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Unwired Planet, Inc. Announces Fourth Quarter And Fiscal End 2013 Financial Results

Cautionary Note Regarding Forward Looking Statements

Any statements in this press release with respect to future events or expectations, including statements regarding the Company’s licensing activities and expectations regarding enhancing shareholder value 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)
     
June 30, June 30,
2013 2012
Assets
Current Assets:
Cash and cash equivalents $ 47,613 $ 39,709
Short-term investments 10,793 43,860
Restricted cash and investments 17,251 -
Accounts receivable, net 88 -
Prepaid and other current assets   420   3,960
Total current assets 76,165 87,529
 
Property and equipment, net 212 452
Long-term investments - 9,423
Deposits and other assets   1,861   89
Total assets $ 78,238 $ 97,493
 
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 2,317 $ 6,088
Accrued liabilities 3,876 4,161
Accrued legal 3,686 3,958
Accrued restructuring costs   594   12,871
Total current liabilities 10,473 27,078
 
Accrued restructuring costs, less current portion 259 827
Long term note payable 22,096 -
Other long term payables   1,485   959
Total liabilities 34,313 28,864
 
Stockholders' equity   43,925   68,629
Total liabilities and stockholders' equity $ 78,238 $ 97,493
 
 
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,
2013 2013 2012 2013 2012
Revenues:
Licensing Revenue $ 106 $ 30 $ 4 $ 142 $ 15,050
Fee share   (21 )   -     -     (21 )   -  
Net Revenue   85     30     4     121     15,050  
 
Operating Expenses:
Sales and marketing expenses $ 27 $ 4 239 109 614
Patent licensing expenses 4,705 2,861 4,623 16,281 13,089
General and administrative 4,960 8,350 2,527 21,451 7,651
Restructuring and other related costs   (77 )   42     190     1,771     2,666  
Total operating expenses   9,615     11,257     7,579     39,612     24,020  
 
Operating loss from continuing operations (9,530 ) (11,227 ) (7,575 ) (39,491 ) (8,970 )
Interest and other income (expense), net   808     (1,043 )   (258 )   (146 )   (469 )
Net loss from continuing operations (8,722 ) (12,270 ) (7,833 ) (39,637 ) (9,439 )
Income taxes   42     -     (3,790 )   42     (1,289 )
Net loss from continuing operations (8,764 ) (12,270 ) (4,043 ) (39,679 ) (8,150 )
 
Gain (loss) on sale of discontinued operation - 600 45,133 (150 ) 50,294
Discontinued operations, net   55     (514 )   (9,237 )   (7,784 )   (27,577 )
Net Income (loss) $ (8,709 ) $ (12,184 ) $ 31,853   $ (47,613 ) $ 14,567  
 
 

Basic and diluted net income (loss) per share from:

Continuing operations $ (0.10 ) $ (0.13 ) $ (0.05 ) $ (0.44 ) $ (0.09 )
Discontinued operations $ -   $ -     0.41     (0.09 )   0.26  
Net income (loss) per share $ (0.09 ) $ (0.13 ) $ 0.36   $ (0.53 ) $ 0.17  
 
Shares used in basic and diluted net income (loss) per share 92,078 91,018 88,200 90,843 86,354
 
Shares used in diluted net income (loss) per share 92,078 91,018 88,200 90,843 86,354
 
Stock-based compensation by category:
Sales and marketing $ - $ - $ 15 $ 1 $ 15
Patent initiative 261 - $ 43 261 $ 43
General and administrative 1,742 4,413 $ 613 6,888 $ 1,774
Discontinued operations   -     62   $ 3,554     624   $ 6,573  
$ 2,003   $ 4,475   $ 4,225   $ 7,774   $ 8,405  
 
 
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,
2013 2013 2012 2013 2012
 
Reconciliation between GAAP and Non-GAAP net loss:
Net income (loss) $ (8,709 ) $ (12,184 ) $ 31,853 $ (47,613 ) $ 14,567
Exclude:
Restructuring costs (77 ) 42 190 1,771 2,666
Stock-based compensation 2,003 4,413 671 7,150 1,832
Strategic costs - 897 676 2,877 676
Post strategic costs 377 1,073 - 1,450 -
Discontinued operations, net of tax (55 ) (86 ) (35,896 ) 7,934 (22,717 )
Tax impact related to unusual transactions   -     -     (3,790 )   42     (1,289 )
Non-GAAP net loss $ (6,461 ) $ (5,845 ) $ (6,296 ) $ (26,389 ) $ (4,265 )
 
GAAP net loss per share $ (0.09 ) $ (0.13 ) $ 0.36 $ (0.52 ) $ 0.17
Exclude:
Restructuring costs $ - $ - $ - $ 0.02 $ 0.03
Stock-based compensation $ 0.02 $ 0.05 $ 0.01 $ 0.08 $ 0.02
Strategic costs $ - $ 0.01 $ 0.01 $ 0.03 $ 0.01
Post strategic costs $ - $ 0.01 $ - $ 0.02
Discontinued operations, net of tax $ - $ - $ (0.41 ) $ 0.08 $ (0.26 )
Tax impact related to unusual transactions $ -   $ -   $ (0.04 ) $ -   $ (0.02 )
Non-GAAP net loss per share $ (0.07 ) $ (0.06 ) $ (0.07 ) $ (0.29 ) $ (0.05 )
 
Shares used in computing net loss per share:
GAAP 92,078 91,018 88,200 90,843 86,354
Non-GAAP 92,078 91,018 88,200 90,843 86,354
 
 

Non-GAAP Measure

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.

         
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,
2013 2013 2012 2013 2012
Operating activities:
Net income (loss) $ (8,709 ) $ (12,184 ) $ 31,853 $ (47,613 ) $ 14,567
Loss/(gain) on sale of discontinued operation - (600 ) (45,133 ) 150 (50,294 )
Reconciling items:
Depreciation, amortization of intangibles and stock-based compensation 2,023 4,495 4,626 8,057 12,416
Non-cash restructuring charges 12 42 131 225 691
Non-cash tax benefits - - (3,790 ) - (1,289 )
Accelerated depreciation on restructured property and equipment - - - 226 -
Provision for doubtful accounts - - 38 - 447
Other non-cash items, net 98 1,241 534 1,877 1,313
Changes in operating assets and liabilities   (1,277 )   (25,243 )   (8,676 )   (32,867 )   (21,479 )
 
Net cash used for operating activities   (7,853 )   (32,249 )   (20,417 )   (69,945 )   (43,628 )
 
Investing activities:
Purchases of property and equipment, net (5 ) (111 ) - (269 ) (523 )
Payment of settlement related to discontinued operation - - - (1,893 ) (12,000 )
Sale of discontinued operation, net - 600 46,238 600 51,399
Proceeds from sales and maturities of investments, net   10,778     15,133     (15,031 )   41,428     (4,709 )
 
Net cash provided by investing activities   10,773     15,622     31,207     39,866     34,167  
 
Financing activities:
Net proceeds from Note Payable 22,066 - - 22,066 -
Net Proceeds from Registered Direct 14,785 - - 14,785 -
Treasury stock purchased (575 ) - - (575 ) -
Net proceeds from issuance of common stock   175     254     1,093     1,707     1,904  
 
Cash provided by financing activities   36,451     254     1,093     37,983     1,904  
Net increase (decrease) in cash and cash equivalents 39,371 (16,373 ) 11,883 7,904 (7,557 )
Cash and cash equivalents at beginning of period   8,242     24,615     27,826     39,709     47,266  
Cash and cash equivalents at end of period, including discontinued operations $ 47,613   $ 8,242   $ 39,709   $ 47,613   $ 39,709  




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