PalmSource Reports Rocky Results Last Quarter

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PalmSource, Inc. has announced the results for one of its last financial quarters as an independent company. These make it clear why the company felt the need to be acquired.

Revenue for the quarter was $15.8 million, a drop from the $18.2 million it reported in same quarter of last year.

PalmSource had a net loss of $2.0 million or 12 cents per share. In the same period of 2004, it lost $200,000, or 1 cent per share.

The company has only $16.5 million left in cash and cash equivalents. This is down significantly from the $22.2 million it had at the end of last quarter.

These bad results have not had much effect on PalmSource’s share price, as Access Co., Ltd. has agreed to pay $18.50 per share of PalmSource common stock to acquire the company.

Smartphones Taking Over

Palm OS licensees reported shipping a total of approximately 1.2 million units during the quarter, down from the 1.4 million shipped during the same period a year ago.

During this most recent quarter, 44 percent of Palm OS devices shipped were smartphones or cellular-wireless handhelds and 56 percent were traditional handhelds and other mobile handheld devices.

In the same quarter of last year, just 21 percent of Palm OS devices were smartphones and 79 percent were traditional handhelds.

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