Handspring today announced revenue of $54.1 million for the first quarter of
fiscal 2003, which ended September 28, 2002. The last quarter saw revenue $49.0
million. Net loss during Q1 was $15.3 million, compared to $15.4 million last
quarter. Excluding amortization of deferred stock compensation and intangibles
and a charge associated with the restructuring, Handspring reported a net loss
of $10.0 million for the quarter ($11.7 million last quarter).
"This quarter we moved our strategy forward to focus more on carrier
partnerships and wireless communicators," said Handspring CEO Donna Dubinsky. "A
strong launch of the Treo 300 combined with significant expense reduction
resulted in sequential growth and a good overall quarter."
Total operating expenses were $23.8 million, or 44% of revenue. The
company also reported gross margins of 24.4% during the first quarter as
compared to gross margins of 24.5% in the prior quarter. The company's ending
cash and investments balance was $118 million, of which $73.8 million was
unrestricted.
Highlights of the fourth quarter include:
- Launch of the Treo 300, a full-color wireless communicator for the Sprint
PCS Vision nationwide network
- Release of the GPRS software upgrade in Asia, Europe and Canada
- Release of the Treo 90 in Europe
- Launch of the Treo 270 communicators in Mexico
- Launch of the Treo 180 communicators in China
Handspring's earnings conference call will be webcast on its web site at
www.handspring.com, live at 2 p.m. PDT (Pacific Daylight Time) on Thursday,
October 17, 2002, and archived through Sunday, October 27, 2002.
