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PalmSource Revenue Flat In Q4

6/28/2004 09:38:00 AM Eastern

Sunnyvale, Calif. — Fiscal fourth quarter revenue at PalmSource was flat, coming in at $17.6 million, compared with $17.3 million in the year-ago period.

However, the company reduced its net loss for the three months, ended May 31, to $2.9 million, down from a $3.4 million loss in the fourth quarter a year earlier.

Excluding restructuring charges related to the spin-off of PalmSource from PalmOne, net loss for the fourth quarter hit $585,000, compared with $567,000 year-on-year.

For the 12 months, PalmSource revenue also was flat, hitting $73.1 million, compared with $73.4 million in the same 12 months a year ago.

The company reduced its net loss to $15.2 million for the 12 months, compared with a loss of $21.8 million in the same period the previous year.

Excluding charges, PalmSource reported net income of $1.2 million for the 12 months, compared with a net loss of $11.7 million year-over-year.

Looking ahead, the company expects revenue of about $18 million in the first quarter of the current fiscal year, ending in May of 2005, plus or minus 5 percent.

The company expects to report a financial range, from breakeven to a net loss of $2 million, in the fiscal first quarter, including a $1.9 million benefit from prepayment of a discounted note.

Excluding charges, the expected financial report ranges from breakeven to a net loss of $2 million.

PalmSource is the company behind Palm OS, a flexible platform that enables the creation of smart mobile devices. The company licenses Palm OS to mobile information device manufacturers, including PalmOne.

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