Earnings Briefs

By Staff On Aug 18 2003 - 6:00am

Handspring Revenue, Profit Slide Prior To Palm Acquisition

Mountain View, Calif.— Personal communications and handheld computing company Handspring reported revenue of $14.5 million in its fiscal fourth quarter, ended June 28, compared with $49 million in the year-ago period. Revenue in the quarter included $10.3 million in communicator sales and $4.2 million in sales of organizers and accessories. Handspring, which is being acquired by Palm (the transaction is expected to close in the fall), recorded a net loss of $13 million in the fourth quarter, compared with a net loss of $15.4 million year-on-year. For the fiscal year, revenue dropped to $147.3 million, down from $240.7 million in the preceding 12 months. The company reported a 12-month net loss of $131.1 million, compared with a net loss of $91.6 million in the same period a year earlier. Excluding amortization of deferred stock compensation and intangible assets, the 12-month net loss reached $46.6 million, compared with a loss of $71.4 million a year ago.

Ingram Micro N.A. Sales Drop 13.1%; N.A. Profit Slides In Qtr.

Santa Ana, Calif.— Soft North American demand early in the second quarter, ended June 28, reduced regional sales in that area for Ingram Micro by 13.1 percent, down to $2.57 billion. North American operating income was $19.9 million in the second quarter, compared with $24.4 million in the year-ago period. Excluding reorganization costs, North American operating income hit $27.5 million in the second three months, compared with $26.9 million in the same quarter in 2002. The company, which is a global wholesale provider of technology products and services, saw consolidated sales drop 3.4 percent in the quarter, down to $5.2 billion, compared with $5.4 billion year-on-year. Net income decreased to $11.5 million in the second quarter, down from $8.8 million in the same period a year earlier. Excluding costs, second quarter net income reached $19.6 million vs. $12.2 million a year ago.

Imation Q2 Sales Increase 2.5%, Net Drops By $2 Million

Oakdale, Minn. — Removable data storage media supplier Imation recorded a 2.5 percent sales increase in the second quarter, ended June 30, hitting $268 million, up from $261.4 million in the year-ago period. The data storage and information management segment revenue of $254.7 million increased 3.8 percent. Overall second quarter net income, however, dropped to $19.4 million, down from $21.5 million in the same three months in 2002. Gross margin climbed 30 basis points, to 30.4 percent in the second quarter. Even with economic uncertainty, Imation remains confident in its goal of 5 percent to 10 percent full-year data-storage-segment revenue growth. Full-year operating income outlook is 10 percent to 15 percent year-on-year growth, excluding litigation and restructuring benefits in 2002. Gross margin for the year is estimated in the range of 30 percent to 32 percent. Selling, general and administrative spending is targeted between 15.5 percent and 16 percent.

Plantronics Q1 Revenue Increases 15.5%, Income Rises

Santa Cruz, Calif. — New headsets for mobile phones were the major contributor to revenue growth at communications headset maker Plantronics in the company's fiscal first quarter, ended June 30. Revenue increased 15.5 percent, hitting $92.8 million, up from $80.3 million in the same three months in 2002. Operating income increased from $13.6 million to $15.7 million year over year. First quarter net income reached $11.3 million, up from $10.2 million in the year-ago period.