Feeds

PalmSource spin-off slips again

Summer 2003 at the earliest

  • alert
  • submit to reddit

Palm will now not spin off its operating system subsidiary, PalmSource, until the summer, CEO Eric Benhamou has revealed.

Speaking at a teleconference held to discuss the group's Q3 results, Benhamou admitted "our schedule estimate for the final completion of the PalmSource separation has now moved out to the summer of this year".

Preparing for the separation of the group into two independent entities is taking longer than planned, he said, and "the amount of timed required proved to be longer than originally budgeted".

Discussing the progress of the separation, Benhamou added that the US Internal Revenue Service has said Palm won't have to pay any tax for spinning off PalmSource, and neither will Palm shareholders. Palm is now ready to complete the documents it must submit to the US Securities and Exchange Commission.

Incidentally, Palm expects separation costs to be approximately $3 million during the current quarter, said CFO Judy Bruner. They amounted to $1.7 million during Q3. ®

Related Stories

PalmSource in the black as Palm Q3 slides
Sony keen to buy PalmSource

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.