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Revenue growth but steady loss

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:

  • 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, 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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