Palm Reports Q1 FY09 Results
Palm, Inc. today reported that total revenue in the first quarter of fiscal year 2009 was $366.9 million. Smartphone sell-through for the quarter was 1,029,000 units, up 49 percent year over year. Smartphone revenue was $333.8 million, up 10 percent from the year-ago period.
"I'm pleased with our momentum as we work to re-establish Palm as the leading innovator in the smartphone marketplace," said Ed Colligan, Palm president and chief executive officer. "While we're still in the midst of our transformation and have challenges ahead, we are bringing outstanding new products to market, hiring world-class talent and preparing to launch a new platform that will usher in a new era at Palm."
Net loss applicable to common shareholders for the first quarter of fiscal year 2009 was $(41.9) million, or $(0.39) per diluted common share. Net loss applicable to common shareholders included stock-based compensation of $7.0 million, amortization of intangible assets of $0.9 million, patent acquisition cost (refund) of $(1.5) million, restructuring charges (adjustments) of $(0.5) million, impairment of non-current auction rate securities of $15.0 million and accretion of series B convertible preferred stock of $2.4 million. This compares to net loss for the first quarter of fiscal year 2008 of $(0.8) million, or $(0.01) per diluted common share, which included stock-based compensation of $5.1 million, amortization of intangible assets of $1.0 million, patent acquisition cost (refund) of $5.0 million, restructuring charges (adjustments) of $6.6 million and gain on sale of land of $(4.4) million.
Net loss for the first quarter of fiscal year 2009, measured on a non-GAAP basis, totaled $(12.8) million, or $(0.12) per diluted share, excluding stock-based compensation, amortization of intangible assets, patent acquisition cost (refund), restructuring charges (adjustments), impairment of non-current auction rate securities and accretion of series B convertible preferred stock and adjusting the related income tax benefit to 40 percent. This compares to non-GAAP net income for the first quarter of fiscal year 2008 of $9.7 million, or $0.09 per diluted share, which excluded the effects of stock-based compensation, amortization of intangible assets, patent acquisition cost (refund), restructuring charges (adjustments), gain on sale of land and adjusting the related income tax provision to 40 percent.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter of fiscal year 2009 totaled negative $27.8 million. EBITDA, adjusted to add back stock-based compensation, net other income (expense), patent acquisition cost (refund), restructuring charges (adjustments) and impairment of non-current auction rate securities, or Adjusted EBITDA, totaled negative $7.4 million.
The company will hold a conference call today at 1:30 p.m. Pacific/4:30 p.m. Eastern to discuss matters covered in this news release. PalmInfocenter will have coverage of the call shortly thereafter.
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5 Hours Later
The last known classic PDA user.
I've recently upgraded from a PLAM TX to a Newton MP2000!
http://newtonpda.googlepages.com
RE: Wait ... what?
Given the rather negative words they obfuscatingly said about the next [couple? few?] quarters...:
== "...We are looking forward to these exciting developments but
== we've got challenges to manage over the next two quarters,
== given the maturing Centro lifecycle and the time it will
== take to ramp our Windows Mobile based product sales worldwide..."
...April 1st might just be about the time to check again...
[btw - that "two quarters" up there is exactly the type of Colliganesque talking that makes me look sideways at anything HE says - he knows that Palm cannot project out more than a couple quarters (indeed, I vaguely remember him saying something right along that line) but that the chances of "going positive" WITHIN two quarters are bleak. So he uses "two" as if there is some magic turnaround just around the corner...had one of the "analysts" pressed him on that apparent optimism he would have hemmed and hawed and admitted a lack of ability to know]
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what the hell...
so we only lost $42M.........