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Handspring Q1 Rev. Drops 12%

10/17/2002 03:21:00 PM Eastern

Mountain View, Calif. - Handheld computer maker Handspring saw revenue drop about 12 percent in its fiscal first quarter, slipping to $54.1 million, down from $61.4 million in the year-ago period.

However, the company was able to reduce its net loss by about half in the first quarter, down to $15.3 million, from a net loss of $32.7 million in the same period in 2001. Excluding amortization of deferred stock compensation and a charge associated with restructuring, Handspring reported a net loss of $10 million for the first quarter.

The company reported a gross margin of 24.4 percent during the first quarter, 10 basis points below the 24.5 percent recorded in the prior quarter.

'This quarter, we moved our strategy forward to focus more on carrier partnerships and wireless communicators,' said Donna Dubinsky, CEO.

She said a strong launch of Handspring's Treo 300, a full-color wireless communicator for the Sprint PCS Vision nationwide network, resulted in 'sequential growth and a good overall quarter.' Revenue in the fourth quarter of last fiscal year was $49 million.

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