Handspring, Inc. announced revenue of $54.1 million for the first quarter of fiscal 2003 ended September 28, 2002, compared with $61.4 million for the same period last year and $49.0 million in Q4 fiscal 2002. Net loss during Q1 was $15.3 million. Excluding amortization of deferred stock compensation and intangibles and a charge associated with the restructuring, Handspring reported a net loss of $10.0 million for the quarter. Excluding these costs, total operating expenses were $23.8 million, or 44% of revenue. The company also reported gross margins of 24.4% during the first quarter as compared to gross margins of 24.5% in the prior quarter. The company’s ending cash and investments balance was $118 million, of which $73.8 million was unrestricted.