Exhibit 99.1
CONTACTS: | PR2004- CORP04 | |
Dave Vadasz, investor relations | ||
408.503.7200 | ||
dave.vadasz@palmOne.com | ||
Marlene Somsak, media relations | ||
408.503.2592 | ||
marlene.somsak@palmOne.com |
palmOne Reports Q3 FY’04 Results
Revenue Up 23%; Gross Margin Reaches 29%
MILPITAS, Calif., March 22, 2004 — palmOne, Inc. (Nasdaq: PLMO) today reported revenue of $242.5 million for the third quarter of fiscal year 2004, ended Feb. 27, up 22.6 percent from the $197.9 million reported during the third quarter a year ago.
For the third quarter of fiscal year 2004, net loss, in accordance with generally accepted accounting principles (GAAP), was $9.3 million, or $0.20 per share. This compares to a net loss from the year-ago quarter of $172.3 million, or $5.93 per share. The net loss of $9.3 million for this quarter included restructuring charges of $4.5 million and amortization of intangible assets and stock-based compensation of $5.4 million.
Net income in the third quarter of fiscal year 2004, measured on a non-GAAP basis, totaled $0.6 million, or $0.01 per share. This compares to non-GAAP net loss in the third quarter a year ago of $24.7 million, or $0.85 per share. Non-GAAP net income (loss) excludes the effects of amortization of intangible assets and stock-based compensation, impairment charges, restructuring charges and losses from discontinued operations.
“Over the past quarter, we strengthened our leadership in handhelds and saw excellent demand for our Treo smartphone,” said Todd Bradley, palmOne president and chief executive officer. “The strong results this quarter show that our strategy of delivering scale from the handheld product line, coupled with growth from the wireless product line, is working. We are very excited about our prospects.”
The company noted the following year-over-year operational highlights in the quarter’s results:
• | Revenue up 23 percent; |
• | Average selling price of $233 per device, up from $169; |
• | Gross margin at 28.9 percent, up from 23.8 percent; |
• | Inventory-turn improvement to 22 from 20; and |
• | Cash, cash equivalents and short-term investments of $239.8 million, up from $224.8 million. |
During the quarter, palmOne sold approximately 938,000 handheld computing and communications solutions, bringing the total number the company has sold to 25.3 million. In handheld computers, NPD reported that palmOne increased its market share in U.S. all-channel sales (including retail, commercial and online) by 11 percent to 57.7 percent in January, the most recent monthly report, compared with the same period a year ago.
INVESTOR’S NOTE: The company will hold a conference call for the public on Monday, March 22, at 2 p.m. Pacific/5 p.m. Eastern to discuss matters covered in this news release. The dial-in number for the call is888.335.6680 in the United States and973.321.1030for international callers. No pass code is needed. A telephone call replay of the conference call will be available throughApril 2, 2004, beginning March 22at approximately7 p.m.Pacific. The dial-in number for the replay is877.519.4471 (PIN#4590192) in the United States and973.341.3080 (PIN#4590192) for international callers. The live conference call also will be available over the Internet by logging onto the investor relations section of palmOne’s website athttp://ir.palmOne.com. An audio replay and text transcript of the conference call also can be accessed at the same URL beginning on March 22, 2004.
To supplement the company’s consolidated financial statements presented in accordance with GAAP, palmOne uses non-GAAP measures of certain components of financial performance, including operating income (loss), net income (loss) and per share data, which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance and the company’s prospects for the future. Specifically, the company believes the non-GAAP results provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results. These non-GAAP results are among the primary indicators management uses as a basis for planning and forecasting of future periods and facilitating management’s internal comparisons to the company’s historical operating results and comparisons to competitors’
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operating results. In addition, because palmOne has historically reported certain non-GAAP results to investors, the company believes the inclusion of non-GAAP measures provides consistency in the company’s financial reporting. These measures should be considered in addition to results prepared in accordance with generally accepted accounting principles, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP financial measures may also be different from non-GAAP financial measures used by other companies. Consistent with the company’s practice, the non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure.
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding our ability to grow our business, to be profitable, to remain competitive and to continue to lead our industry. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially, including, without limitation, the following: fluctuations in the demand for palmOne’s existing and future products and services and growth in palmOne’s industries and markets; possible defects in products and technologies developed; palmOne’s ability to timely and cost-effectively obtain components and elements of our technology from suppliers; palmOne’s ability to compete with existing and new competitors. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in palmOne’s most recent filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the fiscal quarter ended November 28, 2003. palmOne undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
About palmOne, Inc.
Information about palmOne, Inc. is available athttp://www.palmOne.com.
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palmOne, Handspring, Zire, Tungsten, Treo and Palm OS are among the trademarks or registered trademarks owned by or licensed to palmOne, Inc. or its subsidiaries. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
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palmOne, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
Feb. 28, 2004 | Feb. 28, 2003 | Feb. 28, 2004 | Feb. 28, 2003 | |||||||||||||
Revenues | $ | 242,485 | $ | 197,864 | $ | 682,308 | $ | 620,491 | ||||||||
Costs and operating expenses: | ||||||||||||||||
Cost of revenues (**) | 172,169 | 150,725 | 491,132 | 465,363 | ||||||||||||
Sales and marketing | 38,582 | 42,199 | 116,869 | 123,528 | ||||||||||||
Research and development | 19,831 | 15,702 | 51,607 | 51,178 | ||||||||||||
General and administrative | 9,170 | 9,977 | 27,219 | 27,556 | ||||||||||||
Amortization of intangible assets and stock-based compensation (*) | 5,414 | 530 | 7,473 | 3,029 | ||||||||||||
Impairment charges | — | 102,540 | — | 102,540 | ||||||||||||
Restructuring charges | 4,522 | 37,952 | 8,110 | 35,348 | ||||||||||||
Total costs and operating expenses | 249,688 | 359,625 | 702,410 | 808,542 | ||||||||||||
Operating loss | (7,203 | ) | (161,761 | ) | (20,102 | ) | (188,051 | ) | ||||||||
Interest and other income (expense), net | (486 | ) | (2,574 | ) | 965 | 2,409 | ||||||||||
Loss before income taxes | (7,689 | ) | (164,335 | ) | (19,137 | ) | (185,642 | ) | ||||||||
Income tax provision | 1,633 | 1,413 | 4,415 | 221,858 | ||||||||||||
Loss from continuing operations | (9,322 | ) | (165,748 | ) | (23,552 | ) | (407,500 | ) | ||||||||
Loss from discontinued operations (net of taxes of $0, $647, $252 and $1,552, respectively ) | — | (6,588 | ) | (11,634 | ) | (20,061 | ) | |||||||||
Net loss | $ | (9,322 | ) | $ | (172,336 | ) | $ | (35,186 | ) | $ | (427,561 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | (0.20 | ) | $ | (5.70 | ) | $ | (0.63 | ) | $ | (14.04 | ) | ||||
Discontinued operations | — | (0.23 | ) | (0.31 | ) | (0.69 | ) | |||||||||
$ | (0.20 | ) | $ | (5.93 | ) | $ | (0.94 | ) | $ | (14.73 | ) | |||||
Diluted: | ||||||||||||||||
Continuing operations | $ | (0.20 | ) | $ | (5.70 | ) | $ | (0.63 | ) | $ | (14.04 | ) | ||||
Discontinued operations | — | (0.23 | ) | (0.31 | ) | (0.69 | ) | |||||||||
$ | (0.20 | ) | $ | (5.93 | ) | $ | (0.94 | ) | $ | (14.73 | ) | |||||
Shares used in computing per share amounts: | ||||||||||||||||
Basic | 46,073 | 29,082 | 37,373 | 29,032 | ||||||||||||
Diluted | 46,073 | 29,082 | 37,373 | 29,032 |
(*) | Amortization of intangible assets and stock-based compensation: |
Cost of revenues | $ | 243 | $ | 67 | $ | 331 | $ | 842 | ||||
Sales and marketing | 4,709 | 205 | 6,366 | 598 | ||||||||
Research and development | 68 | 126 | 132 | 1,188 | ||||||||
General and administrative | 394 | 132 | 644 | 401 | ||||||||
$ | 5,414 | $ | 530 | $ | 7,473 | $ | 3,029 | |||||
Certain prior quarter balances have been reclassified to conform to the current quarter presentation.
palmOne’s fiscal periods are generally 13 weeks in length and end on a Friday. For presentation purposes, the periods are presented as ending on Aug. 31, Nov. 30, Feb. 28 and May 31.
(**) | Cost of revenues does not include that portion of amortization of intangible assets and stock-based compensation related to cost of revenues. |
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palmOne, Inc.
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Feb. 28, 2004 | Three Months Ended Feb. 28, 2003 | |||||||||||||||||||||||
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||
Revenues | $ | 242,485 | $ | — | $ | 242,485 | $ | 197,864 | $ | — | $ | 197,864 | ||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||
Cost of revenues (**) | 172,169 | — | 172,169 | 150,725 | — | 150,725 | ||||||||||||||||||
Sales and marketing | 38,582 | — | 38,582 | 42,199 | — | 42,199 | ||||||||||||||||||
Research and development | 19,831 | — | 19,831 | 15,702 | — | 15,702 | ||||||||||||||||||
General and administrative | 9,170 | — | 9,170 | 9,977 | — | 9,977 | ||||||||||||||||||
Amortization of intangible assets and stock-based compensation (*) | 5,414 | (5,414 | ) | — | 530 | (530 | ) | — | ||||||||||||||||
Impairment charges | — | — | — | 102,540 | (102,540 | ) | — | |||||||||||||||||
Restructuring charges | 4,522 | (4,522 | ) | — | 37,952 | (37,952 | ) | — | ||||||||||||||||
Total costs and operating expenses | 249,688 | (9,936 | ) | 239,752 | 359,625 | (141,022 | ) | 218,603 | ||||||||||||||||
Operating income (loss) | (7,203 | ) | 9,936 | 2,733 | (161,761 | ) | 141,022 | (20,739 | ) | |||||||||||||||
Interest and other income (expense), net | (486 | ) | — | (486 | ) | (2,574 | ) | — | (2,574 | ) | ||||||||||||||
Income (loss) before income taxes | (7,689 | ) | 9,936 | 2,247 | (164,335 | ) | 141,022 | (23,313 | ) | |||||||||||||||
Income tax provision | 1,633 | — | 1,633 | 1,413 | — | 1,413 | ||||||||||||||||||
Income (loss) from continuing operations | (9,322 | ) | 9,936 | 614 | (165,748 | ) | 141,022 | (24,726 | ) | |||||||||||||||
Loss from discontinued operations (net of taxes of $0 and $647, respectively) | — | — | — | (6,588 | ) | 6,588 | — | |||||||||||||||||
Net income (loss) | $ | (9,322 | ) | $ | 9,936 | $ | 614 | $ | (172,336 | ) | $ | 147,610 | $ | (24,726 | ) | |||||||||
Net income (loss) per share: | ||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||
Continuing operations | $ | (0.20 | ) | $ | 0.21 | $ | 0.01 | $ | (5.70 | ) | $ | 4.85 | $ | (0.85 | ) | |||||||||
Discontinued operations | — | — | — | (0.23 | ) | 0.23 | — | |||||||||||||||||
$ | (0.20 | ) | $ | 0.21 | $ | 0.01 | $ | (5.93 | ) | $ | 5.08 | $ | (0.85 | ) | ||||||||||
Diluted: | ||||||||||||||||||||||||
Continuing operations | $ | (0.20 | ) | $ | 0.21 | $ | 0.01 | $ | (5.70 | ) | $ | 4.85 | $ | (0.85 | ) | |||||||||
Discontinued operations | — | — | — | (0.23 | ) | 0.23 | — | |||||||||||||||||
$ | (0.20 | ) | $ | 0.21 | $ | 0.01 | $ | (5.93 | ) | $ | 5.08 | $ | (0.85 | ) | ||||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||||||
Basic | 46,073 | — | 46,073 | 29,082 | — | 29,082 | ||||||||||||||||||
Diluted | 46,073 | — | 46,073 | 29,082 | — | 29,082 | ||||||||||||||||||
(*) Amortization of intangible assets and stock-based compensation: | ||||||||||||||||||||||||
Cost of revenues | $ | 243 | $ | (243 | ) | $ | — | $ | 67 | $ | (67 | ) | $ | — | ||||||||||
Sales and marketing | 4,709 | (4,709 | ) | — | 205 | (205 | ) | — | ||||||||||||||||
Research and development | 68 | (68 | ) | — | 126 | (126 | ) | — | ||||||||||||||||
General and administrative | 394 | (394 | ) | — | 132 | (132 | ) | — | ||||||||||||||||
$ | 5,414 | $ | (5,414 | ) | $ | — | $ | 530 | $ | (530 | ) | $ | — | |||||||||||
The above non-GAAP amounts have been adjusted to eliminate amortization of intangible assets and stock-based compensation, impairment charges, restructuring charges and loss from discontinued operations.
Certain prior quarter balances have been reclassified to conform to the current quarter presentation.
palmOne’s fiscal periods are generally 13 weeks in length and end on a Friday. For presentation purposes, the periods are presented as ending on Aug. 31, Nov. 30, Feb. 28 and May 31.
(**) | Cost of revenues does not include that portion of amortization of intangible assets and stock-based compensation related to cost of revenues. |
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palmOne, Inc.
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Nine Months Ended Feb. 28, 2004 | Nine Months Ended Feb. 28, 2003 | |||||||||||||||||||||||
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||
Revenues | $ | 682,308 | $ | — | $ | 682,308 | $ | 620,491 | $ | — | $ | 620,491 | ||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||
Cost of revenues (**) | 491,132 | — | 491,132 | 465,363 | — | 465,363 | ||||||||||||||||||
Sales and marketing | 116,869 | — | 116,869 | 123,528 | — | 123,528 | ||||||||||||||||||
Research and development | 51,607 | — | 51,607 | 51,178 | — | 51,178 | ||||||||||||||||||
General and administrative | 27,219 | — | 27,219 | 27,556 | — | 27,556 | ||||||||||||||||||
Amortization of intangible assets and stock-based compensation (*) | 7,473 | (7,473 | ) | — | 3,029 | (3,029 | ) | — | ||||||||||||||||
Impairment charges | — | — | — | 102,540 | (102,540 | ) | — | |||||||||||||||||
Restructuring charges | 8,110 | (8,110 | ) | — | 35,348 | (35,348 | ) | — | ||||||||||||||||
Total costs and operating expenses | 702,410 | (15,583 | ) | 686,827 | 808,542 | (140,917 | ) | 667,625 | ||||||||||||||||
Operating loss | (20,102 | ) | 15,583 | (4,519 | ) | (188,051 | ) | 140,917 | (47,134 | ) | ||||||||||||||
Interest and other income (expense), net | 965 | — | 965 | 2,409 | — | 2,409 | ||||||||||||||||||
Loss before income taxes | (19,137 | ) | 15,583 | (3,554 | ) | (185,642 | ) | 140,917 | (44,725 | ) | ||||||||||||||
Income tax provision | 4,415 | — | 4,415 | 221,858 | (219,141 | ) | 2,717 | |||||||||||||||||
Loss from continuing operations | (23,552 | ) | 15,583 | (7,969 | ) | (407,500 | ) | 360,058 | (47,442 | ) | ||||||||||||||
Loss from discontinued operations (net of taxes of $252 and $1,552, respectively) | (11,634 | ) | 11,634 | — | (20,061 | ) | 20,061 | — | ||||||||||||||||
Net loss | $ | (35,186 | ) | $ | 27,217 | $ | (7,969 | ) | $ | (427,561 | ) | $ | 380,119 | $ | (47,442 | ) | ||||||||
Net loss per share: | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Continuing operations | $ | (0.63 | ) | $ | 0.42 | $ | (0.21 | ) | $ | (14.04 | ) | $ | 12.41 | $ | (1.63 | ) | ||||||||
Discontinued operations | (0.31 | ) | 0.31 | — | (0.69 | ) | 0.69 | — | ||||||||||||||||
$ | (0.94 | ) | $ | 0.73 | $ | (0.21 | ) | $ | (14.73 | ) | $ | 13.10 | $ | (1.63 | ) | |||||||||
Diluted | ||||||||||||||||||||||||
Continuing operations | $ | (0.63 | ) | $ | 0.42 | $ | (0.21 | ) | $ | (14.04 | ) | $ | 12.41 | $ | (1.63 | ) | ||||||||
Discontinued operations | (0.31 | ) | 0.31 | — | (0.69 | ) | 0.69 | — | ||||||||||||||||
$ | (0.94 | ) | $ | 0.73 | $ | (0.21 | ) | $ | (14.73 | ) | $ | 13.10 | $ | (1.63 | ) | |||||||||
Shares used in computing per share amounts: | ||||||||||||||||||||||||
Basic | 37,373 | — | 37,373 | 29,032 | — | 29,032 | ||||||||||||||||||
Diluted | 37,373 | — | 37,373 | 29,032 | — | 29,032 | ||||||||||||||||||
(*) Amortization of intangible assets and stock-based compensation: | ||||||||||||||||||||||||
Cost of revenues | $ | 331 | $ | (331 | ) | $ | — | $ | 842 | $ | (842 | ) | $ | — | ||||||||||
Sales and marketing | 6,366 | (6,366 | ) | — | 598 | (598 | ) | — | ||||||||||||||||
Research and development | 132 | (132 | ) | — | 1,188 | (1,188 | ) | — | ||||||||||||||||
General and administrative | 644 | (644 | ) | — | 401 | (401 | ) | — | ||||||||||||||||
$ | 7,473 | $ | (7,473 | ) | $ | — | $ | 3,029 | $ | (3,029 | ) | $ | — | |||||||||||
The above non-GAAP amounts have been adjusted to eliminate amortization of intangible assets and stock-based compensation, impairment charges, restructuring charges, the change in the valuation allowance for deferred tax assets and the related income tax provision and loss from discontinued operations.
Certain prior quarter balances have been reclassified to conform to the current quarter presentation.
palmOne’s fiscal periods are generally 13 weeks in length and end on a Friday. For presentation purposes, the periods are presented as ending on Aug. 31, Nov. 30, Feb. 28 and May 31.
(**) | Cost of revenues does not include that portion of amortization of intangible assets and stock-based compensation related to cost of revenues. |
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palmOne, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except par value amounts)
Feb. 28, 2004 | May 31, 2003 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 190,550 | $ | 204,967 | ||||
Short-term investments | 49,261 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $8,274 and $4,635, respectively | 101,452 | 96,784 | ||||||
Inventories | 27,042 | 22,748 | ||||||
Investment for committed tenant improvements | 7,197 | — | ||||||
Prepaids and other | 10,404 | 9,039 | ||||||
Current assets of discontinued operations | — | 37,485 | ||||||
Total current assets | 385,906 | 371,023 | ||||||
Restricted investments | 775 | 948 | ||||||
Land not in use | 60,000 | 60,000 | ||||||
Property and equipment, net | 22,809 | 31,204 | ||||||
Goodwill | 255,327 | 13,815 | ||||||
Intangible assets, net | 12,917 | — | ||||||
Deferred income taxes | 34,800 | 34,800 | ||||||
Other assets | 1,331 | 1,720 | ||||||
Non-current assets of discontinued operations | — | 63,116 | ||||||
Total assets | $ | 773,865 | $ | 576,626 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 111,033 | $ | 89,371 | ||||
Accrued restructuring | 33,230 | 34,886 | ||||||
Provision for committed tenant improvements | 7,197 | — | ||||||
Other accrued liabilities | 115,623 | 100,519 | ||||||
Current liabilities of discontinued operations | — | 12,570 | ||||||
Total current liabilities | 267,083 | 237,346 | ||||||
Non-current liabilities: | ||||||||
Long-term convertible debt | 35,000 | 35,000 | ||||||
Other non-current liabilities | 1,750 | 165 | ||||||
Non-current liabilities of discontinued operations | — | 48,329 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $.001 par value, 125,000 shares authorized; none outstanding | — | — | ||||||
Common stock, $.001 par value, 2,000,000 shares authorized; outstanding Feb. 28, 2004, 46,191 shares; May 31, 2003, 29,230 shares | 46 | 29 | ||||||
Additional paid-in capital | 1,375,196 | 1,123,819 | ||||||
Unamortized deferred stock-based compensation | (2,434 | ) | (508 | ) | ||||
Accumulated deficit | (903,975 | ) | (868,789 | ) | ||||
Accumulated other comprehensive income | 1,199 | 1,235 | ||||||
Total stockholders’ equity | 470,032 | 255,786 | ||||||
Total liabilities and stockholders’ equity | $ | 773,865 | $ | 576,626 | ||||
Certain prior quarter balances have been reclassified to conform to the current quarter presentation.
palmOne’s fiscal periods are generally 13 weeks in length and end on a Friday. For presentation purposes, the periods are presented as ending on Aug. 31, Nov. 30, Feb. 28 and May 31.
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palmOne, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended | ||||||||
Feb. 28, 2004 | Feb. 28, 2003 | |||||||
Cash flows from operating activities: | ||||||||
Loss from continuing operations | $ | (9,322 | ) | $ | (165,748 | ) | ||
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) operating activities: | ||||||||
Depreciation | 5,151 | 6,115 | ||||||
Amortization | 5,625 | 851 | ||||||
Impairment charges | — | 102,540 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 51,535 | 56,762 | ||||||
Inventories | 9,294 | 15,235 | ||||||
Prepaids and other | 6 | 7,709 | ||||||
Accounts payable | (19,977 | ) | (37,930 | ) | ||||
Accrued restructuring | (3,055 | ) | 15,854 | |||||
Other accrued liabilities | (18,547 | ) | (7,121 | ) | ||||
Net cash provided by (used in) operating activities | 20,710 | (5,733 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (770 | ) | (1,537 | ) | ||||
Purchase of short-term investments | (98,762 | ) | — | |||||
Sale of short-term investments | 49,501 | 17,525 | ||||||
Purchase of restricted investments | — | (173 | ) | |||||
Sale of restricted investments | 1,041 | — | ||||||
Net cash provided by (used in) investing activities | (48,990 | ) | 15,815 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock; employee stock plans | 635 | 189 | ||||||
Net cash provided by financing activities | 635 | 189 | ||||||
Change in cash and cash equivalents | (27,645 | ) | 10,271 | |||||
Cash and cash equivalents, beginning of period | 218,195 | 209,482 | ||||||
Cash and cash equivalents, end of period | $ | 190,550 | $ | 219,753 | ||||
Other cash flow information: | ||||||||
Cash paid for income taxes | $ | (582 | ) | $ | (1,154 | ) | ||
Cash paid for interest | $ | (1,191 | ) | $ | (1,274 | ) | ||
Additional information: | ||||||||
Change in cash and cash equivalents | $ | (27,645 | ) | $ | 10,271 | |||
Change in short-term investments | 49,261 | (17,525 | ) | |||||
Change in cash and cash equivalents and short-term investments | $ | 21,616 | $ | (7,254 | ) | |||
Certain prior quarter balances have been reclassified to conform to the current quarter presentation.
palmOne’s fiscal periods are generally 13 weeks in length and end on a Friday. For presentation purposes, the periods are presented as ending on Aug. 31, Nov. 30, Feb. 28 and May 31.
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