Openwave Posts Earnings & Names New CFO (OPWV)

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Openwave Systems Inc. (NASDAQ:OPWV) has posted its quarterly earnings.  On a non-GAAP basis the company posted -$0.13 EPS and GAAP EPS was listed as -$1.11.  Revenues are listed as $68.1 million, but the revenue numbers from discontinued operations are $75.6 million on a post-MusicWave basis since that is for sale.  This will make comparisons harder to break-out considering that analysts are not following this one like a hawk as much anymore.  Estimates from First Call today were -$0.14 EPS & $71.21 million in revenues.

Unfortunately there is no guidance in the release, although they simultaneously made some other disclosures.  The company’s book-to-bill ratio of 1.0.  Its year-end was this quarter and it ended with almost $246.5 million in cash and equivalents, but its total current assets are now under its total stated liabilities.  The company has also named Jean-Yves Dexmier as CFO to replace Hal Covert, who is leaving for personal reasons.  Openwave also added former NorTel and Nokia executives to its product and sales ranks.  Lastly, Openwave annouhnced that SoftBank Telecom selected its Rich Mail solution for contract renewal in Japan.

Shares were up modestly after the report, but are now down a tad in after-hours.  We’ll have to wait for guidance before declaring this last quarter a real victory or real defeat for the company.

Here was the full preview for reference and for forward guidance and conjecture.

Jon C. Ogg
August 2, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

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