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Handspring Posts Loss; Pleased with Treo Sales

Mon Apr 15, 2002 - 5:41 PM EDT - By Michael Ducker

Please see more recent VisorCentral articles for more complete coverage. From the press release;

"Handspring, Inc. (NASDAQ: HAND) today announced revenue of $59.7 million for its third quarter of fiscal 2002 ended March 30, 2002, down 15% from $70.5 million in the prior quarter ended December 29, 2001, and down 52% from $123.8 million in the third quarter of fiscal 2001.

"Although we continue to experience weakness in our organizer business, we are pleased with our entry into the communicator market. We started selling in volume our first communicator, the Handspring Treo, which has quickly been acknowledged as a leading product in this new category," said Handspring CEO Donna Dubinsky. "During this past quarter, we focused on establishing relationships with carriers around the world. We are very pleased with the results of that effort, and we have announced relationships with twelve carriers. Our launch of the Treo communicator will continue throughout this year as we introduce more products into the family, including a CDMA Treo that will be co-branded by Sprint PCS." "

"Excluding amortization of deferred stock compensation and intangibles, Handspring reported a net loss of $19.2 million during Q3. Excluding these costs, total operating expenses were $25.3 million, or 42% of revenue. Including amortization of deferred stock compensation and intangibles, net loss for the quarter was $23.7 million. The company's ending cash and investments balance was $159.4 million, of which $108.7 million was unrestricted. "

Read the Press release here.


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