Palm, Inc. today indicated that it expects that revenues for the third quarter of fiscal year 2010 will be in the range of $285 million to $310 million on a GAAP basis and in the range of $300 million to $320 million on a non-GAAP basis.1 Revenues for the quarter and full year are being impacted by slower than expected consumer adoption of the company's products that has resulted in lower than expected order volumes from carriers and the deferral of orders to future periods. Accordingly, Palm expects fiscal year 2010 revenues to be well below its previously forecasted range of $1.6 billion to $1.8 billion. The company will provide more detail on its financial results during Palm's third-quarter financial results conference call currently scheduled for Thursday, March 18.
"Palm webOS is recognized as a groundbreaking platform that enables one of the best smartphone experiences available today, and our work to evolve the platform and bring industry-leading technology to market continues. However, driving broad consumer adoption of Palm products is taking longer than we anticipated," said Jon Rubinstein, chairman and chief executive officer. "Our carrier partners remain committed, and we are working closely with them to increase awareness and drive sales of our differentiated Palm products."
The Company expects to close its third fiscal quarter with a cash, cash equivalents and short-term investments balance in excess of $500 million.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and usable ways. The company's groundbreaking Palm webOS platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy, which brings your information from the many places it resides into a single, more comprehensive view of your life.
Showing posts with label Palm. Show all posts
Showing posts with label Palm. Show all posts
Thursday, February 25, 2010
Monday, September 28, 2009
Palm, Inc. Announces Closing of Public Offering
Palm, Inc. today announced the closing of the previously announced public offering of common stock. In total, 23 million shares were sold in the offering for a public offering price of $16.25 per share, including shares subject to the over-allotment option and approximately 2.15 million common shares acquired by Elevation Partners.
"We couldn't be more pleased with the outcome of Palm's public equity offering," said Jon Rubinstein, chairman and chief executive officer of Palm. "We achieved all of our objectives and now have a stronger balance sheet, a stronger shareholder base and a stronger foundation for future growth."
Palm received net proceeds of approximately $359.9 million after deducting underwriting discounts and commissions and estimated offering expenses.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy, which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
Palm, webOS and Synergy are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
"We couldn't be more pleased with the outcome of Palm's public equity offering," said Jon Rubinstein, chairman and chief executive officer of Palm. "We achieved all of our objectives and now have a stronger balance sheet, a stronger shareholder base and a stronger foundation for future growth."
Palm received net proceeds of approximately $359.9 million after deducting underwriting discounts and commissions and estimated offering expenses.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy, which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
Palm, webOS and Synergy are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
Thursday, September 24, 2009
Palm, Inc. Announces Exercise of Over-allotment Option
Palm, Inc. today announced that the underwriters of its previously announced public offering of common stock have fully exercised their over-allotment option to purchase 3,000,000 additional shares of common stock. The option was granted in connection with the public offering of 20,000,000 shares of common stock at a public offering price of $16.25 per share. The exercise of the over-allotment option brings the expected total net proceeds of the public offering to $359.9 million. Palm expects to use the proceeds for working capital and general corporate purposes. Palm also reaffirmed its fiscal year 2010 outlook and its planned product and carrier launches in the second half of Palm's fiscal year ending in May 2010.
The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Goldman, Sachs & Co. and J.P. Morgan Securities, Inc. are serving as the joint bookrunners of this offering and RBC Capital Markets is serving as co-manager. A copy of the prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn: Prospectus Department, by calling 866-471-2526, or by emailing prospectus-ny@ny.email.gs.com, or from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425 Attn: Chase Distribution & Support Service, Northeast Statement Processing, by calling 718-242-8002.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS(TM) platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy(TM), which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
Palm, webOS and Synergy are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Goldman, Sachs & Co. and J.P. Morgan Securities, Inc. are serving as the joint bookrunners of this offering and RBC Capital Markets is serving as co-manager. A copy of the prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn: Prospectus Department, by calling 866-471-2526, or by emailing prospectus-ny@ny.email.gs.com, or from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425 Attn: Chase Distribution & Support Service, Northeast Statement Processing, by calling 718-242-8002.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS(TM) platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy(TM), which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
Palm, webOS and Synergy are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
Wednesday, September 23, 2009
Palm, Inc. Announces Pricing of Public Offering
Palm, Inc. today announced that it increased the size of its previously announced public offering of common stock to 20,000,000 shares. The public offering price will be $16.25 per share. The underwriters will also have a 30-day over-allotment option to purchase 3,000,000 additional shares of common stock from Palm at the public offering price. Upon the closing of the offering, Palm will receive net proceeds of approximately $313.1 million, assuming no exercise of the underwriters' over-allotment option. Palm expects to use the proceeds for working capital and general corporate purposes.
The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Goldman, Sachs & Co. and J.P. Morgan Securities, Inc. are serving as the joint bookrunners of this offering and RBC Capital Markets is serving as co-manager. A copy of the prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn: Prospectus Department, by calling 866-471-2526, or by emailing prospectus-ny@ny.email.gs.com, or from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425 Attn: Chase Distribution & Support Service, Northeast Statement Processing, by calling 718-242-8002.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy, which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Goldman, Sachs & Co. and J.P. Morgan Securities, Inc. are serving as the joint bookrunners of this offering and RBC Capital Markets is serving as co-manager. A copy of the prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn: Prospectus Department, by calling 866-471-2526, or by emailing prospectus-ny@ny.email.gs.com, or from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425 Attn: Chase Distribution & Support Service, Northeast Statement Processing, by calling 718-242-8002.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy, which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
Friday, September 18, 2009
Palm, Inc. Announces Common Stock Offering
Palm, Inc. today announced that it intends to offer, subject to market and other conditions, approximately 16 million shares of common stock. In connection with this offering, the underwriters will have an option to purchase up to an additional 2.4 million shares of common stock to cover over-allotments, if any. The company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933.
The company plans to use the net proceeds for working capital and general corporate purposes.
Elevation Partners has indicated its intention to buy $35 million of Palm shares in the offering, at the publicoffering price.
The company plans to use the net proceeds for working capital and general corporate purposes.
Elevation Partners has indicated its intention to buy $35 million of Palm shares in the offering, at the publicoffering price.
Palm Reports Q1 FY 2010 Results
Palm, Inc. today reported that total revenues in the first quarter of fiscal year 2010, ended Aug. 28, 2009, were $68.0 million. Gross profit was ($2.8) million, and gross margin was (4.1) percent. These results include the effects of subscription accounting applied to Palm webOS products as required by GAAP. In accordance with this methodology, revenues and direct cost of revenues for Palm webOS products (currently Palm Pre smartphone) are deferred and recognized over the product's estimated economic life.
To facilitate comparisons to Palm's historical results, Palm has included non-GAAP adjusted measures, which exclude the impact of subscription accounting, stock-based compensation and other items detailed later in this release. The company believes this information will help investors better evaluate its current period performance and trends in its business.
Non-GAAP Adjusted Revenues in the first quarter totaled $360.7 million, non-GAAP Adjusted Gross Profit was $100.6 million and non-GAAP Adjusted Gross Margin was 27.9 percent.
To facilitate comparisons to Palm's historical results, Palm has included non-GAAP adjusted measures, which exclude the impact of subscription accounting, stock-based compensation and other items detailed later in this release. The company believes this information will help investors better evaluate its current period performance and trends in its business.
Non-GAAP Adjusted Revenues in the first quarter totaled $360.7 million, non-GAAP Adjusted Gross Profit was $100.6 million and non-GAAP Adjusted Gross Margin was 27.9 percent.
Thursday, August 27, 2009
Palm Announces Q1 FY 2010 Results Conference Call Details
Palm, Inc. today said it will announce its first-quarter fiscal year 2010 financial results on Thursday, Sept. 17, shortly after 4 p.m. Eastern (1 p.m. Pacific), followed by a conference call for the public at 4:30 p.m. Eastern (1:30 p.m. Pacific). The conference call will be hosted by Jon Rubinstein, chairman and chief executive officer, and Doug Jeffries, chief financial officer.
Investors and other interested parties are encouraged to listen to the call via audio webcast at Palm's Investor Relations website. Investors wishing to listen to the conference call via telephone may dial 866.700.6979 (domestic) or 617.213.8836 (international). There is no pass code required for the live call. A telephone replay of the conference call will be available through Sept. 24, 2009. The dial-in number for the replay will be 888.286.8010 (domestic) and 617.801.6888 (international). The pass code 41831354 is required for the replay.
About Palm, Inc.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Pre, Palm Treo and Palm Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Palm, Treo, Pre and Centro are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
Investors and other interested parties are encouraged to listen to the call via audio webcast at Palm's Investor Relations website. Investors wishing to listen to the conference call via telephone may dial 866.700.6979 (domestic) or 617.213.8836 (international). There is no pass code required for the live call. A telephone replay of the conference call will be available through Sept. 24, 2009. The dial-in number for the replay will be 888.286.8010 (domestic) and 617.801.6888 (international). The pass code 41831354 is required for the replay.
About Palm, Inc.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Pre, Palm Treo and Palm Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Palm, Treo, Pre and Centro are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
Tuesday, August 4, 2009
Palm to Present at Investor Conference
Palm, Inc. today announced that Palm's Chief Financial Officer Douglas Jeffries is scheduled to present at the Pacific Crest Technology Forum in Vail, Colo. on Tuesday, Aug. 11, 2009 at 3:30 p.m. Mountain Time.
About Palm, Inc.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Pre, Palm Treo and Palm Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Palm, Treo, Pre and Centro are among the trademarks or registered trademarks owned by or licensed to Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
About Palm, Inc.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Pre, Palm Treo and Palm Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Palm, Treo, Pre and Centro are among the trademarks or registered trademarks owned by or licensed to Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
Monday, June 1, 2009
Palm Pre VIP Launch Event Benefiting the Iraq and Afghanistan Veterans of America
Palm, Inc.:
WHAT: VIP Event celebrating the launch of the all new Palm Pre.
WHEN: Wednesday, June 3
7 p.m. PT
WHERE: Raleigh Studios Hollywood
5300 Melrose
Hollywood, CA 90038
WHO: Hosted by Palm, Inc. and Sprint
Emceed by Jason Alexander
Special guest performance by one of world's most famous and successful comedians of all time.
About Palm, Inc.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Treo, Pre and Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
WHAT: VIP Event celebrating the launch of the all new Palm Pre.
WHEN: Wednesday, June 3
7 p.m. PT
WHERE: Raleigh Studios Hollywood
5300 Melrose
Hollywood, CA 90038
WHO: Hosted by Palm, Inc. and Sprint
Emceed by Jason Alexander
Special guest performance by one of world's most famous and successful comedians of all time.
About Palm, Inc.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Treo, Pre and Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Wednesday, April 8, 2009
Palm Extends webOS Early Access Program for Developers
Here at the Web 2.0 Expo, Palm, Inc. today revealed additional details regarding its developer program for the new Palm? webOS platform. In a keynote address, Palm's senior vice president of Application Software and Services, Michael Abbott, said that Palm is expanding its early access program for the Palm Mojo Software Development Kit (SDK), and discussed the company's plans for integrating cloud services into the new platform. Palm also today announced an application from MotionApps that will allow legacy Palm OS applications to run on webOS devices.
The Mojo SDK, previously available only to a select group of partners, will be provided to a broader set of interested developers that apply for access to the program at the Palm Developer Network website. Access to the program initially will be limited as the tools and systems continue to be refined and improved, with general availability scheduled for later this year.
"Developers are an incredibly important part of the webOS ecosystem, and we're eager to get the SDK into their hands," said Michael Abbott, senior vice president, Application Software and Services, Palm, Inc. "Now that the SDK will be available to a broader base of developers, we think the enthusiasm for webOS will only grow and accelerate. We're very excited to work with developers to make this unique development environment even better."
With Mojo, developers have the ability to integrate their applications into core webOS functionality, such as linked contacts, layered calendars, multitasking, notifications and GPS capabilities. webOS applications run natively on the device. They don't depend on any server connection to run and can cache data locally. Providing developers with the freedom to integrate unique webOS functionality and services into their applications paves the way for a rich catalog of innovative offerings for webOS users.
Palm webOS is a new kind of mobile platform. Standard web technologies, such as HTML, JavaScript and CSS, are deeply integrated into the webOS architecture, enabling a much broader developer community to easily create compelling applications. The ability to customize webOS applications will appeal to developers and ultimately benefit consumers with a unique and differentiated user experience.
"webOS makes mobile application development incredibly easy - we were able to get a version of Pandora running in no time," said Tom Conrad, chief technology officer, Pandora. "And because webOS has true multitasking capabilities, Pandora runs elegantly in the background while you're using other applications. The unobtrusive notification bar lets you know what's currently playing, and allows you to pause and play without having to go back into the application. It's an incredibly powerful and flexible platform."
"The webOS functionality and integration opportunities provide a richer experience for moviegoers on the go," said Ted Hong, chief marketing officer for Fandango. "With Fandango's webOS application, you can watch trailers and buy tickets, pick your showtime, which is automatically added to your calendar, then get directions to the theatre, and easily forward the showtime to friends or family. You can even create a reminder to let you know when a specific movie is opening so that you can buy tickets in advance on Fandango. The webOS technology helps further our goal of making moviegoing experience as convenient as possible."
Integrated Cloud Services
Palm also announced that it would deploy its first Palm branded cloud service. Cloud services are software resources provided over the Internet. These services can deliver direct benefits to the end user, such as giving them access to their favorite web applications, or can be incorporated by developers into their applications to enhance the end-user experience.
When the Mojo SDK is broadly released later this year, it will include a developer-facing offering called the Mojo Messaging Service, an XMPP publish/subscribe service. The Mojo Messaging Service is an elegant, standards-based way to exchange information over the Internet. When new information is available, it is "published" to the cloud and all interested parties who are subscribers are notified that new information is available. This will allow developers to push live content to their applications or services. The Mojo Messaging Service initially will have a limited feature set and service level that will evolve over time.
Palm OS Emulator Application
Palm also announced that MotionApps (www.motionapps.com) is creating an emulator application that will allow most Palm OS applications to run on webOS devices. The application, called "Classic," will be available for purchase when the Palm Pre phone becomes available from Sprint in the first half of 2009, and gives users peace of mind as they transition to Palm's new webOS.
Since Palm OS applications running in Classic won't be able to leverage core webOS functionality, Palm is working with partners to ensure that popular Palm OS applications are made available on the webOS platform and are optimized to take advantage of everything it has to offer. In the meantime, the MotionApps Classic application will allow customers who have invested in the Palm OS platform to use Palm OS applications they've grown to love and depend upon on their new webOS devices.
The Mojo SDK, previously available only to a select group of partners, will be provided to a broader set of interested developers that apply for access to the program at the Palm Developer Network website. Access to the program initially will be limited as the tools and systems continue to be refined and improved, with general availability scheduled for later this year.
"Developers are an incredibly important part of the webOS ecosystem, and we're eager to get the SDK into their hands," said Michael Abbott, senior vice president, Application Software and Services, Palm, Inc. "Now that the SDK will be available to a broader base of developers, we think the enthusiasm for webOS will only grow and accelerate. We're very excited to work with developers to make this unique development environment even better."
With Mojo, developers have the ability to integrate their applications into core webOS functionality, such as linked contacts, layered calendars, multitasking, notifications and GPS capabilities. webOS applications run natively on the device. They don't depend on any server connection to run and can cache data locally. Providing developers with the freedom to integrate unique webOS functionality and services into their applications paves the way for a rich catalog of innovative offerings for webOS users.
Palm webOS is a new kind of mobile platform. Standard web technologies, such as HTML, JavaScript and CSS, are deeply integrated into the webOS architecture, enabling a much broader developer community to easily create compelling applications. The ability to customize webOS applications will appeal to developers and ultimately benefit consumers with a unique and differentiated user experience.
"webOS makes mobile application development incredibly easy - we were able to get a version of Pandora running in no time," said Tom Conrad, chief technology officer, Pandora. "And because webOS has true multitasking capabilities, Pandora runs elegantly in the background while you're using other applications. The unobtrusive notification bar lets you know what's currently playing, and allows you to pause and play without having to go back into the application. It's an incredibly powerful and flexible platform."
"The webOS functionality and integration opportunities provide a richer experience for moviegoers on the go," said Ted Hong, chief marketing officer for Fandango. "With Fandango's webOS application, you can watch trailers and buy tickets, pick your showtime, which is automatically added to your calendar, then get directions to the theatre, and easily forward the showtime to friends or family. You can even create a reminder to let you know when a specific movie is opening so that you can buy tickets in advance on Fandango. The webOS technology helps further our goal of making moviegoing experience as convenient as possible."
Integrated Cloud Services
Palm also announced that it would deploy its first Palm branded cloud service. Cloud services are software resources provided over the Internet. These services can deliver direct benefits to the end user, such as giving them access to their favorite web applications, or can be incorporated by developers into their applications to enhance the end-user experience.
When the Mojo SDK is broadly released later this year, it will include a developer-facing offering called the Mojo Messaging Service, an XMPP publish/subscribe service. The Mojo Messaging Service is an elegant, standards-based way to exchange information over the Internet. When new information is available, it is "published" to the cloud and all interested parties who are subscribers are notified that new information is available. This will allow developers to push live content to their applications or services. The Mojo Messaging Service initially will have a limited feature set and service level that will evolve over time.
Palm OS Emulator Application
Palm also announced that MotionApps (www.motionapps.com) is creating an emulator application that will allow most Palm OS applications to run on webOS devices. The application, called "Classic," will be available for purchase when the Palm Pre phone becomes available from Sprint in the first half of 2009, and gives users peace of mind as they transition to Palm's new webOS.
Since Palm OS applications running in Classic won't be able to leverage core webOS functionality, Palm is working with partners to ensure that popular Palm OS applications are made available on the webOS platform and are optimized to take advantage of everything it has to offer. In the meantime, the MotionApps Classic application will allow customers who have invested in the Palm OS platform to use Palm OS applications they've grown to love and depend upon on their new webOS devices.
Friday, March 20, 2009
Palm Reports Q3 FY09 Results
Palm, Inc. today reported that total revenue in the third quarter of fiscal year 2009, ended Feb. 27, 2009, was $90.6 million. Smartphone sell-through for the quarter was 482,000 units, down 42 percent year over year. Smartphone revenue was $77.5 million, down 72 percent from the year-ago period.
"We're proceeding through a challenging transitional period, however our current results shouldn't overshadow the tremendous progress we've made against our strategic goals. We're poised to usher in a new era at Palm," said Ed Colligan, Palm president and chief executive officer.
Net loss applicable to common shareholders for the third quarter of fiscal year 2009 was $(98.0) million, or $(0.89) per diluted common share. Net loss applicable to common shareholders included stock-based compensation of $5.3 million, amortization of intangible assets of $0.9 million, restructuring charges of $5.7 million, a casualty loss of $5.0 million, an impairment of non-current auction rate securities of $4.0 million, a gain on a series C derivative of $20.6 million and accretion of series B and series C preferred stocks of $3.0 million. This compares to a net loss applicable to common shareholders for the third quarter of fiscal year 2008 of $(57.0) million or $(0.53) per diluted common share, which included stock-based compensation of $6.2 million, amortization of intangible assets of $1.0 million, restructuring charges of $12.3 million, an impairment of non-current auction rate securities of $25.5 million and accretion of series B preferred stock of $2.4 million.
Net loss for the third quarter of fiscal year 2009, measured on a non-GAAP basis, totaled $(94.7) million, or $(0.86) per diluted share, excluding stock-based compensation, amortization of intangible assets, restructuring charges, a casualty loss, an impairment of non-current auction rate securities, a gain on a series C derivative and accretion of series B and series C preferred stocks. This compares to a non-GAAP net loss for the third quarter of fiscal year 2008 of $(17.0) million, or $(0.16) per diluted share, which excluded the effects of stock-based compensation, amortization of intangible assets, restructuring charges, an impairment of non-current auction rate securities, accretion of series B preferred stock and an adjustment to the related tax provision.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the third quarter of fiscal year 2009 totaled $(81.9) million. EBITDA, adjusted to add back stock-based compensation, net other income (expense), restructuring charges, a casualty loss, an impairment of non-current auction rate securities and a gain on a series C derivative, or Adjusted EBITDA, totaled $(78.6) million.
Cash used in operations for the third quarter of fiscal year 2009 was $(92.1) million. The company's cash, cash equivalents and short-term investments balance was $219.4 million at the end of the third quarter of fiscal year 2009.
Palm recently announced the closing of a public offering of common stock and the associated exercise of its underwriters' over-allotment option. In total, approximately 26.6 million shares were sold in the offering, including shares subject to the over-allotment option and approximately 18.5 million common shares underlying 49 percent of the units of series C preferred stock and warrants acquired by Elevation Partners in January 2009, for a public offering price of $6.00 per share. Elevation Partners, which recouped the $49 million it originally paid for its units included in the offering, used those funds to purchase approximately 8.2 million shares of Palm's common stock in the offering at the public offering price. In total, Palm received estimated net proceeds of approximately $103.6 million after deducting underwriting discounts and commissions, estimated offering expenses and the original purchase price of Elevation Partners' units.
Separately, Palm indicated that since it expects to periodically provide new software features free of charge to customers of its Palm webOS products, including the recently announced Palm Pre, it will recognize Palm webOS product revenues and related standard costs of revenues on a subscription basis based on the applicable product's estimated economic life, which is currently 24 months. The company will be recording deferred revenues and deferred costs of revenues on its balance sheet, and amortizing them into earnings on a straight-line basis over the estimated economic product life. Certain administrative and other related period costs of revenues will be expensed as incurred. This accounting policy will have no impact on cash flows and does not change how Palm accounts for Palm OS products, like the Centro, or its Treo line.
INVESTOR'S NOTE
Palm will host a conference call to review the complete third-quarter fiscal year 2009 financial results beginning at 1:30 p.m. PT / 4:30 p.m. ET. The conference call will be hosted by Ed Colligan, president and chief executive officer, and Doug Jeffries, chief financial officer. Investors and other interested parties are encouraged to listen to the call by logging onto the conference call webcast prior to the start of the conference call at Palm's Investor Relations website. Investors wishing to listen to the conference call via telephone may dial 800.901.5247 (domestic) or 617.786.4501 (international). There is no pass code required for the live call. A telephone replay of the conference call will be available through March 30, 2009. The dial-in number for the replay will be 888.286.8010 (domestic) and 617.801.6888(international). The pass code 15222468 is required for the replay.
"We're proceeding through a challenging transitional period, however our current results shouldn't overshadow the tremendous progress we've made against our strategic goals. We're poised to usher in a new era at Palm," said Ed Colligan, Palm president and chief executive officer.
Net loss applicable to common shareholders for the third quarter of fiscal year 2009 was $(98.0) million, or $(0.89) per diluted common share. Net loss applicable to common shareholders included stock-based compensation of $5.3 million, amortization of intangible assets of $0.9 million, restructuring charges of $5.7 million, a casualty loss of $5.0 million, an impairment of non-current auction rate securities of $4.0 million, a gain on a series C derivative of $20.6 million and accretion of series B and series C preferred stocks of $3.0 million. This compares to a net loss applicable to common shareholders for the third quarter of fiscal year 2008 of $(57.0) million or $(0.53) per diluted common share, which included stock-based compensation of $6.2 million, amortization of intangible assets of $1.0 million, restructuring charges of $12.3 million, an impairment of non-current auction rate securities of $25.5 million and accretion of series B preferred stock of $2.4 million.
Net loss for the third quarter of fiscal year 2009, measured on a non-GAAP basis, totaled $(94.7) million, or $(0.86) per diluted share, excluding stock-based compensation, amortization of intangible assets, restructuring charges, a casualty loss, an impairment of non-current auction rate securities, a gain on a series C derivative and accretion of series B and series C preferred stocks. This compares to a non-GAAP net loss for the third quarter of fiscal year 2008 of $(17.0) million, or $(0.16) per diluted share, which excluded the effects of stock-based compensation, amortization of intangible assets, restructuring charges, an impairment of non-current auction rate securities, accretion of series B preferred stock and an adjustment to the related tax provision.
Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the third quarter of fiscal year 2009 totaled $(81.9) million. EBITDA, adjusted to add back stock-based compensation, net other income (expense), restructuring charges, a casualty loss, an impairment of non-current auction rate securities and a gain on a series C derivative, or Adjusted EBITDA, totaled $(78.6) million.
Cash used in operations for the third quarter of fiscal year 2009 was $(92.1) million. The company's cash, cash equivalents and short-term investments balance was $219.4 million at the end of the third quarter of fiscal year 2009.
Palm recently announced the closing of a public offering of common stock and the associated exercise of its underwriters' over-allotment option. In total, approximately 26.6 million shares were sold in the offering, including shares subject to the over-allotment option and approximately 18.5 million common shares underlying 49 percent of the units of series C preferred stock and warrants acquired by Elevation Partners in January 2009, for a public offering price of $6.00 per share. Elevation Partners, which recouped the $49 million it originally paid for its units included in the offering, used those funds to purchase approximately 8.2 million shares of Palm's common stock in the offering at the public offering price. In total, Palm received estimated net proceeds of approximately $103.6 million after deducting underwriting discounts and commissions, estimated offering expenses and the original purchase price of Elevation Partners' units.
Separately, Palm indicated that since it expects to periodically provide new software features free of charge to customers of its Palm webOS products, including the recently announced Palm Pre, it will recognize Palm webOS product revenues and related standard costs of revenues on a subscription basis based on the applicable product's estimated economic life, which is currently 24 months. The company will be recording deferred revenues and deferred costs of revenues on its balance sheet, and amortizing them into earnings on a straight-line basis over the estimated economic product life. Certain administrative and other related period costs of revenues will be expensed as incurred. This accounting policy will have no impact on cash flows and does not change how Palm accounts for Palm OS products, like the Centro, or its Treo line.
INVESTOR'S NOTE
Palm will host a conference call to review the complete third-quarter fiscal year 2009 financial results beginning at 1:30 p.m. PT / 4:30 p.m. ET. The conference call will be hosted by Ed Colligan, president and chief executive officer, and Doug Jeffries, chief financial officer. Investors and other interested parties are encouraged to listen to the call by logging onto the conference call webcast prior to the start of the conference call at Palm's Investor Relations website. Investors wishing to listen to the conference call via telephone may dial 800.901.5247 (domestic) or 617.786.4501 (international). There is no pass code required for the live call. A telephone replay of the conference call will be available through March 30, 2009. The dial-in number for the replay will be 888.286.8010 (domestic) and 617.801.6888(international). The pass code 15222468 is required for the replay.
Thursday, February 5, 2009
Palm to Present at Investor Conference
Palm, Inc. today announced that Palm's Chief Executive Officer Edward T. Colligan is scheduled to present at the Thomas Weisel Partners Technology, Telecom & Internet Conference 2009 in San Francisco on Wednesday, Feb. 11, 2009 at 9:10 a.m. Pacific Time.
The company invites investors to listen to the live webcast.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Treo, Pre and Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Palm, Treo, Pre and Centro are among the trademarks or registered trademarks owned by or licensed to Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
The company invites investors to listen to the live webcast.
Palm, Inc. is a leading mobile products company, creating instinctive yet powerful mobile products that enable people to better manage their lives on the go. The company's products for consumers, mobile professionals and businesses include Palm Treo, Pre and Centro phones, as well as software, services and accessories.
Palm products are sold through select Internet, retail, reseller and wireless operator channels throughout the world, and at Palm online stores.
Palm, Treo, Pre and Centro are among the trademarks or registered trademarks owned by or licensed to Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
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