Palm's latest quarterly results might have been pretty gloomy, with a loss of $9.6M on revenue of $349M and an expected drop in revenue to $310M next quarter, but according to CEO Ed Colligan, the ship is about to be righted. Speaking to analysts during the company's financial results conference call, Colligan said that a combination of cost-cutting measures, a reduction in the number of devices in Palm's lineup, and work on the next Palm OS would revive Palm's flagging fortunes. Ed also said that there was "no acceptable excuse" for missing the launch of the Treo 755p on Verizon in Q4, and that Palm was "done" revising existing products -- instead focusing on "breakthrough" devices and "revolutionary designs." We can only hope he's telling the truth -- and of course, we've got some suggestions for him if he's out of ideas.