Handspring Reports 3Q Results, New Smartphone in Fall
Handspring has reported the results of its third quarter of fiscal 2003, and announced it is developing a "a significant new product due this fall." Handpspring also announced a agreement with European communications company Orange, to develop future smartphones designed for the Orange network in Europe.
Revenue for the third quarter of fiscal 2003 was $30.8 million, down from $47.8 million in the second quarter of fiscal 2003 and from $59.7 million in the third quarter a year ago. Revenue for the quarter included $21.1 million in communicator sales and $9.7 million in sales of organizers and accessories.
On a GAAP accounting basis, net loss for the period totaled $90.4 million, or $.62 per share as compared to a net loss of $12.3 million, or $.08 per share in the prior quarter. Excluding restructuring charges for the companies Sunnyvale lease of $75.9 million and amortizing stock based compensation, the net loss for the quarter was $12.8 million, or $.09 per share.
Handspring and Orange Partnership
Handspring also said it has signed an agreement with Orange SA, one of the world's largest communications companies, to work together to develop future smartphones designed for the Orange network in Europe. The companies are working closely together to develop advanced business and personal smartphone solutions that will tie seamlessly into Orange back- end network. The first products are expected in the fall.
"significant new product due"
"We've continued to grow our Treo installed base through a difficult quarter, reaching 180,000 customers, while investing in a significant new product due this fall," said Handspring CEO Donna Dubinsky. "The near-term outlook will be challenging due to a weak economic environment and lower-than- expected sell-in of current products for the coming quarter."
Handspring said it currently has enough cash on hand to fund the rollout of new products through the end of 2003. As of March 29, 2003, Handspring's unrestricted cash and short-term investments totaled $53.2 million, down $12.5 million sequentially. The full financial details can be found here.
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