Unwired Planet, Inc. (UPIP), today announced financial results for the second quarter 2013.
“Over the past year we have transformed the company into a premier intellectual property firm. From our enforcement actions in Delaware and Nevada, and our streamlined corporate structure in Reno, Nevada, to the prospects of our recently announced patent deal with Ericsson, Unwired Planet is poised to deliver on its IP model,” said Mike Mulica, Chief Executive Officer of Unwired Planet. “This quarter we have also made additions to our Board of Directors, which we believe will further strengthen the Company as we seek to accelerate the pace on execution on our long-term strategy and monetize the company’s significant assets.”
On a GAAP basis, net loss for the second fiscal quarter ended December 31, 2012 was $11.6 million, or $0.13 per share, compared with a net loss of $15.1 million, or $0.17 per share, in the prior quarter and with a net loss of $10.4 million, or $0.12 per share, in the December quarter of the preceding year.
On a non-GAAP basis, net loss for the first fiscal quarter ended December 31, 2012 was $6.1 million, or $0.07 per share, compared with a net loss of $8.1 million, or $0.09 per share, in the prior quarter and a net loss of $4.7 million, or $0.05 per share, in the December quarter of 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 metric 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.