Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Great Elm Capital Group, Inc. | d58569d8k.htm |
| EX-99.2 - EX-99.2 - Great Elm Capital Group, Inc. | d58569dex992.htm |
Exhibit 99.1
UNWIRED PLANET, INC. ANNOUNCES FIRST
FISCAL YEAR 2016 FINANCIAL RESULTS
LOS ALTOS, CA. – Nov. 9, 2015 – 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
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 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 1943 and Section 27A of the Securities Act of 1933. These forward-looking statements are subject to many risks and
2
Unwired Planet Announces Financial Results
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.
3
Unwired Planet Announces Financial Results
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 | ||||
|
|
|
|
|
|||||
4
Unwired Planet Announces Financial Results
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Unaudited
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
|
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 | ||||||
|
|
|
|
|
|||||
5
Unwired Planet Announces Financial Results
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) | ||||
|
|
|
|
|
|||||
6
Unwired Planet Announces Financial Results
UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Unaudited
| As Adjusted
September 30, |
Three Months Ended
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 | ||||
|
|
|
|
|
|||||
7
Unwired Planet Announces Financial Results
For More Information:
Lauren Sloane
The Blueshirt Group
Lauren@blueshirtgroup.com
Tel: 415-217-2632
8