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  OPENWAVE REPORTS FOURTH QUARTER AND FISCAL YEAR 2009 FINANCIAL RESULTS
  

  REDWOOD CITY, Calif. - July 30, 2009 -- 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 fourth fiscal quarter ended June 30, 2009 were $47.9 million, compared with $44.7 million in the prior quarter ended March 31, 2009 and $53.5 million in the June quarter in the preceding fiscal year. Bookings for the fourth quarter of fiscal 2009 were $49.1 million.

"During the fourth quarter we increased revenues sequentially, continued our expense controls, and most importantly, achieved a book to bill ratio of greater than one-to-one," said Ken Denman, CEO of Openwave. "Despite our customers' conservative purchasing patterns, Openwave demonstrated progress over the prior quarter in all facets of the business. Wireless data demand has continued to grow unabated and we believe Openwave is ideally positioned to benefit from the trend."

On a GAAP basis, net loss for the fourth fiscal quarter ended June 30, 2009 was $3.4 million, or $0.04 per share, compared with a net loss of $7.8 million, or $0.09 per share, in the prior quarter and a net income of $2.2 million, or $0.03 per share, in the June quarter in the preceding year.

On a non-GAAP basis, net loss, for the fourth fiscal quarter ended June 30, 2009 was $278,000, or $0.00 per share, compared with net income of $385,000 or $0.00 per share, in the prior quarter and net loss of $1.9 million, or $0.02 per share, during the June quarter of the prior year. Non-GAAP net loss excludes discontinued operations, amortization of intangibles and other acquisition-related costs, stock-based compensation, professional fees associated with certain unusual events, impairments, restructuring and other costs.

For fiscal 2009, Openwave reported total revenues of $191.7 million, compared with $200.9 million in fiscal 2008. Net loss on a GAAP basis for the year was $85.9 million, compared with $21.9 million in the prior year. Net income on a non-GAAP basis was $452,000 for fiscal 2009 compared with net loss of $23.9 million in fiscal 2008. Cash flow from operations was break-even for fiscal 2009 compared with cash flow used by operations of $54.0 million in fiscal 2008. This represented a significant improvement both year-over-year and also during the course of the year with the second half of fiscal 2009 generating an inflow of $10.5 million.

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 the non-GAAP measures, non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP measures exclude certain items that generally are non-recurring events, such as costs associated with the stock option lawsuit and special investigation. Additionally, these non-GAAP measures exclude other items that are non-cash items that many other companies exclude, in order to compare Openwave with other companies, such as stock-based compensation, amortization of intangibles and acquisition-related costs, and other expenses. These non-GAAP measures also exclude items which would not be helpful to evaluate Openwave's on-going business, such as restructuring costs and discontinued operations. Lastly, these non-GAAP measures exclude expenses that relate to non-routine events, such as the impairment of goodwill, and retention bonuses related to strategic alternatives. Openwave considers non-GAAP net income (loss) to be an important measure because it provides a useful measure of the operational performance of Openwave and is used by Openwave's management for that purpose. In addition, investors often use measures such as these to evaluate the financial performance of a company. These non-GAAP measures 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 fourth quarter ended June 30, 2009. Interested parties may access the conference call over the Internet through Openwave's website at www.openwave.com or by telephone at (877) 941-8416 or (480) 629-9808 (international). A replay of the conference call will be available for two weeks beginning at approximately 8:00 p.m. eastern time today by calling 800-406-7325. The replay can be accessed internationally by calling 303-590-3030. Reservation number: 4112173.

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

About Openwave
Openwave Systems Inc. (Nasdaq: OPWV) is one of the world's leading software innovators, offering a mediation platform and tools to mobilize the Internet.

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, analytics, messaging and location 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
 
The statements in this press release in Mr. Denmans quote with respect to future events or expectations are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1943 and Section 27A of the Securities Act of 1933. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Openwave assumes no obligation to update the forward-looking statements included in this press release.

In particular, the following factors, among others, could cause actual results to differ materially from those projected: (a) the current economic climate may impede the growth of wireless data demand; and (b) Openwave may not be able to make changes in business strategy, development plans and product offerings to respond to any changes in wireless demand needs of its customers.

For a detailed discussion of these and other factors that may cause these forward looking statements not to come true, please refer to the risk factors discussed in the Openwave's 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, 2008, its Quarterly Report on Form 10-Q for the period ended March 31, 2009, 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

Investor Relations
Mike Bishop
The Blueshirt Group
Tel: 415-217-4968
mike@blueshirtgroup.com

  



 
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