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Home > News Room > Press Releases > 2005 > 10/26/2005
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  OPENWAVE REPORTS 24% YEAR OVER YEAR QUARTERLY REVENUE GROWTH
  

  Quarter's Performance Positions Company to Meet or Exceed High End of Calendar 2005 Financial Targets
 
REDWOOD CITY, Calif. - October 26, 2005 -- Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of open software products and services for the communications industry, today announced that revenues for its first fiscal quarter ended September 30, 2005 were $103.3 million, an increase of $19.7 million, or 24%, from $83.6 million during the September quarter in the preceding year, and an increase of $3.0 million, or 3%, from $100.3 million for the prior quarter ended June 30, 2005.

"I am pleased with our performance for the quarter and the fact that we are well-positioned to meet or exceed annual financial targets we set when I joined the company 12 months ago," said David Peterschmidt, president and CEO of Openwave. "The wireless data markets are active and we are continuing to see good momentum as we grow our core business and introduce new software solutions to the market."

On a GAAP basis, net loss for the first fiscal quarter ended September 30, 2005 was $7.7 million, or $0.11 per share, compared to a net income of $1.0 million, or $0.01 per share, for the September quarter in the preceding year and a net loss of $62.3 million, or $0.91 per share in the prior quarter.

Net income on a non-GAAP basis, which excludes amortization of intangibles, stock-based compensation, gain on sale of technology, and restructuring and related costs, for the first fiscal quarter ended September 30, 2005 was $8.8 million, or $0.12 per diluted share compared with $4.1 million, or $0.06 per diluted share, during the September quarter of the prior year and $7.2 million, or $0.10 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.

At September 30, 2005, the Company had cash, cash equivalents, short-term and long-term investments totaling $299.0 million, of which $22.2 million is set aside as restricted cash.

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 first quarter ended September 30, 2005. Interested parties may access the conference call over the Internet through the Company's web site at www.openwave.com or by telephone at (800) 818-5264 or (913) 981-4910 (international). A replay of the conference call will be available for one week beginning at 8:30 p.m. eastern time on October 26 by calling 888-203-1112. The replay can be accessed internationally by calling 719-457-0820. Reservation number: 7815254.

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/medialist.cfm for at least 12 months.

Non-GAAP Measure
The company's stated results include a non-GAAP measure, non-GAAP net income (loss), which excludes amortization of intangibles, stock-based compensation, gain on sale of technology, and restructuring and related costs. The company considers this 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.

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 and the scheduled conference call may contain 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 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, technical difficulties that may be encountered in the development or use of our software, and potential infringement claims by third parties; (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 possibility that our previously announced proposed acquisition of Musiwave will not close or that the closing may be delayed; (i) the ability to successfully manage and integrate Musiwave's operations and employees and to acquire additional companies and technologies and successfully integrate such acquisitions; (j) increased global competition and pricing pressure on our products; (k) technological changes and developments; (l) general risks of the Internet and wireless and wireline telecommunications sectors; and (m) 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 Quarterly Report on Form 10-K for the fiscal year ended June 30, 2005, 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
Sr. Investor Relations Manager
Openwave Systems Inc.
(650) 480-4461 		 



 
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