Openwave Posts Profitable Quarter
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Openwave Systems Inc. a vendor of Wireless Application Protocol (WAP) and other mobile communications infrastructure products, said Thursday that it turned a profit for the fiscal quarter that ended March 31.
The company's revenues for the quarter increased about 19 percent over the previous quarter to $130 million. Pro forma earnings for the quarter were $16.3 million however, it had a net loss of $151.2 million after including merger and acquisition-related charges and other charges. That amounted to $.91 per share compared to a net loss of $1.38 per share the previous quarter.
Openwave was formed late last year by the merger of Phone.com and Software.com. Phone.com had been a WAP pioneer but had been staggering because of slow acceptance of that wireless technology.
In its statement, the company said that it expected revenues to grow between 10 and 20 percent for the rest of the current calendar year, with total revenues of about $640 million. That would result in pro forma earnings of about $.46 per share, excluding merger, acquisition and other charges.