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TheStreet Open House

Unwired Planet, Inc. Announces First Quarter 2013 Financial Results

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 first quarter 2013 ended September 30, 2012. Interested parties may access the conference call over the Internet through Unwired Planet’s website at www.unwiredplanet.com or by telephone at (877) 941-4776 or (480) 629-9714 (international). A replay of the conference call will be available for three weeks (until November 28), beginning at 5:00 p.m. PT on November 7 by calling (800) 406-7325. The replay can be accessed internationally by calling (303) 590-3030, access code: 4574427 #.

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 (NASDAQ: UPIP) is the inventor of the mobile internet. Unwired Planet established many of the foundational patents that allow mobile devices to connect to the Internet. Over the years, the company has amassed a patent portfolio of approximately 200 issued US and foreign patents and approximately 75 pending applications, many of which are considered foundational to mobile communications, and span smart devices, cloud technologies and unified messaging.

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, 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)
                 
September 30, June 30,
  2012   2012
Assets
Current Assets:
Cash, cash equivalents and short-term investments $ 69,975 $ 83,569
Prepaid and other current assets   2,767   3,960
Total current assets 72,742 87,529
 
Property and equipment, net 460 452
Long-term investments 7,305 9,423
Deposits and other assets   89   89
Total assets $ 80,596 $ 97,493
 
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 7,988 $ 6,088
Accrued liabilities 6,446 8,119
Accrued restructuring costs   9,442   12,871
Total current liabilities 23,876 27,078
 
Accrued restructuring costs, less current portion 659 827
Long-term taxes payable and other   719   959
Total liabilities 25,254 28,864
 
Stockholders' equity   55,342   68,629
Total liabilities and stockholders' equity $ 80,596 $ 97,493
 
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED
(In thousands, except per share data)
                   
 
Three Months Ended
 
September 30, June 30, September 30,
  2012   2012   2011
Revenues:
Patents $ 3 $ 4 $ 15,021
Total revenues   3   4   15,021
 
Operating Expenses:
Sales and marketing expenses 78 239 375
Patent initiative expenses 5,559 4,623 1,724
General and administrative 3,791 2,527 1,686
Restructuring and other related costs   457   190   551
Total operating expenses   9,885   7,579   4,336
 
Operating income (loss) from continuing operations (9,882) (7,575) 10,685
Interest and other income (expense), net   50   (258)   62
Net income (loss) from continuing operations (9,832) (7,833) 10,747
Income taxes   -   (3,790)   -
Net income (loss) from continuing operations (9,832) (4,043) 10,747
 
Gain (loss) on sale of discontinued operation (750) 45,133 -
Discontinued operations, net   (4,528)   (9,237)   (8,106)
Net income (loss) $ (15,110) $ 31,853 $ 2,641
 
 
Basic net income (loss) per share from:
Continuing operations $ (0.11) $ (0.05) $ 0.12
Discontinued operations   (0.06)   0.41   (0.09)
Net income (loss) per share $ (0.17) $ 0.36 $ 0.03
 
Diluted net income (loss) per share from:
Continuing operations $ (0.11) $ (0.05) $ 0.12
Discontinued operations   (0.06)   0.41   (0.09)
Net income (loss) per share $ (0.17) $ 0.36 $ 0.03
 

Shares used in basic net income (loss) per share

89,971 88,200 85,482
 
Shares used in diluted net income (loss) per share 89,971 88,200 86,432
 
Stock-based compensation by category:
Sales and marketing $ 1 $ 15 $ -
Patent initiative - 43 -
General and administrative 435 613 134
Discontinued operations   73   3,554   451
$ 509 $ 4,225 $ 585
 
     
UNWIRED PLANET, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data)
             
Three Months Ended
September 30, June 30, September 30,
  2012     2012     2011
 
Reconciliation between GAAP and Non-GAAP net income (loss):
Net income (loss) $ (15,110 ) $ 31,853 $ 2,641
Exclude:
Restructuring costs 457 190 551
Stock-based compensation 436 671 134
Strategic costs 886 676 -
Discontinued operations, net of tax 5,278 (35,896 ) 8,106
Tax impact related to unusual transactions   -     (3,790 )   -
Non-GAAP net income (loss) $ (8,053 ) $ (6,296 ) $ 11,432
 
GAAP net income (loss) per share $ (0.17 ) $ 0.36 $ 0.03
Exclude:
Restructuring costs $ 0.01 $ - $ 0.01
Stock-based compensation $ - $ 0.01 $ -
Strategic costs $ 0.01 $ 0.01 $ -
Discontinued operations, net of tax $ 0.06 $ (0.41 ) $ 0.09
Tax impact related to unusual transactions $ -   $ (0.04 ) $ -
Non-GAAP net income (loss) per share $ (0.09 ) $ (0.07 ) $ 0.13
 
Shares used in computing net income (loss) per share:
GAAP 89,971 88,200 85,482
Non-GAAP 89,971 88,200 86,432
 
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
               
 
    Three Months Ended
September 30, June 30, September 30,
  2012       2012     2011  
Operating activities:
Net income (loss) $ (15,110 ) $ 31,853 $ 2,641
Loss/(gain) on sale of discontinued operation 750 (45,133 ) -
Reconciling items:
Depreciation, amortization of intangibles and stock-based compensation 653 4,626 2,157
Non-cash restructuring charges 100 131 212
Non-cash tax benefits - (3,790 ) -
Recovery of doubtful accounts - 38 197
Other non-cash items, net 300 534 307
Changes in operating assets and liabilities   (1,527 )     (8,676 )   (22,968 )
 
Net cash used for operating activities   (14,834 )     (20,417 )   (17,454 )
 
Investing activities:
Purchases of property and equipment, net - - (389 )
Payment of settlement related to discontinued operation - - (12,000 )
Sale of discontinued operation, net (1,893 ) 46,238 -
Proceeds from sales and maturities of investments, net   6,886       (15,031 )   6,440  
 
Net cash provided by (used by) investing activities   4,993       31,207     (5,949 )
 
Financing activities:
Net proceeds from issuance of common stock   1,271       1,093     119  
 
Cash provided by financing activities   1,271       1,093     119  
Net increase/(decrease) in cash and cash equivalents (8,570 ) 11,883 (23,284 )
Cash and cash equivalents at beginning of period   39,709       27,826     47,266  
Cash and cash equivalents at end of period, including discontinued operations $ 31,139     $ 39,709   $ 23,982  




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