Very strong sales of Treo boosted Palm's (NASDAQ:PALM) Q2/FY2005 revenues, which reached $444 million (£255m), and net income almost $261milion (£150m). However, net income reflects "the effect of a partial reversal of a deferred tax asset valuation allowance of $226.3 million". Take this fiscal trick in count, and the net income for Q2/2005 is $24.7 million. For Q3/FY2006, Palm expects revenues of $370-375m on GAAP basis (that's for 'Generally Accepted Accounting Principles', for those not in the know of the financial jargon).
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