PalmSource, the spun off software arm of handheld firm Palm, has increased its net losses despite better revenues.
For the three months to 28 November, PalmSource saw revenues rise 13 per cent over the same period last year, from $14.8m to $16.8m.
Based on generally accepted accounting principles (GAAP), the net loss for the period was $9.1m or $0.89 per share. This compares to a GAAP net loss for the same quarter 12 months ago of $8.3m or $0.83 per share.
On a non-GAAP basis which excludes the effect of stock-based compensation, amortisation of intangible assets, restructuring and separation (related to the spin out of PalmSource from PalmOne), net loss for the second quarter of fiscal 2004 narrowed to $0.3 million, or $0.03 per share.
This compares to a non-GAAP net loss for the second quarter of fiscal 2003 of $6m or $0.60 per share.
At 28 November 2003 the firm's cash, cash equivalents and restricted investments totalled $35.7m.
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