Unwired Planet, Inc. (NASDAQ: UPIP) today filed the company’s
financial results for the third quarter fiscal year 2016 after
market with the Securities and Exchange Commission on Form 10-Q.
The company also announced a litigation update.
Third Quarter Fiscal 2016 Highlights
- Revenue for the third quarter ended
March 31, 2016, was $1.3 million, while net loss from continuing
operations totaled $9.8 million.
- On a GAAP basis, net loss for the third
quarter ended March 31, 2016, was $9.8 million, or $1.04 per share,
compared with a net loss of $9.6 million, or $1.03 per share, in
the third quarter of the preceding year.
Third Quarter Fiscal 2016 Litigation Updates
- Defendants in the UK cases were ordered
to pay Unwired Planet $1.7 million in partial legal fee
reimbursements by May 4, 2016 as a result of Unwired Planet
prevailing in the second litigation in the UK as announced on March
22, 2016.
- The UK Court granted the parties’
request for a postponement of the next two technical trials,
reducing litigation expenses on a go-forward basis.
- The UK Court denied defendants’
application for change of venue in the upcoming competition/FRAND
trial, ruling in favor of Unwired Planet and Ericsson. The judgment
states that no transfer action shall be made.
“Unwired Planet is in the midst of a transition as discussed on
our most recent call on April 6, 2016, and we continue to work
toward closing the transaction with Optis UP Holdings, while
continuing to prepare for the UK FRAND trial this fall,” said Boris
Teksler, president and chief executive officer. “Please refer to
our Form 10-Q for commentary and analysis on this quarter’s results
of operations and financial statements.”
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 the
pending transaction with Optis UP Holdings 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, except as may be
required by law. 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
March 31, June 30, 2016
2015
ASSETS
Current assets: Cash and cash equivalents $ 55,856 $ 73,755
Short-term investments — 11,713 Restricted cash 4 27 Prepaid and
other current assets 2,561 632 Total
current assets 58,421 86,127 Property and equipment, net 93 110
Initial direct license costs, net 1,341 1,595 Debt issuance costs
and other assets, net 971 1,052 Total
assets $ 60,826 $ 88,884
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities: Accounts payable $ 5,011 $ 678 Fee share
obligation — 500 Deferred revenue 5,005 5,005 Accrued liabilities
921 970 Accrued legal expense 2,760 3,152 Accrued compensation
485 433 Total current liabilities
14,182 10,738 Long-term note payable, related party 33,410 29,874
Deferred revenue, net of current portion 20,808 24,562 Other
long-term liabilities 20 206 Total
liabilities 68,420 65,380 Commitments
and Contingencies Stockholders' equity (deficit) Preferred stock,
$0.001 par value; 5,000 shares authorized and zero outstanding — —
Common stock, $0.001 par value; 350,000
shares authorized and 9,444 and 9,373 issued; and 9,440 and 9,362
outstanding at March 31, 2016 and June 30, 2015, respectively
9 9
Treasury stock, 4 and 11 shares at March
31, 2016 and June 30, 2015, respectively
(43 )
(93
)
Additional paid-in-capital 3,246,634 3,245,049 Accumulated other
comprehensive income 182 234 Accumulated deficit (3,254,376
)
(3,221,695
)
Total stockholders' equity (deficit) (7,594 ) 23,504
Total liabilities and stockholders' equity (deficit) $
60,826 $ 88,884
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Unaudited
Three Months Ended Nine Months
Ended March 31, March 31, 2016
2015 2016 2015 Net revenue $ 1,251
$ 1,251 $ 3,754 $ 3,754 Operating costs
and expenses: Patent licensing expenses 6,509 7,895 24,154 24,620
General and administrative 3,369 2,115 8,796 9,321 Restructuring
and other related costs — — —
2 Total operating costs and expenses
9,878 10,010 32,950
33,943 Operating loss from continuing operations (8,627 )
(8,759 ) (29,196 ) (30,189 ) Interest income - 16 6 61 Interest
expense (1,220 ) (1,104 ) (3,677 ) (3,181 ) Other income 73
283 64 598 Loss
from continuing operations (9,774 ) (9,564 )
(32,803 ) (32,711 ) Income tax benefit (expense) (12
) — 122 — Loss
from continuing operations after income taxes (9,786 ) (9,564 )
(32,681 ) (32,711 ) Discontinued operations: Loss from discontinued
operations, net of tax — (83 ) —
(15 ) Net loss $ (9,786 ) $ (9,647 ) $ (32,681 ) $ (32,726 )
Basic and diluted net loss per share from: Continuing
operations $ (1.04 ) $ (1.03 ) $ (3.48 ) $ (3.51 ) Discontinued
operations — — — —
Net loss per share $ (1.04 ) $ (1.03 ) $ (3.48 ) $ (3.51 )
Weighted average shares outstanding basic and diluted 9,432
9,342 9,402 9,326
UNWIRED PLANET, INC. CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
Unaudited
Three Months Ended Nine Months
Ended March 31, March 31, 2016
2015 2016 2015 Net loss $ (9,786 ) $
(9,647 ) $ (32,681 ) $ (32,726 ) Other comprehensive income
Change in unrealized loss on marketable securities — (3 ) — (19 )
Foreign currency translation adjustment 34 —
(52 ) — Other comprehensive income
(loss) 34 (3 ) (52 ) (19 )
Comprehensive loss $ (9,752 ) $ (9,650 ) $ (32,733 ) $ (32,745 )
UNWIRED PLANET, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
Unaudited
Nine Months Ended March 31, 2016
2015 Cash flows from operating activities: Net loss $
(32,681 ) $ (32,726 )
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 52 80 Stock-based compensation 1,743
1,543 Non-cash restructuring charges — 2 Amortization of premiums
on investments, net 3 70 Realized gain on foreign currency (87 ) —
Gain on change in fair value of consultant incentive award
obligation — (316 ) In-kind interest on notes payable 3,214 2,832
Amortization debt discount and issuance costs 464 349 Changes in
operating assets and liabilities: Initial licensing costs 254 395
Prepaid assets, deposits, and other assets (1,965 ) (23 ) Accounts
payable 4,333 1,486 Fee share obligation (500 ) (20,032 ) Accrued
liabilities and other (226 ) (63 ) Accrued legal expense (392 ) -
Accrued compensation 52 - Deferred revenues (3,754 ) (3,753 )
Accrued restructuring costs — (256 ) Restricted cash 23
586 Net cash used in operating activities
(29,467 ) (49,826 ) Cash flows from investing
activities: Purchases of property and equipment (35 ) (30 )
Proceeds from sales and maturities of investments 11,710
30,000 Net cash provided by investing
activities 11,675 29,970 Cash flows
from financing activities: Proceeds from exercise of stock options
— 92 Purchase of treasury stock (107 ) (178 ) Net
cash used in financing activities (107 ) (86 ) Net
decrease in cash and cash equivalents (17,899 ) (19,942 ) Cash and
cash equivalents at beginning of period 73,755
93,877 Cash and cash equivalents at end of period $ 55,856
$ 73,935 Non-cash investing and financing activity
Retirement of treasury stock $ 156 $ 1,002 Unpaid debt and equity
issuance costs — 31 Total non-cash
investing and financing activities $ 156 $ 1,033
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version on businesswire.com: http://www.businesswire.com/news/home/20160503007085/en/
The Blueshirt GroupLauren Sloane,
415-217-2632Lauren@blueshirtgroup.com
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