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The last earnings report
From the Press release:
"Handspring, Inc. (NASDAQ: HAND) today reported results for the first quarter of fiscal 2004 ended September 27, 2003, which included initial shipments of its new Treo 600 smartphone.
Revenue for the first quarter of fiscal 2004 was $13.1 million, down from $14.5 million in the fourth quarter of fiscal 2003 and from $54.1 million in the first quarter a year ago. Revenue for the quarter included $10.5 million in communicator sales and $2.6 million in organizer and accessory sales and other revenue. Treo 600 production started late in the quarter, therefore limiting revenue for the period. The Company exited the quarter with a backlog of orders.
On a GAAP basis, net loss for the period totaled $13.9 million, or $0.09 per share as compared to a net loss of $13.0 million, or $0.09 per share in the fourth quarter of fiscal 2003 and a net loss of $15.3 million or $0.11 per share in the first quarter a year ago.
On a non-GAAP basis, excluding amortization of deferred stock compensation and intangibles, the net loss for the period totaled $13.2 million, or $0.09 per share as compared to a net loss of $11.5 million, or $0.08 per share in the fourth quarter of fiscal 2003 and a net loss of $12.4 million or $0.09 per share in the first quarter a year ago.
"We were pleased this quarter to have certified and started shipping the new Treo 600 smartphone on both the Sprint network in the U.S. and the Orange network in Europe," said Donna Dubinsky, chief executive officer of Handspring. "In addition, we are delighted to be launching the product with support from three additional U.S. carriers, specifically AT&T, Cingular and T-Mobile."
As of September 27, 2003, Handspring's unrestricted cash and short-term investments totaled $18.9 million, down $18.0 million from June 28, 2003. As part of the merger agreement between Palm, Inc. and Handspring, Palm has agreed to provide up to a $20.0 million line of credit to Handspring for working-capital purposes, subject to certain conditions. To date, Handspring has not borrowed funds from Palm.
Handspring currently is shipping its new flagship Treo 600 smartphone to Sprint in the U.S. and Orange in Europe and began selling the Sprint product on the Handspring.com website yesterday. The Company expects to make Treo 600 available to Cingular, T-Mobile and AT&T customers soon. Handspring also will deliver the Treo 600 to select distribution partners in the U.S., Europe, Asia and Latin America to broaden its global distribution of Treo 600 this calendar year. "
Comments
Assuming that the shareholder's vote on October 28th about the merger goes as planned, this was the last independant earnings report from Handspring. TreoCentral/VisorCentral has followed this company from its birth to its end, and we are excited to continue with the Treo product line.
The conference call was very short with few investor questions. The most interesting information learned was the numbers of Treo's sold. There are now 255,000 Treo's in use worldwide. This quarter, Handspring shipped 29,200 commmunicators. The first shipment of Treo 600's was 19,00 units. It was unclear if the Treo 600's were part of the total communicators shipped for this quarter, or not. Either way, Handspring has a backlog of orders for the Treo 600 as of right now; 85% of Handspring revenue's are now the result of smartphone sales.
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