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

Unwired Planet, Inc. (UPIP) today announced financial results for the fourth quarter and fiscal end 2013.

“This past quarter we continued to build on our licensing efforts and have made significant progress in expanding the number of discussions underway,” said Eric Vetter, president and chief administrative officer of Unwired Planet. “In addition, at the end of June we executed a capital raise and in July we completed the transformation of our board of directors, both intended to support our long term IP strategy. With these changes in place, we believe we have fully transitioned the company to a licensing business.”

Simultaneously, Unwired Planet today announced the initiation of its Rights Offering, which will commence on Monday, August 19, 2013. Shareholders of record as of 5:00 p.m., New York time, on July 8, 2013, will receive the Rights Offering prospectus and related materials from the company’s information agent, Georgeson. Under the Rights Offering, each shareholder of record has the option to purchase their proportionate share of the approximately 7.5M shares being offered at $1.66 per share. The Rights Offering period will be open until 5:00 p.m., New York time, on Monday, September 9, 2013, unless we extend such period.

For more information on recent developments at Unwired Planet, please see our blog update posted today that can be found on the company’s website.

On a GAAP basis, net loss for the fourth fiscal quarter ended June 30, 2013 was $8.7 million, or $0.09 per share, compared with a net loss of $12.2 million, or $0.13 per share, in the prior quarter, and with a net income of $31.8 million, or $0.36 per diluted share, in the June quarter of the preceding year. Net loss for the fiscal year ended June 30, 2013 was $47.6 million, or $0.53 per share, compared with a net income of $14.6 million, or $0.17 per diluted share in the previous year.

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