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The company gave the update while it reported a wider loss and revenue that fell 70 percent from a year ago, in line with its recent warning for a weak fiscal third quarter. Its shares fell 4.7 percent after the report as some investors may have hoped for a specific launch date for Pre. The Pre is seen as Palm's best hope to fight rivals such as Apple Inc and Research In Motion, which have hurt Palm's smartphone sales in recent years. It said it is working hard to have Pre ready for a launch before the middle of the year at its exclusive U.S. carrier partner Sprint Nextel. "There's no showstoppers," said Chief Executive Ed Colligan in a call with analysts. "We plan on delivering on the time frame we said we would." Colligan also told analysts that he already uses Pre as his personal device every day and that it works well but just needs some polishing before it can go on sale. The company also said it has enough money to support the phone's launch. Pre, which will be up against Apple's iPhone and RIM's BlackBerry, is based on a new software system known as webOS and has touchscreen controls. Colligan told analysts that the company has a whole set of future products planned for the system. He said some of these webOS devices could be simpler than Pre and some of them more advanced so that it can target different parts of the market. "There's certainly opportunity for going down stream and taking functionality out and clearly there's things we can do going upscale" he said, adding that carrier customers that had seen its future product plans were impressed. PRE TO HELP MARGINS Once these new products are on sale the company said it aims to be able to report non-gaap gross profit margins of 30 percent plus, similar to margins it had seen in the past for its Treo smartphone line up. Palm said its gross profit margin was 5 percent in the third quarter, ended Feb 27 and 20 percent in the second quarter. 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