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  OPENWAVE ANNOUNCES PRELIMINARY FOURTH QUARTER FISCAL 2002 RESULTS
  

  Redwood City, Calif. - July 2, 2002 -- Openwave Systems Inc. (Nasdaq: OPWV), the worldwide leader of open, IP-based communications infrastructure software and applications, today announced that, for the fiscal fourth quarter ended June 30, 2002, revenues are expected to be approximately $64 million to $71 million, with gross profit margin of 70 to 75 percent, and pro forma loss of approximately $0.17 to $0.22 per share, excluding investment, goodwill and other merger and acquisition-related charges, stock-based compensation expenses, and restructuring charges.

Net cash used in continuing operations during the fiscal fourth quarter is expected to be between $0.0 and $5.0 million and as of June 30, 2002, the Company had cash, cash equivalents, short-term and long-term investments of approximately $285 million.

The results announced today are preliminary and subject to change.

The Company will hold a conference call to discuss these preliminary results today at 2:00 p.m. (Pacific). 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) 423-3281 (U.S. domestic) or (612) 332-0107 (international). A replay will be available 48 hours following the conference call through the Company’s web site or by telephone at (800) 475-6701 (U.S. domestic) or (320) 365-3844 (international), pass code 644381.

Openwave’s actual Generally Accepted Accounting Principal-based and pro forma fiscal fourth quarter 2002 financial results will be announced on Tuesday, July 23, 2002 at approximately 1:05 p.m. (Pacific). Management intends to review the actual results of the quarter and to present its outlook for the first quarter of fiscal 2003 at that time.


About Openwave
 
Openwave Systems Inc. (Nasdaq: OPWV) is the worldwide leader of open IP-based communication infrastructure software and applications. 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. 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 including the Middle East, and the Asia Pacific region; (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 success of the GSM Association's Mobile Service Initiative; (d) 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 the Company's software; (e) the ability to manage the Company's growth; (f) the ability to continue to obtain qualified, experienced employees; (g) the ability to successfully partner with other companies; (h) the ability to acquire additional companies and technologies and integrate such acquisitions; (i) competition and technological changes and developments; (j) general risks of the Internet and wireless and wireline telecommunications sectors; and (k) 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 further.

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, 2001 and the Company’s quarterly reports on form 10-Q for the quarters ended September 30, 2001, December 31, 2001 and March 31, 2002. All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov and from Openwave's Web site at www.openwave.com. The Company assumes no obligation to update the forward-looking statements included in this document.


 
Openwave, the Openwave logo and Services OS 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.
Alan Black
Chief Financial Officer
+1 650 480 4888
alan.black@openwave.com

Openwave Systems Inc.
Mike Musson
Investor Relations
+1 805 884 5352
mike.musson@openwave.com

  



 
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