CallWave enables communication interoperability between the mobile, landline, and desktop in ways never before possible. The result is a true, fully integrated, unified communications experience that provides complete control and manageability of the most critical devices on which users rely - the PC and the phone.

CallWave's services are interoperable across mobile, computer and landline devices and work with a user's existing phone number, existing network and service provider. CallWave also private-labels its full suite of services to partners and carriers - providing the critical layer in their unified communications strategy. Founded in 1998, CallWave is a publicly traded (NASDAQ:CALL) company headquartered in Santa Barbara, California

SANTA BARBARA, Calif.--(BUSINESS WIRE)--April 29, 2008--CallWave, Inc. (NASDAQ:CALL), a leading provider of Internet-based telephony applications and services that integrate mobile phones and computing, today announced that it will release financial results for the third fiscal quarter ended March 31, 2008, immediately following the close of the market on Tuesday May 13, 2008. The company will host a corresponding conference call with a live webcast that day at 4:30 p.m. Eastern time.

CallWave Announces Financial Results for Second Quarter of Fiscal 2008 
-- Provides Progress on Entry into Unified Communications (UC) Sector -- Improved Alignment of Resources and Operating Expenses with UC Opportunity
SANTA BARBARA, Calif., Feb 13, 2008 (BUSINESS WIRE) -- CallWave, Inc. (NASDAQ: CALL), a leading provider of mobile applications and services that integrate mobile phones and computing, today reported financial results for the second quarter of fiscal 2008 ended December 31, 2007. 
Second Quarter Highlights 

-- Launch of "Visual Voicemail" suite of premium mobile communications services 

-- Introduction of "Visual Voicemail" for Apple products 

-- Partnership with JAJAH for advanced global internet telephony solutions 

-- Reduced operating expenses 

-- $49.8 million in cash, cash equivalents and marketable securities; no debt 

Second Quarter Results 

Total revenue for the second quarter of fiscal 2008 was $4.9 million compared to $6.9 million for the second quarter of fiscal 2007. The decrease in revenues reflects the expected migration of the Company's dial-up subscriber base to broadband services. 

Operating expenses totaled $5.2 million for the second quarter of fiscal 2008 compared to $6.7 million for the second quarter of fiscal 2007. 

Net loss for the second quarter of fiscal 2008 was $1.4 million, or $0.07 per share, compared to a net loss of $1.2 million, or $0.06 per share, reported in the year-ago period. 

Balance Sheet Summary 

As of December 31, 2007, the Company had $49.8 million in cash, cash equivalents and marketable securities compared with $52.7 million as of June 30, 2007. 

CallWave reported total assets of $59.0 million, working capital of $48.7 million and total shareholders' equity of $55.2 million at December 31, 2007. 

Commentary and Outlook 

Jeff Cavins, Chief Executive Officer of CallWave, stated, "During the second quarter, we made a number of important changes to position CallWave to capitalize on new opportunities in the high-growth unified communications sector. We launched our first Visual Voicemail application for Apple's Mac users and announced a joint development and marketing agreement with JAJAH to develop advanced global internet telephony solutions. We also introduced a new Visual Voicemail premium mobile application and a enhanced virtual fax service. Last month we announced a significant company restructuring which will more closely align our resources and operating expenses with our new opportunity. 

"In addition to developing our own applications, as part of our new growth strategy, we are focused on driving new revenue streams and distribution channels by opening up our platform to third party application developers," Cavins continued. "As software increasingly controls telephony, communications companies are looking to develop solutions that enable them to provide customers with enhanced services. At the same time, the mobile professional is looking for new solutions that facilitate anywhere, anytime access to information and real-time group collaboration. We believe we are uniquely positioned to become the premier platform for software and internet telephony development given our wholly-owned CLEC, which enables solutions that don't require subscribers to switch phone numbers or buy new equipment, and our strong patent portfolio, which offers development partners potential protection against infringement suits. 

"With $49.8 million of cash and no long-term debt, we have ample resources to support organic growth and to pursue strategic acquisitions of technology or products that enhance our development capabilities and drive our leadership position." 

Restructuring 

On January 23, 2008, CallWave announced a reduction in headcount of approximately 48 percent of its workforce. As a result, the Company will incur a one-time charge of approximately $800,000 to $1.0 million associated primarily with severance, health insurance and accelerated stock option compensation expense. The entire charge will be recognized in the third quarter of the fiscal year ended June 30, 2008. CallWave expects that the overall impact of headcount reductions will total approximately $5.0 million of annualized operating expense savings.