Handspring Takes a Hit
Hampered by slow sales and investment charges, the handheld computer maker posted a significant net loss for fiscal 3Q.Hampered by slow sales and investment charges, handheld computer maker Handspring Inc. on Tuesday posted a significant net loss for the fiscal third quarter. The Mountain View, Calif., company reported a net loss for the quarter of $90.4 million, or 62 cents per share, compared with a loss of $12.3 million, or eight cents per share in the prior quarter. A year ago, the company had a net loss of $23.6 million, or 18 cents per share. The company, known for its Treo line of handheld computers, recorded a charge against earnings of $75.9 million in the third fiscal quarter to account for the restructuring of a property lease in Sunnyvale, Calif. Excluding charges, the loss for fiscal Q3 was $12.8 million, or 9 cents a share.
Revenue for the quarter was $30.8 million, down from $47.8 million in the second quarter of fiscal 2003 and from $59.7 million in the third quarter a year ago.