Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Great Elm Capital Group, Inc. | d476992d8k.htm |
Exhibit 99.1
UNWIRED PLANET, INC. ANNOUNCES SECOND QUARTER 2013 FINANCIAL RESULTS
RENO, NV – January 31, 2013 – 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.
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.
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 second quarter 2013 ended December 31, 2012. Interested parties may access the conference call over the Internet through Unwired Planet’s website at www.unwiredplanet.com or by telephone at 888-846-5003 or 480-629-9856 (international). A replay of the conference call will be available for three weeks (until February 21), beginning at 5:00 p.m. PT on January 31 by calling 800-406-7325. The replay can be accessed internationally by calling 303-590-3030, access code: 4592391#.
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.
For More Information:
Mike Bishop
The Blueshirt Group
mike@blueshirtgroup.com
Tel: 415-217-4968
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED
(In thousands)
| December 31, 2012 |
June 30, 2012 |
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| Assets |
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| Current Assets: |
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| 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 | ||||||
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| 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 | ||||||
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| Total assets |
$ | 64,283 | $ | 97,493 | ||||
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| Liabilities and Stockholders’ Equity |
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| Current Liabilities: |
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| Accounts payable |
$ | 5,967 | $ | 6,088 | ||||
| Accrued liabilities |
5,402 | 8,119 | ||||||
| Accrued restructuring costs |
7,298 | 12,871 | ||||||
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| Total current liabilities |
18,667 | 27,078 | ||||||
| Accrued restructuring costs, less current portion |
512 | 827 | ||||||
| Long-term taxes payable and other |
633 | 959 | ||||||
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| Total liabilities |
19,812 | 28,864 | ||||||
| Stockholders’ equity |
44,471 | 68,629 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 64,283 | $ | 97,493 | ||||
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UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED
(In thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| December 31, 2012 |
September 30, 2012 |
December 31, 2011 |
December 31, 2012 |
December 31, 2011 |
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| Revenues: |
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| Patents |
$ | 3 | $ | 3 | $ | 5 | $ | 6 | $ | 15,026 | ||||||||||
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| Total revenues |
3 | 3 | 5 | 6 | 15,026 | |||||||||||||||
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| Operating Expenses: |
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| 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 | |||||||||||||||
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| Total operating expenses |
8,855 | 9,885 | 6,268 | 18,740 | 10,604 | |||||||||||||||
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| 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 | ) | |||||||||||||
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| Net income (loss) from continuing operations |
(8,813 | ) | (9,832 | ) | (6,572 | ) | (18,645 | ) | 4,175 | |||||||||||
| Income taxes |
— | — | 2,501 | — | 2,501 | |||||||||||||||
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| 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 | ) | ||||||||||
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| Net loss |
$ | (11,610 | ) | $ | (15,110 | ) | $ | (10,390 | ) | $ | (26,720 | ) | $ | (7,749 | ) | |||||
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| Basic and diluted net income (loss) per share from: |
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| Continuing operations |
$ | (0.10 | ) | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.21 | ) | $ | 0.02 | ||||||
| Discontinued operations |
$ | (0.03 | ) | (0.06 | ) | (0.01 | ) | (0.09 | ) | (0.11 | ) | |||||||||
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| Net income loss per share |
$ | (0.13 | ) | $ | (0.17 | ) | $ | (0.12 | ) | $ | (0.30 | ) | $ | (0.09 | ) | |||||
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| 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: |
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| Sales and marketing |
$ | — | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||
| General and administrative |
298 | 435 | 133 | 733 | 267 | |||||||||||||||
| Discontinued operations |
489 | 73 | 501 | 562 | 952 | |||||||||||||||
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| $ | 787 | $ | 509 | $ | 634 | $ | 1,296 | $ | 1,219 | |||||||||||
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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, 2012 |
September 30, 2012 |
December 31, 2011 |
December 31, 2012 |
December 31, 2011 |
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| Reconciliation between GAAP and Non-GAAP net income (loss): |
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| Net loss |
$ | (11,610 | ) | $ | (15,110 | ) | $ | (10,390 | ) | $ | (26,720 | ) | $ | (7,749 | ) | |||||
| Exclude: |
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| 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 | |||||||||||||||
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| Non-GAAP net income (loss) |
$ | (6,072 | ) | $ | (8,053 | ) | $ | (4,655 | ) | $ | (14,125 | ) | $ | 6,777 | ||||||
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| GAAP net loss per share |
$ | (0.13 | ) | $ | (0.17 | ) | $ | (0.12 | ) | $ | (0.30 | ) | $ | (0.09 | ) | |||||
| Exclude: |
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| 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 | ||||||||||
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| Non-GAAP net income (loss) per share |
$ | (0.07 | ) | $ | (0.09 | ) | $ | (0.05 | ) | $ | (0.16 | ) | $ | 0.08 | ||||||
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| Shares used in computing net income (loss) per share: |
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| 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, 2012 |
September 30, 2012 |
December 31, 2011 |
December 31, 2012 |
December 31, 2011 |
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| Operating activities: |
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| Net loss |
$ | (11,610 | ) | $ | (15,110 | ) | $ | (10,390 | ) | $ | (26,720 | ) | $ | (7,749 | ) | |||||
| Loss/(gain) on sale of discontinued operation |
— | 750 | — | 750 | — | |||||||||||||||
| Reconciling items: |
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| 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 | ) | |||||||||||
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| Net cash used for operating activities |
(15,239 | ) | (14,834 | ) | 3,276 | (30,073 | ) | (14,178 | ) | |||||||||||
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| Investing activities: |
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| 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 | |||||||||||||||
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| Net cash provided by investing activities |
8,708 | 4,993 | 6,619 | 13,701 | 670 | |||||||||||||||
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| Financing activities: |
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| Net proceeds from issuance of common stock |
7 | 1,271 | 175 | 1,278 | 294 | |||||||||||||||
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| Cash provided by financing activities |
7 | 1,271 | 175 | 1,278 | 294 | |||||||||||||||
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| 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 | |||||||||||||||
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| 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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