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CORRECTING and REPLACING Unwired Planet, Inc. Announces Third Quarter Fiscal 2014 Financial Results

  CORRECTING and REPLACING Unwired Planet, Inc. Announces Third Quarter Fiscal
  2014 Financial Results

CORRECTION...by Unwired Planet, Inc.

Business Wire

RENO, Nev. -- May 1, 2014

The webcast URLin the second paragraph of the "Conference Call Information"
section should be http://www.unwiredplanet.com/investors/ (instead of
http://www.unwiredplant.com/investors).

The corrected release reads:

  UNWIRED PLANET, INC. ANNOUNCES THIRD QUARTER FISCAL 2014 FINANCIAL RESULTS

Unwired Planet, Inc. (NASDAQ: UPIP) today announced financial results for the
third quarter of fiscal year 2014.

“The third quarter was a milestone for Unwired Planet as the company’s value
creation strategies resulted in the signing of a license and patent sale
agreement (which closed in April), and the initiation of two lawsuits filed
internationally,” said Eric Vetter, president and chief administrative officer
of Unwired Planet. “These initiatives, which are significant in scope and
magnitude, provide the framework for future transactions. From an operational
standpoint, the company is well capitalized, positioned to enforce our
portfolio rights and poised to maximize returns for shareholders.”

On a GAAP basis, net loss for third fiscal quarter ended March 31, 2014 was
$9.4 million, or $0.09 per share, compared with a net loss of $7.3 million, or
$0.07 per share, in the prior quarter, and with a net loss of $12.2 million,
or $0.13 per share, in the March quarter of the preceding year.

On a non-GAAP basis, net loss for the third fiscal quarter ended March 31,
2014, was $8.4 million, or $0.08 per share, compared with a net loss of $7.1
million, or $0.07 per share, in the prior quarter, and with a net loss of $5.8
million, or $0.06 per share, in the March quarter of the preceding year.
Non-GAAP net loss excludes restructuring, stock-based compensation, strategic
costs, discontinued operations, and the tax impact of these items.

A reconciliation between net loss and net loss per share from a GAAP basis to
a non-GAAP basis is provided below in a table immediately following the
Condensed Consolidated Statements of Cash Flows.

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 third quarter fiscal 2014.
Interested parties may access the conference call over the Internet through
the company's website at www.unwiredplanet.com or by telephone at 877-941-2068
or 480-629-9712 (international). A replay of the conference call will be
available until May 22, 2014, beginning at 5:00 p.m. PT on May 1, 2014 by
calling 800-406-7325. The replay can be accessed internationally by calling
303-590-3030, access code: 4677609#.

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 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 Reno, Nevada. 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 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"), 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, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Unaudited
                                                             
                                               March 31,        June 30,
                                               2014             2013
ASSETS
Current assets:
Cash and cash equivalents                      $ 10,892         $ 47,613
Short-term investments                           40,077           10,793
Restricted cash                                  263              17,251
Accounts receivable                              -                88
Prepaid and other current assets                536            420        
Total current assets                             51,768           76,165
Property and equipment, net of accumulated       203              212
depreciation
Long-term investments                            15,256           -
Debt issue costs and other assets               1,592          1,861      
Total assets                                   $ 68,819        $ 78,238     
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                               $ 1,020          $ 2,317
Accrued liabilities                              2,116            2,817
Accrued legal expense                            3,882            3,686
Accrued compensation                             657              1,057
Accrued restructuring costs                     377            594        
Total current liabilities                        8,052            10,471
Accrued restructuring costs, net of current      -                259
portion
Long-term note payable                           24,743           22,096
Other long-term liabilities                     650            1,485      
Total liabilities                               33,445         34,311     
Stockholders' equity
Preferred stock                                  -                -
Common stock                                     110              100
Treasury stock                                   (794       )     (575       )
Additional paid-in-capital                       3,240,316        3,224,769
Accumulated other comprehensive income           21               2
Accumulated deficit                             (3,204,279 )    (3,180,369 )
Total stockholders' equity                      35,374         43,927     
Total liabilities and stockholders' equity     $ 68,819        $ 78,238     
                                                                             

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,
                         2014          2013          2014          2013
Revenue:
License fees             $ -           $ 30          $ -           $ 36
Fee Share                 -           -           -           -       
Net revenue               -           30          -           36      
                                                                   
Operating costs and
expenses:
Sales and marketing        -             4             -             82
expense
Patent licensing           5,646         2,861         16,192        11,576
expenses
General and                2,278         8,350         5,421         16,491
administrative
Restructuring and         -           42          -           1,848   
other related costs
Total operating costs     7,924       11,257      21,613      29,997  
and expenses
Operating loss from        (7,924  )     (11,227 )     (21,613 )     (29,961 )
continuing operations
                                                                   
Interest income            25            38            95            173
Interest expense           (936    )     -             (2,718  )     (3      )
Other income              (538    )    (1,081  )    265         (1,124  )
(expense), net
Loss from continuing      (9,373  )    (12,270 )    (23,971 )    (30,915 )
operations
                                                                   
Discontinued
operations:
Gain (loss) on sale of
discontinued               -             600           -             (150    )
operations
Gain (loss) from
discontinued              (58     )    (514    )    61          (7,839  )
operations, net of tax
Gain (loss) from
discontinued               (58     )     86            61            (7,989  )
operations
                                                                
Net loss                 $ (9,431  )   $ (12,184 )   $ (23,910 )   $ (38,904 )
                                                                   
Basic and diluted net
loss per share from:
Continuing operations    $ (0.09   )   $ (0.13   )   $ (0.22   )   $ (0.34   )
Discontinued              -           -           -           (0.09   )
operations
Net loss                 $ (0.09   )   $ (0.13   )   $ (0.22   )   $ (0.43   )
                                                                   
Weighted average
shares outstanding
basic and diluted         109,738     91,018      106,968     90,426  
                                                                             

UNWIRED PLANET, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Unaudited
                                                                
                                                     Nine Months Ended
                                                     March 31,
                                                     2014          2013
Cash flows from operating activities:
Net loss                                             $ (23,910 )   $ (38,904 )
Adjustments to reconcile net loss to net cash used     4,610         8,401
in operating activities:
Changes in operating assets and liabilities:          14,928      (31,817 )
Net cash used in operating activities                 (4,372  )    (62,320 )
                                                                   
Cash flows from investing activities:
Purchases of property and equipment                    (62     )     (37     )
Payments to vendors related to the sale of             -             (1,893  )
discontinued operations
Proceeds from sale of discontinued operations          -             600
Purchases of short-term investments                    (29,854 )     (10,014 )
Proceeds from sales and maturities of investments      27,107        41,613
Purchases of long-term investments                    (41,979 )    (948    )
Net cash provided by (used in) investing              (44,788 )    29,321  
activities
                                                                   
Cash flows from financing activities:
Net proceeds from rights offering issuance of          12,500        -
common stock
Proceeds from exercise of stock options                1,630         1,526
Payment of debt and equity issuance costs              (1,472  )     -
Purchase of treasury stock                             (219    )     -
Employee stock purchase plan                          -           6       
Net cash provided by financing activities             12,439      1,532   
                                                                   
Net decrease in cash and cash equivalents              (36,721 )     (31,467 )
Cash and cash equivalents at beginning of period      47,613      39,709  
Cash and cash equivalents at end of period           $ 10,892     $ 8,242   
                                                                             

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 income (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, INC.
RECONCILIATION FROM GAAP LOSS TO NON-GAAP LOSS - UNAUDITED
(In thousands, except per share data)
                                                                   
                         Three Months Ended          Nine Months Ended
                         March 31,                   March 31,
                         2014          2013          2014          2013
Reconciliation from
GAAP loss to Non-GAAP
loss:
Net loss                 $ (9,431  )   $ (12,184 )   $ (23,910 )   $ (38,904 )
Exclude:
Restructuring costs        -             42            -             1,848
Stock-based                940           4,414         1,850         5,147
compensation
Strategic costs            -             897           -             2,877
Post strategic costs       -             1,073         -             1,073
Discontinued              58          (86     )    (61     )    7,989   
operations, net of tax
Non-GAAP net loss        $ (8,433  )   $ (5,844  )   $ (22,121 )   $ (19,970 )
                                                                   
GAAP net loss per        $ (0.09   )   $ (0.13   )   $ (0.22   )   $ (0.43   )
share
Exclude:
Restructuring costs        -                           -             0.02
Stock-based                0.01          0.06          0.02          0.06
compensation
Post strategic costs       -             0.01          -             0.03
Discontinued              -           -           -           0.09    
operations, net of tax
Non-GAAP net loss        $ (0.08   )   $ (0.06   )   $ (0.21   )   $ (0.22   )
                                                                   
Shares used in
computing net loss per
share
GAAP                       109,738       91,018        106,968       90,426
Non-GAAP                   109,738       91,018        106,968       90,426

Contact:

The Blueshirt Group
Mike Bishop, 415-217-4968
mike@blueshirtgroup.com
 
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