Palm, Inc. (PALM:NASDAQ)

Palm, Inc. expected to Report Q2 2010 Results on December 14, 2009. This event was calculated by Capital IQ (Created on September 18, 2009).

Palm Inc. reported unaudited consolidated earnings results for the first quarter ended August 28, 2009. For the quarter, the company's total revenues were $68.0 million compared to $366.9 million a year ago. Non-GAAP adjusted revenues were $360.7 million. On a GAAP basis, net loss applicable to common stockholders was $164.5 million or $1.17 per basic and diluted common share. This compares to a net loss applicable to common stockholders for the first quarter of fiscal year 2009 of $41.9 million or $0.39 per basic and diluted common share. The company's net loss applicable to common stockholders on a GAAP basis reflects new accounting guidance, effective this quarter, which requires the anti-dilutive provisions of the company's series C preferred shares and related warrants to be treated as derivatives for financial reporting purposes. Non-GAAP net loss was $13.6 million, or $0.10 per diluted share. This compares to a non-GAAP net loss for the first quarter of fiscal year 2009 of $12.8 million or $0.12 per diluted share. Earnings before interest, taxes, depreciation and amortization were $149.2 million. EBITDA, adjusted to exclude the impact of subscription accounting, stock-based compensation, net other income (expense), restructuring charges (adjustments), an impairment of non-current auction rate securities and a loss on series C derivatives, or Adjusted EBITDA, were $2.0 million. Cash used in operations was $45.1 million compared to $3.6 million a year ago. Quarterly operating results are, and will continue to be, significantly impacted by the timing and size of product launches. Purchase of property and equipment was $5.1 million compared to $2.4 million a year ago. Operating loss was $127.5 million compared to $21.8 million a year ago. Loss before income taxes was $161.0 million compared to $42.1 million a year ago The company provided earnings guidance for the second quarter and full year of fiscal 2010. For the quarter, due to lower anticipated demand for legacy products, the company expects non-GAAP adjusted revenues to be between $240 million and $270 million. For the full year of fiscal 2010, the company's planned product launches with additional carriers in the second half of its fiscal year, together with continuing sales from products launched in the first half of its fiscal year, are expected to yield stronger operating performance, resulting in non-GAAP adjusted revenues of $1.6 billion to $1.8 billion. The company reported impairment of non-current auction rate securities of $2 million for the first quarter of fiscal year 2010.

Palm Inc. introduced the Palm(R) Pixi(TM) phone for faster, more intuitive and personal communication in a compact and customizable design.(1) With the instinctively useable Palm webOS(TM) platform, strikingly thin design, a visible full keyboard and fashionable personalization options, Palm Pixi lets its express yourself in amazingly useful ways. It's scheduled to be available exclusively from Sprint in time for the holidays. In addition to linking your information from Google(TM), Facebook and Exchange ActiveSync, Palm Pixi adds Yahoo! and LinkedIn integration to Palm Synergy(TM) and assembles it all in a single view.(2) One can get your Yahoo! contacts, calendar and IM, and access to your LinkedIn contacts, including job titles. Synergy on Palm Pixi makes messaging easier by showing one all your conversations with the same person in one chat-style thread, so one can start a conversation on AIM Instant Messenger, Google Talk(TM) or Yahoo! Messenger and continue it by text message later.