WORLDWIDE | INVESTORS | CAREERS | SUPPORT | CONTACT US
Openwave Systems, Inc.
News Room
 
Home > News Room > Press Releases > 2007 > 10/25/2007
  Print this Page Email this Page  
  OPENWAVE REPORTS FIRST QUARTER FISCAL 2008 RESULTS
  

  Demonstrates Significant EPS Improvement with Revenue of $63.0 Million
 
REDWOOD CITY, Calif. - October 25, 2007 -- Openwave Systems Inc. (Nasdaq: OPWV), one of the world's leading software innovators enabling revenue-generating personalized services which converge the mobile and broadband experience, today announced that revenues for the first fiscal quarter ended September 30, 2007 were $63.0 million, compared with $68.1 million in the prior quarter ended June 30, 2007 and $83.8 million in the September quarter in the preceding year. On a non-GAAP basis the company reported net loss per share of $0.04, compared to net loss per share of $0.13 in the prior quarter, and net income per share of $0.02 in the September quarter in the preceding year.

"Our results today demonstrate that because of continued progress in our financial controls and increased operational efficiency, we are seeing significant improvement to our bottom line," said Robert Vrij, president, CEO and interim Chairman of Openwave. "The company's loss per share on a non-GAAP basis has improved by 9 cents over last quarter and 16 cents from two quarters ago."

On a GAAP basis, net loss for the first fiscal quarter ended September 30, 2007 was $14.1 million, or $0.17 per share, compared to $123.8 million, or $1.50 per share in the prior quarter and $24.5 million, or $0.27 per share, for the September quarter in the preceding year. The Company also reported bookings of $46.2 million in the fiscal 2008 first quarter.

Net loss on a non-GAAP basis, which excludes discontinued operations, amortization of intangibles, stock-based compensation, gains on sales of non-operating assets, 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 first fiscal quarter ended September 30, 2007 was $3.4 million, or $0.04 per diluted share, compared with $10.5 million, or $0.13 per diluted share, in the prior quarter and a net income of $1.6 million, or $0.02 per diluted share, during the September quarter of the prior year. 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.

Non-GAAP Measure
The Company's stated results include a non-GAAP measure, non-GAAP net income (loss). Non-GAAP net income (loss) excludes certain items since they are related to unique non-recurring events, such as gains on sales of non-operating assets, impairment charges, costs associated with the stock option review and proxy contest, and retention bonuses related to when the Company explored strategic alternatives. Additionally, non-GAAP net income (loss) excludes other items since they are non-cash items that other companies exclude, in order to compare the Company with other companies, such as stock-based compensation, and other expenses which would not be helpful to evaluate the Company's on-going business, such as restructuring costs and discontinued operations. Lastly, non-GAAP net income (loss) excludes non-cash expenses that relate to non-routine events, such as the amortization of intangibles and acquisition-related costs. The company considers non-GAAP net income (loss) to be an important measure because it provides a useful measure of the operational performance of the company and is used by the Company's management for that purpose. In addition, investors often use a measure such as this to evaluate the financial performance of a company. Non-GAAP net income (loss) results are presented for supplemental informational purposes only for understanding Openwave'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.

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 September 30, 2007. Interested parties may access the conference call over the Internet through the Company's website at www.openwave.com or by telephone at (866) 564-7439 or (719) 785-9449 (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: 4304715.

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 merchandising and advertising, which converge the mobile and broadband experience across all of a user's devices.

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 service management, messaging, location and client technologies. 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 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 continue to improve financial controls, increase operational efficiency, or control expenses; (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) the ability to improve sales productivity; (d) the ability to continue to sell our existing products and enhancements; (e) the ability to develop and commercialize new products; (f) 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; and (g) increased global competition and pricing pressure on our products.

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, 2007, 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 is a trademark 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

  



 
Search Press Releases

Search
 
 
 
 
Openwave Investors
Stock information, email alerts, SEC documents and investor news.  
About Our Customers
Openwave customers serve over half of all mobile subscribers 
Openwave Executives
Openwave's team of visionary executives and board members 
Company Overview
Openwave's history and mission  
Industry Events
Learn about Openwave's presence at industry events. 
 
 
TERMS AND CONDITIONS | PRIVACY POLICY | SITE MAPCopyright © 2000-2008 Openwave Systems Inc.