Palm, Inc. reported revenues of $172.3 million for the first quarter of fiscal year 2003, ended August 30, 2002, down 20 percent from the $214.3 million reported during the comparable quarter a year ago.

Pro forma net loss in this first quarter–which excludes the effects of the change in the valuation allowance for deferred tax assets, amortization of intangible assets, separation costs, and restructuring charges–totaled $36.4 million, or $0.06 per share. This compares with a first quarter of fiscal year 2002 pro forma net loss of $38.7 million, or $0.07 per share, which excluded the effects of the reduction in special excess inventory costs, amortization of intangible assets, separation costs, and restructuring charges.