Palm has just released their results for Q1 of Financial Year 2009. Total revenue was $336.9 million. Palm lost $41.9 million on that revenue. Smartphone sell-through was just over a million units, up nearly 50% year over year, though revenue on smartphones was only up 10% over the same period last year.

As reported at TreoCentral, last quarter Palm posted a loss of $43.4 millions dollars on $296.2 million in revenue. This quarter's results are fairly comparable, though it's slightly heartening that Palm has managed to increase revenue and decrease losses, if only by small amounts.

Ed Colligan's statement in the Press Release follows the same theme they've been talking about for over a year now: Palm is going to re-establish their brand when they launch the new platform next year. The only added twist this time around is that Colligan was able to talk about "momentum," presumably referencing the fact that revenue is finally headed up and losses have ceased getting worse:

"I'm pleased with our momentum as we work to re-establish Palm as the leading innovator in the smartphone marketplace," said Ed Colligan, Palm president and chief executive officer. "While we're still in the midst of our transformation and have challenges ahead, we are bringing outstanding new products to market, hiring world-class talent and preparing to launch a new platform that will usher in a new era at Palm."

Palm has released the Treo 800w this past quarter on Sprint, which may have helped push revenue up and trim losses a bit, though frankly we were expecting a larger dent on both fronts. We are expecting that the 800w will be made available on Verizon next month. This will help further bolster Palm's bottom line as the Treo 800w is a much higher-margin device than the Centro.

Also coming to Palm's financial is the upcoming worldwide release of the Treo Pro. It's difficult to say exactly how big the financial bump from the Treo Pro will be, however, because as it there are no agreements with AT&T to officially sell the device on their network. Instead, it is being sold only as an unlocked device for $550, a price that likely gives many consumers sticker shock. The Treo Pro does have carrier partnerships throughout Europe and Asia.

As Jennifer reported in June, Palm continues to promise exciting new devices next year based on their next-generation, linux-based operating system. Palm still intends to focus their Windows Mobile efforts on the corporate space while marketing the Centro to consumers who are new to the smartphone market.

Palm is hosting a conference call about these results within the hour, TreoCentral will be there!

Press Release Below:

SUNNYVALE, Calif., Sep 18, 2008 (BUSINESS WIRE) -- Palm, Inc. (NASDAQ:PALM) today reported that total revenue in the first quarter of fiscal year 2009 was $366.9 million. Smartphone sell-through for the quarter was 1,029,000 units, up 49 percent year over year. Smartphone revenue was $333.8 million, up 10 percent from the year-ago period.

"I'm pleased with our momentum as we work to re-establish Palm as the leading innovator in the smartphone marketplace," said Ed Colligan, Palm president and chief executive officer. "While we're still in the midst of our transformation and have challenges ahead, we are bringing outstanding new products to market, hiring world-class talent and preparing to launch a new platform that will usher in a new era at Palm."

Net loss applicable to common shareholders for the first quarter of fiscal year 2009 was $(41.9) million, or $(0.39) per diluted common share. Net loss applicable to common shareholders included stock-based compensation of $7.0 million, amortization of intangible assets of $0.9 million, patent acquisition cost (refund) of $(1.5) million, restructuring charges (adjustments) of $(0.5) million, impairment of non-current auction rate securities of $15.0 million and accretion of series B convertible preferred stock of $2.4 million. This compares to net loss for the first quarter of fiscal year 2008 of $(0.8) million, or $(0.01) per diluted common share, which included stock-based compensation of $5.1 million, amortization of intangible assets of $1.0 million, patent acquisition cost (refund) of $5.0 million, restructuring charges (adjustments) of $6.6 million and gain on sale of land of $(4.4) million.

Net loss for the first quarter of fiscal year 2009, measured on a non-GAAP(1) basis, totaled $(12.8) million, or $(0.12) per diluted share, excluding stock-based compensation, amortization of intangible assets, patent acquisition cost (refund), restructuring charges (adjustments), impairment of non-current auction rate securities and accretion of series B convertible preferred stock and adjusting the related income tax benefit to 40 percent. This compares to non-GAAP net income for the first quarter of fiscal year 2008 of $9.7 million, or $0.09 per diluted share, which excluded the effects of stock-based compensation, amortization of intangible assets, patent acquisition cost (refund), restructuring charges (adjustments), gain on sale of land and adjusting the related income tax provision to 40 percent.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the first quarter of fiscal year 2009 totaled negative $27.8 million. EBITDA, adjusted to add back stock-based compensation, net other income (expense), patent acquisition cost (refund), restructuring charges (adjustments) and impairment of non-current auction rate securities, or Adjusted EBITDA, totaled negative $7.4 million.

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