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Blackberry Maker Posts 88% Q2 Revenue Gain

10/09/2001 03:03:00 PM Eastern

Waterloo, Ontario - Research In Motion (RIM), maker of the Blackberry wireless e-mail device, reported revenue of $80.1 million for the second quarter ended Sept. 1, but still suffered a $17.5 million net loss for that period.

The increase was 88 percent over the $42.5 million reported in the year-ago three-month period.

The second quarter loss compared with a $1.6 million loss in the same period in 2000. The company said results were hit by a $23 million write-down of inventory at financially troubled reseller Motient, and a $5.4 million write-down of long-term investments.

However, on a pro forma basis, RIM posted a profit of $3.8 million in the second quarter.

RIM said its increase in revenue was due primarily to sales of the Blackberry wireless e-mail solution, which accounted for about 68 percent of revenue in the third quarter, and RIM Wireless Handhelds, which accounted for 24 percent.

The total number of Blackberry subscribers increased to 246,000 as of Sept. 1. RIM said over 12,000 companies were using Blackberry devices in their organizations.

For the six months, revenue jumped 126 percent to $157.1 million, compared with $69.6 million in the same period in 2000.

The company reported a net loss of $13.7 million in the six months, compared with a loss of $1.2 million in the same period a year ago.

On a pro forma basis, net income for the six months was $7.7 million, compared with a loss of $1.2 million the previous year.

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