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Palm Reports Net Loss

Palm reported revenue of $360.8 million and a net loss of $8 million for its first quarter, ended Aug. 31.

The company said its smartphone sales for the quarter hit 689,000 units, up 21 percent year-over-year. Smartphone revenue was $302.2 million, up 12 percent from the year-ago period.

The net loss for the quarter included stock-based compensation expense of approximately $5.1 million, amortization of intangible assets of approximately $1 million, patent acquisition cost of $5 million, restructuring charges of approximately $6.6 million, and a gain on sale of land of approximately $4.4 million. This compares to first-quarter fiscal year net income of $16.5 million.

Net income in the first fiscal quarter totaled $9.7 million, and earnings before interest, taxes, depreciation and amortization totaled $4.1 million.