Palm reports USD 43.4 mln net loss, smartphone sales grow 29%

Palm reports that is total revenue in Q4 2008, ended May 2008, reached USD 296.2 million. Smartphone sell-through in Q4 reached a record high totaling 968,000 units, up 29 percent year-on-year. Net loss applicable to common shareholders for the fiscal Q4 was USD 43.4 million, or USD 0.40 per diluted share. Net loss applicable to common shareholders included stock-based compensation of USD 5.5 million, amortisation of intangible assets of USD 0.9 million, restructuring charges of USD 1.3 million, impairment of non-current auction rate securities of USD 6.7 million and accretion of series B convertible preferred stock of USD 2.4 million. This compares to net income for Q4 2007 of USD 15.4 million, or USD 0.15 per diluted share, which included stock-based compensation of USD 5.4 million and amortization of intangible assets of USD 1 million. EBITDA totaled negative USD 40.4 million and adjusted EBITDA totaled negative USD 26.4 million.

Source:Telecompaper