Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Palm Reports Q4 Results
Jun 26, 2003
 Printable format
 Email this Article
 Search

Palm, Inc. -- which consists of two operating units, Palm Solutions Group and PalmSource -- reported revenues of U.S. $225.8 million for the fourth quarter of fiscal year 2003, ended May 31, 2003. Revenues were down 3.2 percent from the $233.3 million reported during the comparable quarter a year ago and up 8 percent sequentially.

For the fourth quarter of fiscal year 2003, net loss, as measured by GAAP (generally accepted accounting principles), was $15.0 million, or $(0.51) per share. This net loss included restructuring charges of $2.0 million, which included costs of vacating real estate locations and severance payments, amortization of intangible assets of $0.4 million and separation costs associated with the pending spin-off of PalmSource of $3.8 million. This compares to a GAAP net loss for the fourth quarter of fiscal year 2002 of $27.5 million or $(0.95) per share and a GAAP net loss for the third quarter of fiscal year 2003 of $172.3 million or $(5.93) per share.

Net loss in the fourth quarter, measured on a non-GAAP basis, totaled $8.9 million, or $(0.30) per share, excluding the effects of amortization of intangible assets, separation costs and restructuring charges. This compares to a non-GAAP net loss in the fourth quarter of fiscal 2002 of $17.8 million, or $(0.62) per share, which excluded the effects of the reduction in special excess inventory costs, amortization of intangible assets, separation costs and restructuring charges. Non-GAAP net loss in the third quarter of fiscal year 2003 was $26.5 million, or $(0.91) per share, excluding the effects of amortization of intangible assets, separation costs, impairment charges and restructuring charges.

"We end the year with favorable momentum on virtually every key metric of our corporate dashboard," said Eric Benhamou, Palm, Inc. chairman and interim CEO. "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."
Fiscal Year 2003 Results and Unit Shipments
Revenue for the full year was $871.9 million, down 15.4 percent from the $1.0 billion reported in fiscal year 2002. GAAP net loss for fiscal year 2003 was $442.6 million, or $(15.23) per share, compared with a net loss of $82.2 million, or $(2.87) per share, for fiscal year 2002. Non-GAAP net loss for fiscal year 2003 -- excluding the effects of amortization of intangible assets, separation costs, impairment charges, restructuring charges and the change in the valuation allowance for deferred tax assets -- was $66.1 million, or $(2.27) per share. That compares with a fiscal year 2002 non-GAAP net loss -- excluding the effects of the reduction in special excess inventory costs, amortization of intangible assets, separation costs, restructuring charges and the related income tax provision -- of $107.1 million, or $(3.74) per share.

Palm reported that it 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, the company said. 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.

Back to Daily News

 

Daily News

...........................................................

Apr 18, 2014: Spectrum Brands CEO Lumley Joins Husqvarna Board

Apr 17, 2014: GE Appliances 1Q Revenues Down 3%

Apr 17, 2014: Remodeling Growth Expected to Continue

Apr 17, 2014: HVAC/R Contractors Outlook Holds Steady

Apr 17, 2014: Appliance Store Sales Down Slightly in March

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows