Palm Reports Q4 and FY 2009 Results
SUNNYVALE, Calif., -- Palm, Inc. (NASDAQ: PALM) reported that total revenues in the fourth quarter of fiscal year 2009, ended May 29, 2009, were $86.8 million. Gross profit was $20.1 million and gross margin was 23.1 percent. These results include the effects of subscription accounting treatment required by GAAP.(1) In accordance with this methodology, revenues and cost of revenues for the 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.
On a non-GAAP basis, Adjusted Revenues in the fourth quarter totaled $113.2 million, Adjusted Gross Profit was $30.4 million and Adjusted Gross Margin was 26.8 percent.
“The launch of Palm webOS™ and Palm Pre was a major milestone in Palm’s transformation; we have now officially reentered the race,” said Jon Rubinstein, Palm’s chairman and chief executive officer. “We have more to accomplish, but the groundwork is laid for a very promising future here at Palm. Our senior management team is capable, motivated and focused on execution; there is a large group of developers waiting to build great applications for Palm webOS; and we have a new product pipeline that we think will set a standard for the industry.”
Click to read full press release
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.
On a non-GAAP basis, Adjusted Revenues in the fourth quarter totaled $113.2 million, Adjusted Gross Profit was $30.4 million and Adjusted Gross Margin was 26.8 percent.
“The launch of Palm webOS™ and Palm Pre was a major milestone in Palm’s transformation; we have now officially reentered the race,” said Jon Rubinstein, Palm’s chairman and chief executive officer. “We have more to accomplish, but the groundwork is laid for a very promising future here at Palm. Our senior management team is capable, motivated and focused on execution; there is a large group of developers waiting to build great applications for Palm webOS; and we have a new product pipeline that we think will set a standard for the industry.”
Click to read full press release
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