Palm Inc. Not Going to Be Bought Out
Palm's CEO Carl Yankowski flatly stated today that his company isn't going to be bought any time soon. "No one has approached me and I have no comment consequently,'' he told Reuters. He spoke today at the Bear Stearns Annual Technology Conference.
He also said that at an upcoming board meeting they will discuss breaking the company into two parts, one focused on the Palm OS and the other a hardware firm. Palm is talking with investment bankers about options for the two parts of the companies.
He also gave more details of his company's short-term plans to return to profitability. They are going to sell about $200 million in land originally planned for their corporate headquarters but will hold onto some of it for a smaller campus. They are also going to start using supply chain management software from SAP.
He also assured the 500 or so Bear Stearns attendees that, "We are not running out of cash." He will give more details on plans to write off unsalable inventory and already announced layoffs at a future date.
He said that Palm's current difficulties aren't hamstringing their projects in development. They will still have the next generation wireless handheld, commonly referred to as the m700, out before the end of the year.
However, there was one major disappointment slipped in. Mr. Yankowski said that OS 5.0 is currently scheduled to be released in the second half of 2002. Previous statement had Palm's new OS coming out in the first half of 2002. OS 5.0 will run on chips based on ARM designs that run at much higher processor speeds than current Palms.
Palm has been in financial straights since it bungled the release of the m500 series. They have also been facing excess inventory as the slowing economy reduces demand.
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