Unwired Planet, Inc. (NASDAQ: UPIP) today announced the company released
financial results for the second quarter fiscal year 2016 today before
market with the Securities and Exchange Commission on Form 10-Q.
Revenue for the second quarter ended December 31, 2015 was $1.3 million,
while loss from continuing operations totaled $12.8 million.
On a GAAP basis, net loss for the second quarter ended December 31, 2015
was $12.7 million, or $1.35 per share, compared with a net loss of $11.0
million, or $1.18 per share, in the second quarter of the preceding year.
Conference Call Information
Unwired Planet has scheduled a conference call for 2:00 p.m. Pacific
Time (5:00 p.m. Eastern Time) on February 8, 2016. Interested parties
may access the conference call over the Internet through the company's
website at www.unwiredplanet.com
or by telephone at 888-466-4462 or 719-457-1035 (international). A
replay of the conference call will be available for one week (February
15), beginning at 5:00 p.m. PT on February 8 by calling 888-203-1112.
The replay can be accessed internationally by calling 719-457-0820,
access code: 3943003.
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.unwiredplanet.com/investors.
A replay will be available on the website for at least three months.
About Unwired Planet
Unwired Planet, Inc. (NASDAQ: UPIP) is the inventor of the Mobile
Internet and a premier intellectual property company focused exclusively
on the mobile industry. The company's patent portfolio of approximately
2,500 issued and pending US and foreign patents, includes technologies
that allow mobile devices to connect to the Internet and enable mobile
communications. The portfolio spans 2G, 3G, and 4G technologies, as well
as cloud-based mobile applications and services. Unwired
Planet's portfolio includes patents related to key mobile technologies,
including baseband mobile communications, mobile browsers, mobile
advertising, push notification technology, maps and location based
services, mobile application stores, social networking, mobile gaming,
and mobile search. Unwired Planet is headquartered in Los Altos,
California. References in this release to Unwired Planet may be
to Unwired Planet, Inc. or its subsidiaries.
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 related recognition of revenue, litigation strategy and
prospects 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, 2015. 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.
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UNWIRED PLANET, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands, except par value)
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Unaudited
|
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December 31,
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June 30,
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2015
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2015
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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68,110
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$
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73,755
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Short-term investments
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—
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11,713
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Restricted cash
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30
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27
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Prepaid and other current assets
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2,556
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632
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Total current assets
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70,696
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86,127
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Property and equipment, net
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105
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110
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Initial direct license costs, net
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1,426
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1,595
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Debt issuance costs and other assets, net
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919
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1,052
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Total assets
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$
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73,146
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$
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88,884
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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1,598
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$
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678
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Fee share obligation
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—
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500
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Deferred revenue
|
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5,005
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5,005
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Accrued liabilities
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967
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970
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Accrued legal expense
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9,209
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3,152
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Accrued compensation
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444
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|
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433
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Total current liabilities
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17,223
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10,738
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Long-term note payable, related party
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32,225
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29,874
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Deferred revenue, net of current portion
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22,059
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24,562
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Other long-term liabilities
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24
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206
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Total liabilities
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71,531
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65,380
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Commitments and Contingencies (See Note 6)
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Stockholders' equity
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Preferred stock, $0.001 par value; 5,000 shares authorized and zero
outstanding
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—
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—
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Common stock, $0.001 par value; 350,000 shares authorized and
9,450 and 9,373 issued; and 9,428 and 9,362 outstanding at
December 31, 2015 and June 30, 2015, respectively
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9
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9
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Treasury stock, 21 and 11 shares at December 31, 2015 and June 30,
2015, respectively
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(191
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)
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(93
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)
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Additional paid-in-capital
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3,246,236
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3,245,049
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Accumulated other comprehensive income
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148
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234
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Accumulated deficit
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(3,244,587
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)
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(3,221,695
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)
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Total stockholders' equity
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1,615
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23,504
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Total liabilities and stockholders' equity
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$
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73,146
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$
|
88,884
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UNWIRED PLANET, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per share data)
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Unaudited
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Three Months Ended
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Six Months Ended
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December 31,
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December 31,
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2015
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2014
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2015
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2014
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Net revenue
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$
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1,252
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$
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1,252
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$
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2,503
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$
|
2,503
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Operating costs and expenses:
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Patent licensing expenses
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9,967
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9,143
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17,645
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16,725
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General and administrative
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2,820
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2,132
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5,427
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7,204
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Restructuring and other related costs
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—
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—
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—
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2
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Total operating costs and expenses
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|
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12,787
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11,275
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23,072
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23,931
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Operating loss from continuing operations
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(11,535
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)
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(10,023
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)
|
|
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|
(20,569
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)
|
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(21,428
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)
|
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Interest income
|
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|
2
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|
22
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6
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|
46
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Interest expense
|
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|
|
(1,255
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)
|
|
|
(1,060
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)
|
|
|
|
(2,457
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)
|
|
|
(2,077
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)
|
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Other income (expense), net
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|
|
(49
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)
|
|
|
23
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|
|
|
|
(9
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)
|
|
|
312
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|
|
Loss from continuing operations
|
|
|
|
|
(12,837
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)
|
|
|
(11,038
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)
|
|
|
|
(23,029
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)
|
|
|
(23,147
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)
|
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Income tax
|
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|
|
161
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|
|
—
|
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|
|
|
134
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|
|
|
—
|
|
|
Loss from continuing operations after income taxes
|
|
|
|
|
(12,676
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)
|
|
|
(11,038
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)
|
|
|
|
(22,895
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)
|
|
|
(23,147
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)
|
|
Discontinued operations:
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Income from discontinued operations, net of tax
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—
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|
|
80
|
|
|
|
|
—
|
|
|
|
68
|
|
|
Net loss
|
|
|
|
$
|
(12,676
|
)
|
|
$
|
(10,958
|
)
|
|
|
$
|
(22,895
|
)
|
|
$
|
(23,079
|
)
|
|
Basic and diluted net loss per share from:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Continuing operations
|
|
|
|
$
|
(1.35
|
)
|
|
$
|
(1.18
|
)
|
|
|
$
|
(2.44
|
)
|
|
$
|
(2.48
|
)
|
|
Discontinued operations
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
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|
|
—
|
|
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Net loss per share
|
|
|
|
$
|
(1.35
|
)
|
|
$
|
(1.18
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)
|
|
|
$
|
(2.44
|
)
|
|
$
|
(2.48
|
)
|
|
Weighted average shares outstanding basic and diluted
|
|
|
|
|
9,408
|
|
|
|
9,325
|
|
|
|
|
9,387
|
|
|
|
9,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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UNWIRED PLANET, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
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|
(In thousands)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
2015
|
|
|
2014
|
|
|
Net loss
|
|
|
$
|
(12,676
|
)
|
|
$
|
(10,958
|
)
|
|
|
$
|
(22,895
|
)
|
|
$
|
(23,079
|
)
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized loss on marketable securities
|
|
|
|
—
|
|
|
|
(18
|
)
|
|
|
|
—
|
|
|
|
(16
|
)
|
|
Foreign currency translation adjustment
|
|
|
|
(52
|
)
|
|
|
—
|
|
|
|
|
(86
|
)
|
|
|
—
|
|
|
Other comprehensive loss
|
|
|
|
(52
|
)
|
|
|
(18
|
)
|
|
|
|
(86
|
)
|
|
|
(16
|
)
|
|
Comprehensive loss
|
|
|
$
|
(12,728
|
)
|
|
$
|
(10,976
|
)
|
|
|
$
|
(22,981
|
)
|
|
$
|
(23,095
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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UNWIRED PLANET, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(22,895
|
)
|
|
$
|
(23,079
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
40
|
|
|
|
52
|
|
|
Stock-based compensation
|
|
|
1,195
|
|
|
|
981
|
|
|
Non-cash restructuring charges
|
|
|
—
|
|
|
|
2
|
|
|
Amortization of premiums on investments, net
|
|
|
3
|
|
|
|
55
|
|
|
Realized loss on foreign currency
|
|
|
6
|
|
|
|
—
|
|
|
Gain on change in fair value of consultant incentive award obligation
|
|
|
—
|
|
|
|
(316
|
)
|
|
In-kind interest on notes payable
|
|
|
2,108
|
|
|
|
1,857
|
|
|
Amortization debt discount and issuance costs
|
|
|
349
|
|
|
|
220
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Initial licensing costs
|
|
|
169
|
|
|
|
311
|
|
|
Prepaid assets, deposits, and other assets
|
|
|
(2,000
|
)
|
|
|
(148
|
)
|
|
Accounts payable
|
|
|
920
|
|
|
|
1,002
|
|
|
Fee share obligation
|
|
|
(500
|
)
|
|
|
(20,032
|
)
|
|
Accrued liabilities and other
|
|
|
(185
|
)
|
|
|
(199
|
)
|
|
Accrued legal expense
|
|
|
6,057
|
|
|
|
1,603
|
|
|
Accrued compensation
|
|
|
11
|
|
|
|
77
|
|
|
Deferred revenues
|
|
|
(2,503
|
)
|
|
|
(2,502
|
)
|
|
Accrued restructuring costs
|
|
|
—
|
|
|
|
(256
|
)
|
|
Restricted cash
|
|
|
3
|
|
|
|
333
|
|
|
Net cash used in operating activities
|
|
|
(17,222
|
)
|
|
|
(40,039
|
)
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(35
|
)
|
|
|
(30
|
)
|
|
Proceeds from sales and maturities of investments
|
|
|
11,710
|
|
|
|
20,000
|
|
|
Net cash provided by investing activities
|
|
|
11,675
|
|
|
|
19,970
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
—
|
|
|
|
78
|
|
|
Purchase of treasury stock
|
|
|
(98
|
)
|
|
|
(116
|
)
|
|
Net cash used in financing activities
|
|
|
(98
|
)
|
|
|
(38
|
)
|
|
Net decrease in cash and cash equivalents
|
|
|
(5,645
|
)
|
|
|
(20,107
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
73,755
|
|
|
|
93,877
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
68,110
|
|
|
$
|
73,770
|
|
|
Non-cash investing and financing activity
|
|
|
|
|
|
|
|
|
|
Retirement of treasury stock
|
|
$
|
—
|
|
|
$
|
959
|
|
|
Unpaid debt and equity issuance costs
|
|
|
—
|
|
|
|
31
|
|
|
Total non-cash investing and financing activities
|
|
$
|
—
|
|
|
$
|
990
|
|
|
|
|
|
|
|
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