In the news release, Openwave (NASDAQ:OPWV) Announces Fourth Quarter Fiscal 2007 Results, issued earlier today by Openwave Systems Inc. over PR Newswire, we are advised by the company that in the chart entitled, "OPENWAVE SYSTEMS INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (In thousands, except per share data), in the sub-category, "Reconciliation between GAAP and Non-GAAP net income (loss)," the field, "Costs associated with proxy contest and strategic alternatives" under the heading, "Year Ended June 30, 2007" should read "5,694," not "3,314" as originally issued inadvertently. The field "Non-GAAP net income (loss) per share" under the heading "Year Ended June 30, 2007" should read "$(31,516)," not "$(33,896)" as originally issued inadvertently. In the sub-category, "Exclude:" in the field "Stock option review and associated costs**" under the heading "Year Ended June 30, 2007" the number should read "$0.08," not "$0.07" as originally issued inadvertently. In the field, "Non-GAAP net income (loss) per share - diluted," under the heading "Year Ended June 30, 2007" the field should read "($0.35)," not "$(0.38)" as originally issued inadvertently. The full table follows: OPENWAVE SYSTEMS INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)
(In thousands, except per share data) Three Months Ended Year Ended
June 30, March 31, June 30, June 30, June 30,
2007 2007 2006 2007 2006 Reconciliation between
GAAP and Non-GAAP net
income (loss):
Net income (loss) $(91,806) $(32,510) $(5,102) $(164,629) $5,236
Exclude:
Restructuring and other
related costs 17,548 576 (3,047) 30,648 4,623
Acquisition-related
costs and
amortization* 2,879 2,776 2,232 10,567 9,675
Amortization of stock-
based compensation 1,442 4,450 8,708 17,889 40,814
Stock option review and
associated costs** - 540 341 6,782 341
Costs associated with
proxy contest and
strategic alternatives 3,314 2,380 - 5,694 -
Retention bonuses
related to strategic
alternatives 3,217 409 - 3,626 -
Gains/impairments on
non-operating assets (1,065) 1,185 428 (1,167) (10,817)
Discontinued
operations, net of tax 54,748 2,378 2,927 62,382 5,157
Tax impact of
reconciling items*** (826) (792) (1,770) (3,308) (2,729)
Non-GAAP net income
(loss) per share $(10,549) $(18,608) $4,717 $(31,516) $52,300 GAAP net income (loss)
per share - diluted $(1.11) $(0.35) $(0.05) $(1.82) $0.06
Exclude:
Restructuring and other
related costs $0.21 $0.01 $(0.03) $0.34 $0.05
Acquisition-related
costs and
amortization* $0.03 $0.03 $0.02 $0.11 $0.11
Amortization of stock-
based compensation $0.02 $0.05 $0.09 $0.20 $0.48
Stock option review and
associated costs** $- $0.01 $- $0.08 $-
Costs associated with
proxy contest and
strategic alternatives $0.04 $0.03 $- $0.04 $-
Retention bonuses
related to strategic
alternatives $0.04 $- $- $0.04 $-
Gains/impairments on
non-operating assets $(0.01) $0.01 $0.01 $(0.01) $(0.12)
Discontinued
operations, net of tax $0.66 $0.02 $0.03 $0.69 $0.06
Tax impact of
reconciling items*** $(0.01) $(0.01) $(0.02) $(0.04) $(0.03)
Non-GAAP net income
(loss) per share -
diluted $(0.13) $(0.20) $0.05 $(0.35) $0.61 Shares used in computing
diluted earnings per
share 82,449 92,114 93,679 90,246 85,316 *Acquisition-related costs relates to payments due under the terms of the
Widerweb acquisition. Also includes $672 thousand of acquisition-related
hedging costs in the year ended June 30, 2006. Amortization relates to
acquired intangible assets. **Relates to legal fees regarding the stock option review and resulting
lawsuits. ***The tax impact relates to amortization of acquisition-related
intangibles and tax benefits related to stock-based compensation. DATASOURCE: Openwave Systems Inc.
Web site: http://www.openwave.com/
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