New Handspring Smartphone Coming this Fall

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Handspring has just announced its most recent quarterly results. As part of this, it said it was going to release at least one new smartphone this fall.

The company said it was going to announce a new smartphone within the next three months that will be available worldwide this fall. According to a spokesperson, Handspring will have a core smartphone platform by the end of this year that will be optimized for multiple carriers and networks. It announced today that one of these will be Orange SA, an large European mobile phone company.

CEO Donna Dubinsky described this as “a significant new product,” so they don’t appear to be talking about just a slight change to the current Treo line.

The Treo line is facing some stiff competition from other smartphones, even within the Palm OS realm. For example, the Kyocera 7135 offers an SD slot and a built-in MP3 player, which the Treos don’t. And Samsung recently announced the SGH-i500, a smartphone that runs Palm OS 5.2 and includes an integrated digital camera.

Considering that the company currently has agreements with both Sprint and Cingular, it seems likely that there will be both GSM/GPRS and CDMA versions of any future smartphone from Handspring.

Financial Results

Revenue for the quarter which ended March 29 was $30.8 million, down from $59.7 million in the same quarter a year ago. This includes $21.1 million in communicator sales and $9.7 million in sales of organizers and accessories.

The company’s bottom line took a big hit this quarter as it has to pay $75.9 million to restructure the lease on its Sunnyvale office. Aside from that, the company lost $12.8 million, or 9 cents per share.

Handspring sold 39,000 Treo communicators during the quarter. To date, it has sold about 180,000 worldwide.

It has stopped producing all its Visor models and is selling off its remaining inventory.

It has $53.2 million in unrestricted cash and short-term investments, down $12.5 million sequentially. The company is pursuing additional financing.



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