Openwave Systems Inc. (Nasdaq: OPWV), the leading provider of open software products and services for the communications industry, yesterday announced financial results for its fiscal 2007 third quarter ended March 31, 2007. Revenues for the fiscal third quarter were $71.1 million, compared with $113.0 million in the same quarter in the preceding year and $83.9 million in the prior quarter ended December 31, 2006.

On a GAAP basis, net loss for the third fiscal quarter ended March 31, 2007 was $32.5 million, or $0.35 per share, compared to net income of $9.6 million, or $0.10 per share, for the March quarter in the preceding year and a net loss of $15.8 million, or $0.17 per share, in the prior quarter.

Net loss on a non-GAAP basis, which excludes amortization of intangibles, stock-based compensation, gain on sale of technology, 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 third fiscal quarter ended March 31, 2007 was $18.5 million, or $0.20 per diluted share, compared with net income of $20.5 million, or $0.21 per fully diluted share, during the March quarter of the prior year and a net loss of $2.7 million, or $0.03 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.

"We're pleased to have Robert Vrij on board as the newly appointed chief executive officer," said Bernard Puckett, chairman of Openwave's Board of Directors. "We believe Openwave's strong customer relationships, combined with Robert's world class industry knowledge, will be critical in completing Openwave's product transition - successfully bringing new products to our global customer base."

Stock Repurchase Completed
The Company also announced that Merrill Lynch has completed the stock repurchase program and delivered a total of 11.8 million shares to the Company as of April 12, 2007 under its stock repurchase agreement. The Company has retired the repurchased shares.

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 March 31, 2007. Interested parties may access the conference call over the Internet through the Company's website at www.openwave.com or by telephone at (888) 208-1812 or (719) 457-2654 (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: 4185259.

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.

Source: Openwave