PalmSource Sees Its Q3 Revenue, Net Income Slide
By Staff -- TWICE, 4/5/2004
SUNNYVALE, CALIF. — PalmSource, which develops and licenses platform software that enables mobile information devices, reported a decrease in fiscal third revenue, down to $21.6 million from $26.3 million in the year-ago period.
Net income for the third quarter, ending Feb. 29, also slipped, dipping to $597,000 from $734,000 in the same three months a year earlier.
Excluding the effect of stock-based compensation, amortization of intangible assets, restructuring and separation related to the spin-off of PalmSource from palmOne, net income for the third quarter reached $3.6 million, compared with $4.4 million the previous year.
For the nine months, PalmSource revenue edged downward to $55.5 million from $56.1 million in the most recent period.
The company reported a smaller loss for the nine months, coming in at $12.3 million, down from a loss of $18.3 million year-on-year. When factoring in the same variety of exclusions as for the third quarter, net income for the nine months was $1.7 million, compared with a loss of $11.1 million in the previous year.
Looking ahead, the company anticipates revenue in the range of $17 million, plus or minus 5 percent, for its fiscal fourth quarter. Net loss is expected in the range of $4 million to $7 million.
Excluding charges, fourth quarter net loss should be about $1 million to $3 million.
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