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Unwired Planet, Inc. Announces Second Quarter 2013 Financial Results

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)
     
December 31, June 30,
2012 2012
Assets
Current Assets:
Cash and cash equivalents $ 24,615 $ 39,709
Short-term investments 32,669 43,860
Restricted cash and investments 675 -
Prepaid and other current assets   1,552   3,960
Total current assets 59,511 87,529
 
Property and equipment, net 135 452
Long-term investments 4,548 9,423
Deposits and other assets   89   89
Total assets $ 64,283 $ 97,493
 
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 5,967 $ 6,088
Accrued liabilities 5,402 8,119
Accrued restructuring costs   7,298   12,871
Total current liabilities 18,667 27,078
 
Accrued restructuring costs, less current portion 512 827
Long-term taxes payable and other   633   959
Total liabilities 19,812 28,864
 
Stockholders' equity   44,471   68,629
Total liabilities and stockholders' equity $ 64,283 $ 97,493
 
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED
(In thousands, except per share data)
             
 
Three Months Ended Six Months Ended
December 31, September 30, December 31, December 31, December 31,
2012 2012 2011 2012 2011
Revenues:
Patents $ 3   $ 3   $ 5   $ 6   $ 15,026  
Total revenues   3     3     5     6     15,026  
 
Operating Expenses:
Sales and marketing expenses - 78 - 78 375
Patent initiative expenses 3,156 5,559 3,272 8,715 4,996
General and administrative 4,350 3,791 1,212 8,141 2,898
Restructuring and other related costs   1,349     457     1,784     1,806     2,335  
Total operating expenses   8,855     9,885     6,268     18,740     10,604  
 
Operating income (loss) from continuing operations (8,852 ) (9,882 ) (6,263 ) (18,734 ) 4,422
Interest and other income (expense), net   39     50     (309 )   89     (247 )
Net income (loss) from continuing operations (8,813 ) (9,832 ) (6,572 ) (18,645 ) 4,175
Income taxes   -     -     2,501     -     2,501  
Net income (loss) from continuing operations (8,813 ) (9,832 ) (9,073 ) (18,645 ) 1,674
 
Loss on sale of discontinued operation - (750 ) - (750 ) -
Discontinued operations, net   (2,797 )   (4,528 )   (1,317 )   (7,325 )   (9,423 )
Net loss $ (11,610 ) $ (15,110 ) $ (10,390 ) $ (26,720 ) $ (7,749 )
 
Basic and diluted net income (loss) per share from:
Continuing operations $ (0.10 ) $ (0.11 ) $ (0.11 ) $ (0.21 ) $ 0.02
Discontinued operations $ (0.03 )   (0.06 )   (0.01 )   (0.09 )   (0.11 )
Net income loss per share $ (0.13 ) $ (0.17 ) $ (0.12 ) $ (0.30 ) $ (0.09 )
 
Shares used in basic and diluted net income (loss ) per share 90,323 89,971 85,594 90,147 85,538
 
Stock-based compensation by category:
Sales and marketing $ - $ 1 $ - $ 1 $ -
General and administrative 298 435 133 733 267
Discontinued operations   489     73     501     562     952  
$ 787   $ 509   $ 634   $ 1,296   $ 1,219  
 
 
UNWIRED PLANET, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data)
           
Three Months Ended Six Months Ended
December 31, September 30, December 31, December 31, December 31,
2012 2012 2011 2012 2011
 
Reconciliation between GAAP and Non-GAAP net income (loss):
Net loss $ (11,610 ) $ (15,110 ) $ (10,390 ) $ (26,720 ) $ (7,749 )
Exclude:
Restructuring costs 1,349 457 1,784 1,806 2,335
Stock-based compensation 298 436 133 734 267
Strategic costs 1,094 886 - 1,980 -
Discontinued operations, net of tax 2,797 5,278 1,317 8,075 9,423
Tax impact related to unusual transactions   -     -     2,501     -     2,501  
Non-GAAP net income (loss) $ (6,072 ) $ (8,053 ) $ (4,655 ) $ (14,125 ) $ 6,777  
 
GAAP net loss per share $ (0.13 ) $ (0.17 ) $ (0.12 ) $ (0.30 ) $ (0.09 )
Exclude:
Restructuring costs $ 0.02 $ 0.01 $ 0.02 $ 0.02 $ 0.03
Stock-based compensation $ - $ - $ - $ 0.01 $ -
Strategic costs $ 0.01 $ 0.01 $ - $ 0.02 $ -
Discontinued operations, net of tax $ 0.03 $ 0.06 $ 0.02 $ 0.09 $ 0.11
Tax impact related to unusual transactions $ -   $ -   $ 0.03   $ -   $ 0.03  
Non-GAAP net income (loss) per share $ (0.07 ) $ (0.09 ) $ (0.05 ) $ (0.16 ) $ 0.08  
 
Shares used in computing net income (loss) per share:
GAAP 90,323 89,971 85,594 90,147 85,538
Non-GAAP 90,323 89,971 85,594 90,147 86,379
 
 
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
               
 
Three Months Ended Six Months Ended
December 31, September 30, December 31, December 31, December 31,
  2012     2012     2011     2012     2011  
Operating activities:
Net loss $ (11,610 ) $ (15,110 ) $ (10,390 ) $ (26,720 ) $ (7,749 )
Loss/(gain) on sale of discontinued operation - 750 - 750 -
Reconciling items:
Depreciation, amortization of intangibles and stock-based compensation 886 653 1,810 1,539 3,967
Non-cash restructuring charges 71 100 187 171 399
Accelerated depreciation on restructured property and equipment 226 - - 226 -
Recovery of doubtful accounts - - 270 - 467
Other non-cash items, net 237 300 264 537 571
Restricted cash (675 ) - (675 ) -
Changes in operating assets and liabilities   (4,374 )   (1,527 )   11,135     (5,901 )   (11,833 )
 
Net cash used for operating activities   (15,239 )   (14,834 )   3,276     (30,073 )   (14,178 )
 
Investing activities:
Purchases of property and equipment, net 74 - (141 ) 74 (530 )
Payment of settlement related to discontinued operation - - - - (12,000 )
Sale of discontinued operation, net - (1,893 ) - (1,893 ) -
Proceeds from sales and maturities of investments, net   8,634     6,886     6,760     15,520     13,200  
 
Net cash provided by investing activities   8,708     4,993     6,619     13,701     670  
 
Financing activities:
Net proceeds from issuance of common stock   7     1,271     175     1,278     294  
 
Cash provided by financing activities   7     1,271     175     1,278     294  
Net increase/(decrease) in cash and cash equivalents (6,524 ) (8,570 ) 10,070 (15,094 ) (13,214 )
Cash and cash equivalents at beginning of period   31,139     39,709     23,982     39,709     47,266  
Cash and cash equivalents at end of period, including discontinued operations $ 24,615   $ 31,139   $ 34,052   $ 24,615   $ 34,052  

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