Palm Inc., which these days consists of two operating units — Palm Solutions Group (responsible for the Palm branded handhelds, accessories and add-on hardware and software) and PalmSource (responsible for developing and licensing the Palm OS) — reported revenues of US$265 million for the second quarter of fiscal year 2003, ended Nov. 29, 2002. That’s down 9 percent from the $291 million reported during the comparable quarter a year ago, but up 54 percent from the first quarter of fiscal 2003.
Pro forma net income in the second quarter — which excludes the effects of amortization of intangible assets, separation costs and restructuring charges — totaled $5.7 million, or $0.19 per share. This compares to a pro forma net loss in the second quarter of fiscal 2002 of $36.6 million, or $1.29 per share (which, by the way, excluded the effects of the reduction in special excess inventory costs, amortization of intangible assets and restructuring charges).
Net income, as measured by generally accepted accounting principles (GAAP), for the second quarter of fiscal year 2003 was $3.5 million, or $0.12 per share, compared with a net loss of $25.2 million, or $0.89 per share, for the second quarter of fiscal year 2002. There was a net loss of $258.7 million, or $8.93 per share for the first quarter of fiscal year 2003.
During the quarter, Palm Solutions shipped approximately 1.4 million Palm branded handhelds. As of Nov. 30, 2002, the cumulative number of Palm Powered devices that have been shipped was more than 25 million, according to Palm.