Palm Has Better than Expected Quarter
Palm has reported revenues of $225.8 million for the fourth quarter of fiscal year 2003, up 8 percent from last quarter. Worldwide sales rose 5 per cent compared with the same period last year, as Palm sold over 900,000 handhelds during the period.
Palm reported a net loss of $15m, or 51 cents per share, on revenue of $225.8 million for its fiscal fourth-quarter. In the same quarter the preceding year, Palm reported a net loss of $27.5m, or 95 cents per share. Revenue in the period was $225.8 million, compared with $233.3m last year, better than analysts' expectations of $187 million.
"We end the year with favorable momentum on virtually every key metric of our corporate dashboard," said Eric Benhamou, Palm, Inc. chairman and interim chief executive officer. "We are gratified to see our efforts to reinvigorate product innovation and to re-energize the market rewarded and our unit demand return to positive growth territory. While the economic context continues to be a challenge, we believe our opportunities for growing shareholder value have improved."
Revenue for the full fiscal year 2003 was $871.9 million, down 15.4 percent from the $1.0 billion reported in fiscal year 2002. Non-GAAP net loss for fiscal year 2003, excluding charges was $66.1 million, or $(2.27) per share. Compared with a 2002 fiscal year new loss of $107.1 million, or $(3.74) per share.
Palm shipped approximately 931,000 Palm handhelds during its fourth fiscal quarter, and nearly 4.2 million Palm handhelds during fiscal year 2003. That brings the total number of Palm branded handhelds shipped to-date to more than 22.3 million. Approximately 1.5 million Palm Powered handhelds, including those sold by Palm OS licensees, were shipped in the quarter, and 29.1 million have been shipped to date.
Leading Market Share
According to IDC's study in the United States, Palm Powered handhelds accounted for 77 percent of all pen-based personal digital assistants shipped in 2002. Palm Powered smartphones led the U.S. converged handheld space with a market share of 75 percent in 2002, IDC said.
"Our new spring handhelds reinvigorated demand this quarter, and built on the successful product launch we had last fall," said Todd Bradley, Palm Solutions Group president and chief executive officer. "Continuing tight operational controls also contributed to our performance. With the proposed merger of Handspring into our company, we'll be better able to meet the full range of our customers' needs and quickly enter the smartphone space, a market with high-growth potential."
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