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Home > News Room > Press Releases > 2007 > 04/26/2007
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  OPENWAVE REPORTS FISCAL 2007 THIRD QUARTER RESULTS
  

  REDWOOD CITY, Calif. - April 26, 2007 -- Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of open software products and services for the communications industry, today announced financial results for its fiscal 2007 third quarter ended March 31, 2007. Revenues for the fiscal third quarter were $71.1 million, compared with $113.0 million in the same quarter in the preceding year and $83.9 million in the prior quarter ended December 31, 2006.

On a GAAP basis, net loss for the third fiscal quarter ended March 31, 2007 was $32.5 million, or $0.35 per share, compared to net income of $9.6 million, or $0.10 per share, for the March quarter in the preceding year and a net loss of $15.8 million, or $0.17 per share, in the prior quarter.

Net loss on a non-GAAP basis, which excludes amortization of intangibles, stock-based compensation, gain on sale of technology, impairment charges, acquisition-related costs, costs associated with the stock option review and proxy contest, retention bonuses related to exploring strategic alternatives and restructuring costs, for the third fiscal quarter ended March 31, 2007 was $18.5 million, or $0.20 per diluted share, compared with net income of $20.5 million, or $0.21 per fully diluted share, during the March quarter of the prior year and a net loss of $2.7 million, or $0.03 per diluted share, in the prior quarter. A reconciliation between net income (loss) on a GAAP basis and a non-GAAP basis is provided below in a table immediately following the Condensed Consolidated Statements of Operations.

"We're pleased to have Robert Vrij on board as the newly appointed chief executive officer," said Bernard Puckett, chairman of Openwave's Board of Directors. "We believe Openwave's strong customer relationships, combined with Robert's world class industry knowledge, will be critical in completing Openwave's product transition - successfully bringing new products to our global customer base."

Stock Repurchase Completed
The Company also announced that Merrill Lynch has completed the stock repurchase program and delivered a total of 11.8 million shares to the Company as of April 12, 2007 under its stock repurchase agreement. The Company has retired the repurchased shares.

Conference Call Information
Openwave has scheduled a conference call for 5:00 p.m. eastern time today to discuss its financial results for its fiscal third quarter ended March 31, 2007. Interested parties may access the conference call over the Internet through the Company's website at www.openwave.com or by telephone at (888) 208-1812 or (719) 457-2654 (international). A replay of the conference call will be available for one week beginning at approximately 8:30 p.m. eastern time today by calling 888-203-1112. The replay can be accessed internationally by calling 719-457-0820. Reservation number: 4185259.

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

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.

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. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Openwave does not expect to, and disclaims any obligation to, update such statements. 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 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) increased global competition and pricing pressure on our products; (g) technological changes and developments; and (h) 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 website at www.openwave.com.

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

For further information:
 
Contact Openwave Worldwide Public Relations

Openwave Systems Inc.
Mike Bishop
Investor Relations
Tel: 650-480-4461
investor@openwave.com

  



 
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