Handspring Revenue Slides, Loss Narrows

The company's results are better than analysts expected for the fourth quarter.
Author:
Publish date:

Handspring

(HAND)

, the handheld-computer maker being acquired by

Palm

(PALM)

, said its fourth-quarter revenue fell sequentially and from a year ago, but the company narrowed its loss in the period.

Revenue for the fourth quarter was $14.5 million, down from $30.8 million in the fiscal third quarter and $49 million in the same period a year ago. Communicator sales accounted for $10.3 million of revenue, while organizers and accessories made up the rest.

Handspring lost $13 million, or 9 cents a share, compared with $15.4 million, or 11 cents a share, last year. Excluding items, the company lost $11.5 million, or 8 cents a share. Analysts polled by Thomson First Call were expecting a loss of 10 cents.

As of June 28, Handspring's unrestricted cash and short-term investments totaled $36.9 million, down $16.3 million sequentially.

Handspring and Palm expect to complete their planned merger in the fall. Shares of Handspring closed

Nasdaq

trading at $1.02.