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Handspring's 4th Q Results

Thu Jul 20, 2000 - 6:00 PM EDT - By James Hromadka

Handspring announced its 4th quarter results today. Revenue was $51.8 million for the quarter, 51% more than the 3rd quarter. From the press release:
Total fiscal year 2000 revenues were $101.9 million, reflecting brisk sales of Visor, Springboard expansion modules and accessories. Excluding amortization of deferred stock compensation, Handspring reported a net loss of $5.9 million during the 4th Quarter, while net loss for fiscal year 2000 was $20.2 million. In line with company expectations, Handspring showed gross margins of 31% for the quarter. Excluding amortization of deferred stock compensation, total operating expenses were $22.1 million, or 43% of revenue.
Looks like Handspring will be in the black by the next quarter. I listened in on the Earnings Call and gleaned the following:
  • Handspring is adding newer retail partners when possible. Recently, J&R Computer World of NY began selling the Visor.
  • In a survey Handspring did with its customers, it found that 68% of its customers never owned a handheld
  • There are now 4000+ Springboard module developers -- 1500 more than when Handspring published their prospectus
  • Handspring as you know began its "Visor is" campaign recently, and will market the Visor more aggressively through the holiday season.
  • Will open a manufacturing facility in Guadalajara, Mexico later this summer
  • Announced the formation of the Handspring Foundation, which began w/ $1 million in Handspring stock. The foundation will be ran by employees and will help charities worldwide.
  • No details on current units shipped, but Handspring expects to have sold a million units this year.
  • Handspring plans on relying on developers to create most of the Springboard modules, but will have its own modules periodically.
  • Handspring will be recieving royalties from any Symbol devices sold with the Springboard slot
Overall a very strong quarter for Handspring. Hopefully the best is yet to come. This C|Net article has some more on the results.


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