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Home > News Room > Press Releases > 2006 > 12/22/2006
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  OPENWAVE FILES FORM 10-Q FOR SEPTEMBER QUARTER
  

  SEC Filings Current; Releases Q1 Financials
 
REDWOOD CITY, Calif. - December 22, 2006 -- Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of independent software products and services for the communications industry, today filed its Form 10-Q for the fiscal quarter ended September 30, 2006 with the Securities and Exchange Commission (SEC). As previously announced, the Company had delayed filing its Form 10-K for the fiscal year ended June 30, 2006 and Form 10-Q for the fiscal quarter ended September 30, 2006 due to the Special Committee's independent stock option review. On December 1, 2006, the Company filed its 10-K, and today's filing of the 10-Q brings the company current with its SEC filings.

After the company notifies the Nasdaq Hearings Panel of the 10-Q filing, it anticipates receiving notification of compliance with the NASDAQ listing requirements. The company will also deliver the 10-Q to the convertible bond trustee, which will cure the remaining deficiency and thus become fully compliant again with the bond covenants.

"We are pleased that the Special Committee has completed their independent and extensive stock option review and that we have filed our 10-K and 10-Q promptly after the review," said David Peterschmidt, president and CEO of Openwave. "With these issues behind us, the management team remains focused on executing on our three pronged strategy of: improving sales productivity, continuing to sell our existing products and enhancements to our global customer base, and developing and commercializing new products."

Download the financial tables for the fiscal quarter ended September 30, 2006 here.

About Openwave
Openwave Systems Inc. (Nasdaq: OPWV) is one of the world's leading innovators of software applications and infrastructure designed to enable revenue-generating, personalized services, including mobile analytics, content adaptation, mobile and broadband advertising, and a suite of unified messaging solutions.

As the communications industry intersects with the Internet, Openwave software enables service providers to converge services, increasing the value of their networks by accelerating time to market and reducing the cost and complexity associated with new service deployment. Openwave's unique product portfolio provides a complete range of mobile internet service management, messaging, and location based solutions. Openwave is a global company with a blue chip customer base spanning North America, Latin America, Australia and New Zealand, Asia, Africa, Europe, and the Middle East. Openwave is headquartered in Redwood City, California. For more information please visit www.openwave.com.

Non-GAAP Measure
 
The company's stated results include a non-GAAP measure, non-GAAP net income, which excludes amortization of intangibles, stock-based compensation, gain on sale of technology, impairment charges, acquisition-related costs and restructuring and related costs from GAAP net income (loss). Management believes the presentation of this non-GAAP information may be useful to investors because the Company has historically provided this or similar information and understands that some investors find it helpful in analyzing the Company's expenses and comparing them to the expenses of the Company's competitors or others. Management uses this non-GAAP information, along with GAAP information, in evaluating the Company's historical and projected operating results, primarily with a view to assessing ongoing expenses exclusive of specific, non-recurring transactions, as may be the case with our gain on sale of technology, restructuring and acquisition-related costs. Management uses the operating results exclusive of our equity-based compensation expense to compare our performance with the Company's competitors or others.

This non-GAAP information is not prepared in accordance with generally accepted accounting principles and may differ from the non-GAAP information used by other companies. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP information. In this regard, while some transactions causing the non-GAAP expenses are non-recurring, the Company in the future may effect new transactions, such as acquisitions or restructurings that will trigger similar expenses. For these reasons, our non-GAAP information may not be as useful to investors as the GAAP information also provided.

Cautionary Note Regarding Forward Looking Statements
 
This release contains forward-looking statements 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. 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 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; (b) the ability to improve sales productivity; (c) the ability to continue to sell our existing products and enhancements; (d) the ability to develop and commercialize new products; (e) 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; (f) the ability and timing of the Company to regain compliance with NASDAQ Marketplace Rule 4310(c)(14) and the periodic reporting requirements of the Exchange Act; (g) the continued listing of the Company's stock on the Nasdaq Global Select Market; (h) the ability and timing of the Company to cure deficiencies under its convertible notes; (i) increased global competition and pricing pressure on our products; (j) technological changes and developments; and (k) general risks of the Internet and wireless and wireline telecommunications sectors.

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, 2006, 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.

 
Openwave and the Openwave logo are trademarks of Openwave Systems Inc. or its subsidiaries. All other trademarks are the properties of their respective owners.

For further information:
 
Contact Openwave Worldwide Public Relations

INVESTOR CONTACTS
Mike Bishop
Investor Relations
Openwave Systems Inc.
(650) 480 4461
investor@openwave.com 		 



 
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