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UTSTARCOM RELEASES FINANCIAL RESULTS FOR THE FOURTH
QUARTER AND FULL YEAR 2008
ALAMEDA, Calif., February 26, 2008 UTStarcom, Inc. (Nasdaq: UTSI) today reported financial results for the fourth quarter of 2008 and for the full year ended December 31, 2008.
On July 1, 2008 the Company divested its Personal Communications Division (PCD) which has historically represented a significant portion of the Companys revenues. On December 18, 2008 the Company announced actions to wind down its Korea-based handset manufacturing operations by July 2009. To enable a comparison of the financial results for the Company on a year-over-year basis the Company has prepared certain pro forma non-GAAP results which present the Companys results as if both the divestiture of PCD and the wind down of the Companys Korea-based handset operations were completed prior to each time period presented. The reconciliation between GAAP and these pro forma non-GAAP financial measures is provided at the end of this press release and on the Companys website.
Fourth Quarter 2008 Financial Results
Net sales for the fourth quarter 2008 were $241 million as compared to $806 million in the fourth quarter of 2007. Gross margins for the fourth quarter 2008 were 12.4% as compared to 12.7% in the fourth quarter of 2007. The operating loss for the fourth quarter of 2008 and 2007 was $79 million and $53 million, respectively. The fourth quarter 2008 pro forma non-GAAP revenue was $149 million, the pro forma non-GAAP gross margin was 22.8% and the pro forma non-GAAP operating loss was $70 million. This compares to the fourth quarter 2007 pro forma non-GAAP revenue of $246 million, the pro forma non-GAAP gross margin of 26.8% and the pro forma non-GAAP operating loss of $74 million. The decrease in pro forma non-GAAP revenues and pro forma non-GAAP gross margins primarily reflects the expected volume decline in our PAS business.
The following information was filed by Utstarcom Holdings Corp. (UTSI) on Thursday, February 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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