Unwired Planet, Inc. (NASDAQ:UPIP) today announced financial
results for the first quarter fiscal year 2016.
Revenue for the first quarter ended September 30, 2015 was $1.3
million, while loss from continuing operations totaled $10.2
million.
“We have been working tirelessly on a strategy to reinvigorate
Unwired Planet with financial stability, while executing on our IP
licensing business,” said Boris Teksler, president and chief
executive officer. “With the addition of a new CFO and new board
members, we are assembling a team with the financial acumen to
develop and execute on the next chapter of Unwired Planet.”
“The company continued to manage expenses carefully over the
quarter,” said Jim Wheat, chief financial officer. “We recognized
$1.3 million in revenue from the Lenovo Licensing agreement, which
is net of the $0.3 million fee share under the Ericsson MSA. Patent
initiative expenses increased slightly as a result of increased
activity in European litigation, and general and administrative
expenses totaled $2.5 million.”
On a GAAP basis, net loss for the first quarter ended September
30, 2015 was $10.2 million, or $0.09 per share, compared with a net
loss of $12.1 million, or $0.11 per share, in the first quarter of
the preceding year.
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 first quarter fiscal year 2016. Interested parties may access
the conference call over the Internet through the company's website
at www.unwiredplanet.com or by telephone at 888-287-5563 or
719-325-2491 (international). A replay of the conference call will
be available for one week (November 16), beginning at 5:00 p.m. PT
on November 9 by calling 888-203-1112. The replay can be accessed
internationally by calling 719-457-0820, access code: 2823412.
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 1934
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.
UNWIRED PLANET, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(In thousands, except par
value)Unaudited
September 30, June 30,
2015 2015
ASSETS
Current assets: Cash and cash equivalents $ 73,565 $ 73,755
Short-term investments 3,707 11,713 Restricted cash 30 27 Prepaid
and other current assets 848 632 Total
current assets 78,150 86,127 Property and equipment, net of
accumulated depreciation 110 110 Initial direct license costs, net
1,511 1,595 Debt issue costs and other assets, net 1,070
1,052 Total assets $ 80,841 $ 88,884
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 2,045 $ 678 Fee share
obligation 500 500 Deferred revenue 5,005 5,005 Accrued liabilities
925 970 Accrued legal expense 3,647 3,152 Accrued compensation
378 433 Total current liabilities
12,500 10,738 Long-term note payable, related party 31,026 29,874
Deferred revenue, net of current portion 23,311 24,562 Other
long-term liabilities 203 206 Total
liabilities 67,040 65,380 Stockholders'
equity Preferred stock, $0.001 par value; - - Common stock, $0.001
par value; 112 112 Treasury stock, at cost; (139 ) (93 ) Additional
paid-in-capital 3,245,540 3,244,946 Other comprehensive income 200
234 Accumulated deficit (3,231,912 ) (3,221,695 )
Total stockholders' equity 13,801 23,504
Total liabilities and stockholders' equity $ 80,841 $
88,884
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share data)Unaudited
Three MonthsEnded
Three MonthsEnded
September 30, September 30, 2015 2014 Net
revenue 1,251 1,251 Operating costs and expenses: Patent
licensing expenses 7,798 7,582 General and administrative 2,485
5,072 Restructuring and other related costs -
2 Total operating costs and expenses 10,283
12,656 Operating loss from continuing operations
(9,032 ) (11,405 ) Interest income 5 24 Interest expense
(1,203 ) (1,017 ) Other income, net 40 292
Loss from continuing operations (10,190 )
(12,106 ) Income tax (27 ) -
Income (loss) from continuing operations after income taxes (10,217
) (12,106 ) Discontinued operations: Discontinued
operations, net of tax - (12 ) Income (loss)
from discontinued operations - (12 ) Net loss $
(10,217 ) $ (12,118 ) Basic and diluted net loss per share
from: Continuing operations $ (0.09 ) $ (0.11 ) Discontinued
operations - - Net loss $ (0.09 ) $
(0.11 ) Weighted average shares outstanding basic and
diluted 112,396 111,724
UNWIRED PLANET, INC.CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(In
thousands)Unaudited
Three Months Ended September 30, 2015
2014 Net loss $ (10,217 ) $ (12,118 )
Other comprehensive income
Change in unrealized gain on marketable
securities
- 2 Foreign currency translation adjustment (34 ) -
Other comprehensive income (loss) (34 ) 2
Comprehensive loss $ (10,251 ) $ (12,116 )
UNWIRED PLANET, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands)Unaudited
Three MonthsEnded
Three MonthsEnded
September 30,
September 30, 2015 2014 Cash
flows from operating activities: Net loss $ (10,217 ) $ (12,118 )
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization 28 26
Stock-based compensation 594 467 Non-cash restructuring charges - 2
Amortization of premiums/discounts on investments, net 3 27 Gain on
change in fair value of consultant incentive award obligation -
(295 ) Realized loss on sale of investments (40 ) - In kind
interest payments on note payable 1,038 914 Amortization debt
discount and issuance costs 165 103
Changes in operating assets and
liabilities:
Initial licensing costs 84 228 Prepaid assets, deposits, and other
assets (296 ) (255 ) Accounts payable 1,367 1,156 Fee share
obligation - (20,032 ) Accrued liabilities 393 970 Deferred
revenues (1,251 ) (1,250 ) Accrued restructuring costs - (126 )
Restricted Cash 13 80 Net cash provided
by (used in) operating activities (8,119 ) (30,103 )
Cash flows from investing activities: Purchases of property
and equipment (28 ) - Proceeds from sales and maturities of
investments 8,003 10,000 Net cash
provided by (used in) investing activities 7,975
10,000 Cash flows from financing activities:
Proceeds from exercise of stock options - 79 Purchase of treasury
stock (46 ) (76 ) Net cash provided by (used in)
financing activities (46 ) 3 Net
decrease in cash and cash equivalents (190 ) (20,100 ) Cash and
cash equivalents at beginning of period 73,755
93,877 Cash and cash equivalents at end of period $ 73,565
$ 73,777 Non-cash investing and financing
activities Retirement of treasury stock $ - $ 884
Obligation to financial consultant for
issuance costs
- - Total financing agreements and
issue costs $ - $ 884
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version on businesswire.com: http://www.businesswire.com/news/home/20151109006668/en/
The Blueshirt GroupLauren Sloane,
415-217-2632Lauren@blueshirtgroup.com
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