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Palm posts 'record' full-year figures

Not entirely due to kit sales, though

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Palm saw its sales rise both sequentially and year on year, the PDA pioneer said yesterday. Revenues for the three months to 2 June 2006 - the company's fourth quarter - came to $403.1m, up 20 per cent on the year-ago quarter and up 3.8 per cent on the previous one.

Net income totalled $27.2m (25 cents a share), down from the previous quarter's $29.9m (28 cents a share) but well up on the $17.7m (17 cents a share) the company announced this time last year.

On a non-GAAP basis, the Q4 FY2006 and Q4FY2005 figures are $30.6m and $19.2m, respectively.

Revenue for the full FY2006 was $1.6bn, up 24 per cent from the $1.3bn reported last year. Net income for the 12-month period was $336.2m ($3.19 per share), rather more than the $66.4m ($0.65 per share) posted for FY2005. Non-GAAP net income for the year was a more modest $88.5m ($0.85 per share), up from $78.9m last year and revealing the advantage of intangible-asset amortisation, the reversal of valuation allowancea against deferred tax assets and so on.

Palm shipped 623,000 Treo smart phones in Q4, taking the year's total to 2.3m. Despite the market's decline, the company shipped 495,000 PDAs during the three-month period - enough to ensure it sold more PDAs in FY2006 - 2.4m - than phones. However, Treo is where the money is: Palm's full-year Treo revenues exceeded $1bn - more than 62 per cent of the total.

Palm said it expects FY2007, now under way, to see revenues rise 20-25 per cent to $380-385m. ®

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