Palm Reports Record Fiscal 2006 Results - Treo Revenue of $1.1B Up 85%

Posted on July 2nd, 2006 by Tadd Rosenfeld

SUNNYVALE, Calif., Jun 29, 2006 (Press Release) — Palm, Inc. (Nasdaq:PALM) today reported that revenue in its fourth quarter of fiscal year 2006, ended June 2, totaled $403.1 million, up 20 percent from the year-ago quarter. For the full fiscal year 2006, revenue totaled $1.6 billion, up 24 percent from fiscal year 2005.

Net income for the quarter was $27.2 million, or $0.25 per diluted share. This compares to net income for the fourth quarter of fiscal year 2005 of $17.7 million, or $0.17 per diluted share, and net income for the third quarter of fiscal year 2006 of $29.9 million, or $0.28 per diluted share.

Net income in the fourth fiscal quarter, measured on a non-GAAP(1) basis, totaled $30.6 million, or $0.29 per diluted share, excluding the effects of amortization of intangible assets and deferred stock-based compensation, legal settlements, restructuring charges, the related income tax provision and the partial reversal of our valuation allowance against our deferred tax assets. This compares to non-GAAP net income in the fourth quarter of fiscal year 2005 of $19.2 million, or $0.19 per diluted share, which excluded the effects of amortization of intangible assets and deferred stock-based compensation, employee separation costs and restructuring charges.

“Treo smartphone sales surpassed an important milestone — $1 billion in revenue for the fiscal year,” said Ed Colligan, Palm president and chief executive officer. “Our product engine is firing on all cylinders as evidenced by our recent introductions of both the Treo 700w and the Treo 700p, each of which offers a different operating system, 3G radios and robust application suites, and we delivered these products to multiple carriers simultaneously. We enter fiscal year 2007 as a strong leader, capable of delivering on the rich potential of mobile computing on a global scale.”

Click Here For Complete Financial Results (and Notes/Disclaimers) From Palm.

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