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Handspring posts lower loss than expected

Wed Oct 17, 2001 - 3:16 PM EDT - By Marcus Adolfsson

Handspring today announced revenue of $61.4 million for the first quarter of fiscal 2002 ended September 29, 2001, up slightly from $61.0 million as compared with the prior quarter ended June 30, 2001.

Compared with the same period last year, revenue decreased by 13% due primarily to overall economic slowing and increased price competition.

"I am pleased that we were able to meet our revenue and expense targets for the quarter in spite of a very challenging environment," said Handspring CEO Donna Dubinsky. "In keeping with our track record of product introductions, we also were pleased to introduce and ship two evolutionary products in the Visor family - the Visor Neo and the Visor Pro - and to have recently announced our innovative, new communicator, the Handspring Treo."

Excluding amortization of deferred stock compensation and intangibles, Handspring reported a net loss of $26.2 million during Q1. Excluding these costs, total operating expenses were $33.7 million, or 55% of revenue. Including amortization of deferred stock compensation net loss for the quarter was $32.7 million.

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