     141     301     2,666     2,226  
Total operating expenses   7,579     5,768     3,646     24,020     11,356  
 
Operating loss from continuing operations (7,575 ) (5,748 ) (3,636 ) (8,970 ) (7,337 )
Interest and other income (expense), net   (258 )   36     (433 )   (469 )   (653 )
Net loss from continuing operations (7,833 ) (5,712 ) (4,069 ) (9,439 ) (7,990 )
Income taxes   (3,790 )   -     115     (1,289 )   115  
Net loss from continuing operations (4,043 ) (5,712 ) (4,184 ) (8,150 ) (8,105 )
 
Gain on sale of discontinued operation 45,133 5,161 (12,000 ) 50,294 (9,764 )
Discontinued operations, net   (9,237 )   (8,986 )   (3,776 )   (27,577 )   (17,379 )
Net income (loss) $ 31,853   $ (9,537 ) $ (19,960 ) $ 14,567   $ (35,248 )
 
 
Basic and diluted net income (loss) per share from:
Continuing operations $ (0.05 ) $ (0.07 ) $ (0.05 ) $ (0.09 ) $ (0.10 )
Discontinued operations   0.41     (0.04 )   (0.18 )   0.26     (0.32 )
Net income (loss) per share $ 0.36   $ (0.11 ) $ (0.23 ) $ 0.17   $ (0.42 )
 
 

Shares used in basic and diluted net income (loss) per share

88,200 86,146 85,216 86,354 84,577
 
Stock-based compensation by category:
Sales and marketing $ 15 $ - $ - $ 15 $ -
Patent initiative 43 - - 43 -
General and administrative 613 894 111 1,774 402
Discontinued operations   3,554     2,066     437     6,573     2,081  
$ 4,225   $ 2,960   $ 548   $ 8,405   $ 2,483  
 
UNWIRED PLANET, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data)
 
    Three Months Ended     Twelve Months Ended
June 30,   March 31,   June 30, June 30,   June 30,
  2012     2012     2011     2012     2011  

 

Reconciliation between GAAP and Non-GAAP net loss:
Net income (loss) $ 31,853 $ (9,537 ) $ (19,960 ) $ 14,567 $ (35,248 )
Exclude:
Restructuring costs 190 141 301 2,666 2,226
Stock-based compensation 671 894 111 1,832 402
Strategic costs 676 - - 676 -
Discontinued operations, net of tax (35,896 ) 3,825 15,776 (22,717 ) 27,143
Realized losses and other-than-temporary impairments of investments - - 632 -

908

Tax impact related to unusual transactions   (3,790 )   -     115     (1,289 )   115  
Non-GAAP net loss $ (6,296 ) $ (4,677 ) $ (3,025 ) $ (4,265 ) $ (4,454 )
 
GAAP net income (loss) per share $ 0.36 $ (0.11 ) $ (0.23 ) $ 0.17 $ (0.42 )
Exclude:
Restructuring costs $ - $ - $ - $ 0.03 $ 0.03
Stock-based compensation $ 0.01 $ 0.01 $ - $ 0.02 $ 0.01
Strategic costs $ 0.01 $ - $ - $ 0.01 $ -
Discontinued operations, net of tax $ (0.41 ) $ 0.05 $ 0.18 $ (0.26 ) $ 0.32
Realized losses and other-than-temporary impairments of investments $ - $ - $ 0.01 $ - $ 0.01
Tax impact related to unusual transactions $ (0.04 ) $ -   $ -   $ (0.02 ) $ -  
Non-GAAP net income (loss) per share $ (0.07 ) $ (0.05 ) $ (0.04 ) $ (0.05 ) $ (0.05 )
 
Shares used in computing net income (loss) per share 88,200 86,146 85,216 86,354 84,577
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
 
        Three Months Ended     Twelve Months Ended
June 30,   March 31,   June 30, June 30,   June 30,
  2012     2012     2011     2012     2011  
Operating activities:
Net income (loss) $ 31,853 $ (9,537 ) $ (19,960 ) $ 14,567 $ (35,248 )
Gain on sale of discontinued operation (45,133 ) (5,161 ) - (50,294 ) (2,236 )
Reconciling items:
Depreciation, amortization of intangibles and stock-based compensation 4,626 3,857 2,276 12,416 9,379
Non-cash restructuring charges 131 161 237 691 1,109
Non-cash tax benefits (3,790 ) - (3,411 ) (1,289 ) (3,411 )
Provision for (recovery of) doubtful accounts 38 (58 ) (183 ) 447 (351 )
Other non-cash items, net 534 208 300 1,313 1,347
Realized losses and other-than-temporary impairments of investments - - 645 - 921
Changes in operating assets and liabilities   (8,676 )   1,529     15,973     (21,479 )   7,005  
 
Net cash used for operating activities   (20,417 )   (9,001 )   (4,123 )   (43,628 )   (21,485 )
 
Investing activities:
Purchases of property and equipment, net - (27 ) (876 ) (523 ) (4,045 )
Payment of settlement related to discontinued operation - - - (12,000 ) -
Sale of discontinued operation, net 46,238 5,161 - 51,399 2,236
Proceeds from sales and maturities of investments, net (15,031 ) (2,876 ) - (4,709 ) 7,240
Release of restricted cash and investments   -     -     (3,207 )   -     357  
 
Net cash provided by (used by) investing activities   31,207     2,258     (4,083 )   34,167     5,788  
 
Financing activities:
Net proceeds from issuance of common stock   1,093     517     749     1,904     2,028  
 
Cash provided by financing activities   1,093     517     749     1,904     2,028  
Net increase/(decrease) in cash and cash equivalents 11,883 (6,226 ) (7,457 ) (7,557 ) (13,669 )
Cash and cash equivalents at beginning of period   27,826     34,052     54,723     47,266     60,935  
Cash and cash equivalents at end of period, including discontinued operations $ 39,709   $ 27,826   $ 47,266   $ 39,709   $ 47,266  




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