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Bed Bath & Beyond Inc. Message Board

  • nsthil nsthil Apr 7, 2008 12:36 PM Flag

    PALM losses increased due to ARS writedown

    announced this morning. We will see if BBBY has any ARS writedowns and how that will possibly affect their cash balance and ability to keep up with share buybacks combined with a rapidly slowing economy.

    Palm 3Q Loss Was Bigger Than Reported
    Monday April 7, 12:10 pm ET
    Palm Revises Results, Reports $25 Million Charge for Auction Rate Securities

    SAN JOSE, Calif. (AP) -- Handset maker Palm Inc. says it lost more in the third quarter than it initially reported as a result of a write-down for the diminished value of some securities.
    The company said Monday it lost $57 million in the three months ended in Feb. 28 rather than the $31.5 million that it reported last month.

    The change comes as a result of a $25 million write-down for auction-rate securities that have lost value since the collapse of that debt market in February.

    The revised $57 million loss contrasts with a profit of $11.8 million in the year-ago period.

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