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Home > News Room > Press Releases > 2004 > 04/28/2004
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  OPENWAVE REPORTS THIRD QUARTER FISCAL 2004 RESULTS
  

  REDWOOD CITY, Calif. - April 28, 2004 -- Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of open software products and services for the communications industry, today announced that revenues for its third fiscal quarter ended March 31, 2004 were $74.2 million, an increase from $71.8 million during the preceding quarter ended December 31, 2003 and an increase of 16.9% from $63.5 million during the March quarter in the preceding year.

"Openwave delivered a strong quarter as the second wave of mobile data has moved mainstream worldwide," said Don Listwin, president and CEO of Openwave. "Business momentum continues to build as we drive to profitability."

Net loss for the third fiscal quarter ended March 31, 2004 was $5.7 million, or $0.09 per basic and diluted share, compared to a net loss of $9.4 million, or $0.15 per basic and diluted share, for the preceding quarter and a net loss of $23.2 million, or $0.39 per basic and diluted share, for the March quarter in the preceding year.

At March 31, 2004, the Company had cash, cash equivalents, short-term and long-term investments totaling $345.9 million, of which $27.6 million is set aside as restricted cash. Net cash used for operating activities during the three months ended March 31, 2004 was $15.5 million, which included $4.4 million of cash used for restructuring costs.

Fourth Quarter Fiscal 2004 Business Outlook
Management's current outlook for the quarter ending June 30, 2004 is that revenues will be within a range of $74 million plus or minus $5 million, gross profit will be between 71 and 74 percent of revenues, and net earnings / (loss) per basic and diluted share will be between $0.01 and ($0.14) per share. Management expects to have cash, cash equivalents, short-term and long-term investments, inclusive of restricted cash, of $334 to $344 million as of June 30, 2004.

Conference Call Information
Openwave has scheduled a conference call for 5:00 p.m. Eastern today to discuss its financial results for its third fiscal quarter ended March 31, 2004. Interested parties may access the conference call over the Internet through the Company's web site at www.openwave.com or by telephone at 888-276-0007 or 612-332-0107 (international). A replay of the conference call will be available for 72 hours beginning at 8:30 p.m. Eastern on April 28 by calling 800-475-6701. The replay can be accessed internationally by calling 320-365-3844. Reservation number: 728192.

A live webcast of the call, together with supplemental financial information, will also be available on the Quarterly Earnings section of Openwave's web site at http://investor.openwave.com/medialist.cfm for at least 12 months.

About Openwave
 
Openwave Systems Inc. (Nasdaq: OPWV) is the leading independent provider of open software products and services for the communications industry. Openwave's breadth of products, including mobile phone software, multimedia messaging software (MMS), email, location and mobile gateways, along with its worldwide expertise enable its customers to deliver innovative and differentiated data services. Openwave is a global company headquartered in Redwood City, California. For more information please visit www.openwave.com.

Cautionary Note Regarding Forward Looking Statements
 
This release contains forward-looking statements (including without limitation those contained in the Business Outlook section and the quotation from management) relating to expectations, plans or prospects for Openwave Systems Inc. that are based upon the current expectations and beliefs of Openwave's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Notwithstanding changes that may occur with respect to matters relating to the Business Outlook and other forward looking statements, Openwave does not expect to, and disclaims any obligation to, update such statements until the release of its next quarterly earnings announcement. Openwave, however, reserves the right to update such statements or any portion thereof at any time for any reason.

In particular, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: (a) the ability to realize our strategic objectives by taking advantage of market opportunities in the Americas, Europe, the Middle East, and Asia; (b) the ability to make changes in business strategy, development plans and product offerings to respond to the needs of our current, new and potential customers, suppliers and strategic partners; (c) risks associated with the development and licensing of software generally, including potential delays in software development and technical difficulties that may be encountered in the development or use of our software; (d) the effects of our restructurings and the ability to successfully support our operations; (e) the ability to recruit and retain qualified, experienced employees; (f) the willingness of communication service providers to invest and improve their data networks; (g) the ability to successfully partner with other companies; (h) the ability to acquire additional companies and technologies and integrate such acquisitions; (i) increased global competition; (j) technological changes and developments; (k) general risks of the Internet and wireless and wireline telecommunications sectors; and (l) the uncertain economic and political climate in the United States and throughout the rest of the world and the potential that such climate may deteriorate.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2003, Quarterly Reports on Form 10-Q for the fiscal quarters ended September 30, 2003, and December 31, 2003, and any subsequently filed reports. All documents also are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Openwave's Web site at www.openwave.com.

Download the financials here. (.pdf)
 
Openwave and the Openwave logo are trademarks and or registered trademarks of Openwave Systems Inc. All other trademarks are the properties of their respective owners.

For further information:
 
Contact Openwave Worldwide Public Relations

INVESTOR CONTACTS
Mike Bishop
Senior Manager, Investor Relations
Openwave Systems Inc.
650-480-4461

Joshua Pace
Chief Accounting Officer
Openwave Systems Inc.
650-480-4999 		 



 
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