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Home > News Room > Press Releases > 2007 > 08/02/2007
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  OPENWAVE ANNOUNCES FOURTH QUARTER FISCAL 2007 RESULTS
  

  Revenue Increases Sequentially; Book-to-Bill at 1:1
 
REDWOOD CITY, Calif. - August 2, 2007 -- Openwave Systems Inc. (Nasdaq: OPWV), the leading independent provider of software products and services for the communications industry, today announced final financial results for its fiscal 2007 fourth quarter ended June 30, 2007. The company reported the financial results with the Musiwave results categorized as discontinued operations as it considers Musiwave as an asset held for sale. Revenues for the fiscal fourth quarter were $68.1 million, compared with $62.7 million in the prior quarter ended March 31, 2007 and $83.5 million in the same quarter in the preceding year. The Company reported bookings of $68.0 million in the fiscal 2007 fourth quarter.

Including revenue from discontinued operations, revenues for the fiscal fourth quarter were $75.6 million, compared with $71.1 million in the prior quarter ended March 31, 2007 and $91.1 million in the same quarter in the preceding year.

"I am pleased with our sequential revenue growth and our one-to-one book-to-bill ratio which demonstrate our ability to execute," said Robert Vrij, president and CEO of Openwave. "With our new executive team in place, we are focused on establishing our market leadership as the provider of software solutions to the communications industry, leveraging our technology expertise in our traditional messaging, gateway, client and location businesses, and expanding our overall addressable market."

On a GAAP basis, net loss for the fourth fiscal quarter ended June 30, 2007 was $91.8 million, or $1.11 per share, compared to $32.5 million, or $0.35 per share, in the prior quarter and $5.1 million, or $0.06 per share, for the June quarter in the preceding year.

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 fourth fiscal quarter ended June 30, 2007 was $10.5 million, or $0.13 per diluted share, compared with $18.6 million, or $0.20 per diluted share, in the prior quarter and a net income of $4.7 million, or $0.05 per diluted share, during the June 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.

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 June 30, 2007. Interested parties may access the conference call over the Internet through the Company's web site at www.openwave.com or by telephone at (877) 502-9272 or (913) 981-5581 (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: 9373340.

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 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; and (f) 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, 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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