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Unwired Planet, Inc. Announces Second Quarter Fiscal Year 2016 Financial Results
[February 05, 2016]

Unwired Planet, Inc. Announces Second Quarter Fiscal Year 2016 Financial Results


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 (News - Alert)"), 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

 
December 31, June 30,
2015 2015

ASSETS

Current assets:
Cash and cash equivalents $ 68,110 $ 73,755
Short-term investments - 11,713
Restricted cash 30 27
Prepaid and other current assets   2,556   632
Total current assets 70,696 86,127
Property and equipment, net 105 110
Initial direct license costs, net 1,426 1,595
Debt issuance costs and other assets, net   919   1,052
Total assets $ 73,146 $ 88,884

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable $ 1,598 $ 678
Fee share obligation - 500
Deferred revenue 5,005 5,005
Accrued liabilities 967 970
Accrued legal expense 9,209 3,152
Accrued compensation   444   433
Total current liabilities 17,223 10,738
Long-term note payable, related party 32,225 29,874
Deferred revenue, net of current portion 22,059 24,562
Other long-term liabilities   24   206
Total liabilities   71,531   65,380
Commitments and Contingencies (See Note 6)
Stockholders' equity
Preferred stock, $0.001 par value; 5,000 shares authorized and zero outstanding - -

Common stock, $0.001 par value; 350,000 shares authorized and 9,450 and 9,373 issued; and 9,428 and 9,362 outstanding at December 31, 2015 and June 30, 2015, respectively

9 9

Treasury stock, 21 and 11 shares at December 31, 2015 and June 30, 2015, respectively

(191 ) (93 )
Additional paid-in-capital 3,246,236 3,245,049
Accumulated other comprehensive income 148 234
Accumulated deficit   (3,244,587 )   (3,221,695 )
Total stockholders' equity   1,615   23,504
Total liabilities and stockholders' equity $ 73,146 $ 88,884
 

         
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

Unaudited

 
Three Months Ended Six Months Ended
December 31, December 31,
2015   2014 2015   2014
Net revenue $ 1,252 $ 1,252 $ 2,503 $ 2,503
Operating costs and expenses:
Patent licensing expenses 9,967 9,143 17,645 16,725
General and administrative 2,820 2,132 5,427 7,204
Restructuring and other related costs   -   -   -   2
Total operating costs and expenses   12,787   11,275   23,072   23,931
Operating loss from continuing operations (11,535 ) (10,023 ) (20,569 ) (21,428 )
Interest income 2 22 6 46
Interest expense (1,255 ) (1,060 ) (2,457 ) (2,077 )
Other income (expense), net   (49 )   23   (9 )   312
Loss from continuing operations   (12,837 )   (11,038 )   (23,029 )   (23,147 )
Income tax   161   -   134   -
Loss from continuing operations after income taxes (12,676 ) (11,038 ) (22,895 ) (23,147 )
Discontinued operations:
Income from discontinued operations, net of tax   -   80   -   68
Net loss $ (12,676 ) $ (10,958 ) $ (22,895 ) $ (23,079 )
Basic and diluted net loss per share from:
Continuing operations $ (1.35 ) $ (1.18 ) $ (2.44 ) $ (2.48 )
Discontinued operations   -   -   -   -
Net loss per share $ (1.35 ) $ (1.18 ) $ (2.44 ) $ (2.48 )
Weighted average shares outstanding basic and diluted 9,408 9,325 9,387 9,318
 
       
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(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 )
 
 
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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