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Handspring Q4 Revenue Slides 20%

7/18/2002 12:09:00 PM Eastern

Mountain View, Calif. - Lower sales of PDA) helped push revenue at Handspring down 20 percent in the company's fiscal fourth quarter, dropping to $49 million, compared with $61 million in the year-ago period.

Handspring, however, did lower its net loss in the fourth quarter, coming in at $15.4 million, down from a loss of $67.2 million in the same three months last year. Pro forma, the loss was $11.7 million in the second quarter, compared with $32.4 million a year earlier. This excludes the effects of amortization of deferred stock compensation as well as inventory write-offs.

On the positive side, gross margin nearly trebled in the fourth quarter, primarily due to contributions from Handspring's Treo product family. The company also said it is executing well on product development, carrier business development and expense control.

For the fiscal year, Handspring took a 35 percent revenue hit, dropping to $240.7 million in the 12 months, down from $371 million the previous year.

Net loss for fiscal 2002 was $91.6 million, compared with a $126 million loss a year earlier. Pro forma net loss for fiscal 2002 was $71.4 million, compared with $54.1 million.

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