Openwave Reports Q1

REDWOOD CITY, Calif. -- Openwave Systems Inc. (NASDAQ:OPWV), the leading provider of open software products and services for the communications industry, today announced preliminary financial results for its fiscal 2007 first quarter ended September 30, 2006. All financial figures presented are estimates, which may be subject to adjustment as a result of the likely restatement of historical results discussed below.

The Company reported revenue of $91.2 million for the quarter, compared with $103.3 million in the September quarter in the preceding year and $91.1 million in the prior quarter ended June 30, 2006. "We continue to experience momentum with key design wins, while we aggressively drive our product transition," said David Peterschmidt, president and CEO of Openwave. "We are confident in the growth of our addressed marketplace and in the value our products and solutions bring to our mobile and broadband customers worldwide."

At September 30, 2006, the Company had cash, cash equivalents, short-term and long-term investments totaling $505.1 million.

Openwave Systems Inc. (Nasdaq: OPWV)

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