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Openwave Reports Second Quarter Fiscal 2012 Financial Results

Openwave Systems Inc. (Nasdaq:OPWV), a global software innovator delivering all-Internet Protocol (all-IP) mediation and messaging solutions, today announced that revenues for the second fiscal quarter ended December 31, 2011 were $35.9 million, compared with $52.4 million in the prior quarter ended September 30, 2011 and $39.9 million in the December quarter in the preceding fiscal year. Bookings for the quarter were $20.4 million. The company ended the quarter with $69.7 million in cash and investments.

“As previewed a quarter ago, we undertook a strategic review of our products business and subsequently executed a set of activities, including establishing three business units and improving bookings execution. As a result, we believe our mediation and messaging business units are now optimized for a potential sale,” said Mike Mulica, CEO, Openwave. “We continue to believe in the large opportunity represented by our Intellectual Property initiative, and we are well underway in implementing a strategic plan to unlock the significant inherent value in our patent portfolio.”

On a GAAP basis, net loss for the second fiscal quarter ended December 31, 2011 was $10.4 million or $0.12 per share, compared with a net income of $2.6 million or $0.03 per share, in the prior quarter and net loss of $4.5 million or $0.05 per share, in the December quarter in the preceding year.

On a non-GAAP basis, net loss for the second fiscal quarter ended December 31, 2011 was $5.0 million or $0.06 per share, compared with a net income $9.3 million or $0.11 per share, in the prior quarter and a net loss of $2.7 million, or $0.03 per share, in the December quarter in the preceding year. Non-GAAP net income (loss) excludes restructuring, impairments and certain losses on investments, costs associated with strategic alternatives, amortization of intangibles and stock-based compensation, amounts associated with certain unusual events, discontinued operations, impairment of deferred tax assets and the tax impact of these items.

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