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.
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.