REDWOOD CITY, Calif.—Openwave Systems Inc. reported substantially improved net loss figures during its fourth quarter, but revenues declined.
For the quarter, Openwave reported revenues of $91.1 million, down 9 percent from revenues of $100.3 million during the same period a year ago and down nearly 20 percent from revenues of $113 million during the previous quarter. Revenues were slightly ahead of analyst predictions of $90.93 million.
For the full year, revenues totaled $412 million, which represented an increase of 7 percent from $383.6 million reported for fiscal 2005.
Net loss for the quarter was $4.7 million, a huge improvement from the net loss of $62.3 million the company reported during the same period last year—but a reversal of its net income of $9.6 million reported during the previous quarter. Net income for the year was $5.7 million, reversing a net loss of $62.1 million reported last year.
David Peterschmidt, president and chief executive officer of the company, said Openwave’s results were below expectations. However, he said the company is beginning an operating plan it hopes will improve its financial position.
Openwave’s stock remained relatively unchanged on the news at about $6.66 per share.
For the coming quarter, Openwave expects revenues to fall within a range of $85 million to $90 million. Analysts were expecting revenues for the quarter to reach $97.11 million.
