|Thu Oct 17, 2002 - 4:31 PM EDT - By Marcus Adolfsson|
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:
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.
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