Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 29, 2009, Openwave Systems ( OPWV) reported that its Q3 FY09 net loss narrowed due to lower costs and expenses. Net loss for the quarter decreased to $7.77 million or $0.09 per share from $14.75 million or $0.18 per share in Q3 FY08. On a non-GAAP basis, earnings were $385,000 or breakeven per share, in line with the most recent consensus estimate. Openwave Systems' revenue declined 5.0% to $44.65 million from $46.99 million a year ago due to lower revenue from the services. Services revenue decreased 31.7% to $12.54 million from $18.36 million. However, License revenue grew 21.5% to $16.69 million from $13.74 million, while Maintenance and Support revenue was $15.42 million, up 3.6% from 14.89 million in Q3 FY08. Geographically, revenue from Europe, the Middle East and Africa fell 21.7% to $6.25 million, while that from Asia decreased 24.8% to $8.48 million. However, revenue from the Americas grew 7.9% to $29.92 million from $27.73 million. In Q3 FY09, bookings totaled $37.60 million. Backlog at the end of Q3 FY09 stood at $198.00 million compared to $234.00 million at the end of Q3 FY08. Gross profit margin improved 834 basis points to 64.82% from 56.48% in Q3 FY09, due to 23.2% decline in cost of revenue to $15.71 million. Operating margin was a negative 11.02% compared to a negative 33.76%, due to 20.1% decrease in operating expenses to $33.86 million. Openwave Systems entered into a contract with Telstra, an Australian telecommunications and services company, to provide Openwave Integra, a mobile internet service management solution. Additionally, the company announced a 10.0% reduction of its work force under its restructuring plan. OPWV also announced the launch of Openwave Accelerator, the latest service enabler for Openwave Integra.