Openwave Reports Q1

REDWOOD CITY, Calif. -- Openwave Systems Inc. (NASDAQ: OPWV) , the leading independent provider of open software products and services for the mobile communications industry, today announced that revenues for the first fiscal quarter ended September 30, 2002 were $71.2 million as compared to $70.1 million in the fourth fiscal quarter ended June 30, 2002. Pro forma net loss for the first fiscal quarter of 2003 was $29.9 million, or $0.17 per basic share, compared to a pro forma net loss of $33.2 million, or $0.19 per basic share, for the June 2002 quarter. Based on Generally Accepted Accounting Principles (GAAP), net loss for the first fiscal quarter was $138.5 million, or $0.79 per basic share (1), compared to a net loss of $474.8 million, or $2.73 per basic share, for the June 2002 quarter. The per share numbers are based on 176.2 and 174.2 million weighted-average basic and diluted shares outstanding for the September and June 2002 quarters, respectively. "Openwave delivered a solid quarter," said Don Listwin, president and CEO of Openwave. "Operators worldwide are re-engaging around mobile data," he added. Management's current outlook for the quarter ending December 31, 2002 is that revenues will be $65 million with a potential variability of plus or minus 10 percent, gross profit will range between 68 and 71 percent, and pro forma net loss per share will range between $0.14 and $0.21 per share. Openwave Systems Inc.