0001193125-13-425465.txt : 20131104 0001193125-13-425465.hdr.sgml : 20131104 20131104172506 ACCESSION NUMBER: 0001193125-13-425465 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131104 DATE AS OF CHANGE: 20131104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNWIRED PLANET, INC. CENTRAL INDEX KEY: 0001082506 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943219054 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16073 FILM NUMBER: 131190146 BUSINESS ADDRESS: STREET 1: 170 SOUTH VIRGINIA STREET, SUITE 201 CITY: RENO STATE: NV ZIP: 89501 BUSINESS PHONE: 775-980-2345 MAIL ADDRESS: STREET 1: 170 SOUTH VIRGINIA STREET, SUITE 201 CITY: RENO STATE: NV ZIP: 89501 FORMER COMPANY: FORMER CONFORMED NAME: OPENWAVE SYSTEMS INC DATE OF NAME CHANGE: 20001121 FORMER COMPANY: FORMER CONFORMED NAME: PHONE COM INC DATE OF NAME CHANGE: 19990504 FORMER COMPANY: FORMER CONFORMED NAME: UNWIRED PLANET INC DATE OF NAME CHANGE: 19990324 8-K 1 d622569d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 31, 2013

 

 

Unwired Planet, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-16073   94-3219054

(State or other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

170 South Virginia Street, Suite 201

Reno, Nevada 89501

(Address of Principal Executive Offices) (Zip Code)

(775) 980-2345

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On October 31, 2013, Unwired Planet, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2013. A copy of the press release is furnished as Exhibit 99.1 to this report.

 

Item 7.01. Regulation FD Disclosure.

On October 31, 2013, the Company published a post on its website blog with an update on the Company’s operations. The blog posting is available at www.unwiredplanet.com/unwired-planet-blog/.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

99.1    Press Release issued by Unwired Planet, Inc. on October 31, 2013.

The information in Items 2.02 and 7.01 of the report, including Exhibit 99.1 attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. The information contained in Items 2.02 and 7.01 and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Unwired Planet, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Unwired Planet, Inc.
Dated: November 4, 2013     By:  

/s/ Eric Vetter

    Name:   Eric Vetter
    Title:   President and Principal Executive Officer
EX-99.1 2 d622569dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

UNWIRED PLANET, INC. ANNOUNCES FIRST QUARTER FISCAL

2014 FINANCIAL RESULTS

RENO, NV – Oct. 31, 2013 – Unwired Planet, Inc. (UPIP) today announced financial results for the first quarter of fiscal year 2014.

“We continue to aggressively pursue licensing opportunities while managing our operating costs,” said Eric Vetter, president and chief administrative officer of Unwired Planet. “We have created an optimized partnership with some of the leading intellectual property law firms to cost efficiently drive our patent protection initiatives.”

On a GAAP basis, net loss for first fiscal quarter ended September 30, 2013 was $7.2 million, or $0.07 per share, compared with a net loss of $8.7 million, or $0.09 per share, in the prior quarter, and with a net loss of $15.1 million, or $0.17 per share, in the September quarter of the preceding year.

On a non-GAAP basis, net loss for the first fiscal quarter ended September 30, 2013 was $6.6 million, or $0.06 per share, compared with a net loss of $6.5 million, or $0.07 per share, in the prior quarter, and with a net loss of $8.1 million, or $0.09 per share, in the September quarter of the preceding year. Non-GAAP net loss excludes restructuring, stock-based compensation, strategic and post-strategic costs, discontinued operations, and the tax impact of these items.

A reconciliation between net loss and net 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.

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 2014. Interested


Unwired Planet Announces Financial Results

 

parties may access the conference call over the Internet through the company’s website at www.unwiredplanet.com or by telephone at 877-941-4774 or 480-629-9760 (international). A replay of the conference call will be available until November 28, 2013, beginning at 5:00 p.m. PT on October 31, 2013 by calling 800-406-7325. The replay can be accessed internationally by calling 303-590-3030, access code: 4644552#.

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 2,450 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 technology, maps and location based services, mobile application stores, social networking, mobile gaming, and mobile search. Unwired Planet is headquartered in Reno, Nevada.

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 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


Unwired Planet Announces Financial Results

 

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, 2013. 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 Announces Financial Results

 

UNWIRED PLANET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED

(In thousands)

 

     September 30,     June 30,  
     2013     2013  
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 9,625      $ 47,613   

Short-term investments

     39,532        10,793   

Restricted cash and investments

     —          17,251   

Accounts receivable

     —          88   

Prepaid and other current assets

     490        420   
  

 

 

   

 

 

 

Total current assets

     49,647        76,165   

Property and equipment, net of accumulated depreciation of

     240        212   

Long-term investments

     31,814        —     

Deposits and other assets

     1,854        1,861   
  

 

 

   

 

 

 

Total assets

   $ 83,555      $ 78,238   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

    

Accounts payable

   $ 3,354      $ 2,317   

Accrued liabilities

     2,130        2,817   

Accrued legal expense

     2,802        3,686   

Accrued compensation

     860        1,057   

Accrued restructuring costs

     544        594   
  

 

 

   

 

 

 

Total current liabilities

     9,690        10,471   

Accrued restructuring costs, net of current portion

     138        259   

Long-term note payable

     22,952        22,096   

Other long-term liabilities

     1,478        1,485   
  

 

 

   

 

 

 

Total liabilities

     34,258        34,311   
  

 

 

   

 

 

 

Stockholders’ equity:

    

Common stock

     108        100   

Treasury stock

     (645     (575

Additional paid-in capital

     3,237,397        3,224,769   

Accumulated other comprehensive income (loss)

     (8     2   

Accumulated deficit

     (3,187,555     (3,180,369
  

 

 

   

 

 

 

Total stockholders’ equity

     49,297        43,927   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 83,555      $ 78,238   
  

 

 

   

 

 

 


Unwired Planet Announces Financial Results

 

UNWIRED PLANET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED

(In thousands, except per share data)

 

     Three Months Ended  
     September 30,     June 30,     September 30,  
     2013     2013     2012  

Revenue:

      

License Fees

   $ —        $ 106      $ 3   

Fee Share

     —          (21     —     
  

 

 

   

 

 

   

 

 

 

Net revenue

     —          85        3   
  

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

      

Sales and marketing expense

     —          27        78   

Patent licensing expenses

     4,803        4,705        5,559   

General and administrative

     1,784        4,960        3,791   

Restructuring and other related costs

     —          (77     457   
  

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     6,587        9,615        9,885   
  

 

 

   

 

 

   

 

 

 

Operating loss

     (6,587     (9,530     (9,882

Interest income

     43        16        78   

Interest expense

     (883     (31     (3

Other income (expense), net

     354        823        (25
  

 

 

   

 

 

   

 

 

 

Net loss from continuing operations

     (7,073     (8,722     (9,832
  

 

 

   

 

 

   

 

 

 

Income tax

     —          42        —     
  

 

 

   

 

 

   

 

 

 

Net loss from continuing operations

     (7,073     (8,764     (9,832
  

 

 

   

 

 

   

 

 

 

Discontinued operations:

      

Loss on sale of discontinued operations

     —          —          (750

Discontinued operations, net of tax

     (113     55        (4,528
  

 

 

   

 

 

   

 

 

 

Loss from discontinued operations

     (113     55        (5,278
  

 

 

   

 

 

   

 

 

 

Net loss

   $ (7,186   $ (8,709   $ (15,110
  

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share from:

      

Continuing operations

   $ (0.07   $ (0.09   $ (0.11

Discontinued operations

   $ —        $ —        $ (0.06
  

 

 

   

 

 

   

 

 

 

Net loss per share

   $ (0.07   $ (0.09   $ (0.17
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding—basic and diluted

     102,144        92,078        89,971   

Stock-based compensation by category:

      

Sales and marketing

   $ —        $ —        $ 1   

Patent initiative

     285        261        —     

General and administrative

     160        1,742        435   

Discontinued operations

     —          —          73   
  

 

 

   

 

 

   

 

 

 
   $ 445      $ 2,003      $ 509   
  

 

 

   

 

 

   

 

 

 


Unwired Planet Announces Financial Results

 

UNWIRED PLANET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED

(in thousands)

 

     Three Months Ended  
     September 30,     June 30,     September 30,  
     2013     2013     2012  

Cash flows from operating activities:

      

Net loss

   $ (7,186   $ (8,709   $ (15,110

Loss on sale of discontinued operations

     —          —          750   

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

      

Depreciation

     23        20        144   

Stock-based compensation

     445        2,003        509   

Non-cash restructuring charges

     6        12        100   

Amortization of premiums/discounts on investments, net

     16        69        300   

Gain on change in fair value of consultant incentive award obligation

     (409     —          —     

Realized loss on sale of investments

     115        —          —     

In-kind interest payments on note payable

     796        27        —     

Amortization of debt discount and issuance costs

     87        2        —     

Changes in operating assets and liabilities:

      

Accounts receivable

     88        (88     —     

Prepaid assets, deposits, and other assets

     (90     1,165        1,193   

Accounts payable

     (52     (388     2,536   

Accrued liabilities

     (412     (275     (1,559

Accrued restructuring costs

     (176     (2,360     (3,697

Restricted cash

     17,251        898        —     
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     10,502        (7,624     (14,834
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

      

Purchases of property and equipment

     (50     (232     —     

Payments to vendors related to the sale of discontinued operations

     —          —          (1,893

Purchases of short-term investments

     (29,854     —          (4,361

Proceeds from sales and maturities of investments

     7,643        10,776        12,195   

Purchases of long-term investments

     (38,482     —          (948
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     (60,743     10,544        4,993   
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Net proceeds from note payable

     —          22,066        —     

Net proceeds from registered direct issuance of common stock

     —          14,785        —     

Proceeds from rights offering issuance of common stock

     12,500        —          —     

Proceeds from issuance of common stock

     107        175        1,271   

Registered direct offering costs

     (284     —          —     

Purchase of treasury stock

     (70     (575     —     
  

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

     12,253        36,451        1,271   
  

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     (37,988     39,371        (8,570

Cash and cash equivalents at beginning of period

     47,613        8,242        39,709   
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 9,625      $ 47,613      $ 31,139   
  

 

 

   

 

 

   

 

 

 


Unwired Planet Announces Financial Results

 

Non-GAAP Measure

The Company’s stated results include the non-GAAP measures: non-GAAP net loss and non-GAAP net 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 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.


Unwired Planet Announces Financial Results

 

UNWIRED PLANET, INC.

RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS-UNAUDITED

(In thousands, except per share data)

 

     Three Months Ended  
     September 30,     June 30,     September 30,  
     2013     2013     2012  

Reconciliation between GAAP and Non-GAAP net loss:

      

Net loss

   $ (7,186   $ (8,709   $ (15,110

Exclude:

      

Restructuring costs

     —          (77     457   

Stock-based compensation

     445        2,003        436   

Strategic costs

     —          —          886   

Post strategic costs

     —          377        —     

Discontinued operations, net of tax

     113        (55     5,278   
  

 

 

   

 

 

   

 

 

 

Non-GAAP net loss

   $ (6,628   $ (6,461   $ (8,053
  

 

 

   

 

 

   

 

 

 

GAAP net loss per share

   $ (0.07   $ (0.09   $ (0.17

Exclude:

      

Restructuring costs

   $ —        $ —        $ 0.01   

Stock-based compensation

   $ —        $ 0.02      $ —     

Strategic costs

   $ —        $ —        $ 0.01   

Post strategic costs

   $ —        $ —        $ —     

Discontinued operations, net of tax

   $ —        $ —        $ 0.06   
  

 

 

   

 

 

   

 

 

 

Non-GAAP net loss per share

   $ (0.06   $ (0.07   $ (0.09
  

 

 

   

 

 

   

 

 

 

Shares used in computing net loss per share:

      

GAAP

     102,144        92,078        89,971   

Non-GAAP

     102,144        92,078        89,971   


Unwired Planet Announces Financial Results

 

For More Information:

Mike Bishop

The Blueshirt Group

mike@blueshirtgroup.com

Tel: 415-217-4968

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