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UTStarcom Releases Financial Results for the Fourth Quarter and Full Year 2009
ALAMEDA, Calif., March 11, 2010 UTStarcom, Inc. (Nasdaq: UTSI), today reported financial results for the fourth quarter of 2009 and for the full year ended December 31, 2009.
I am pleased we managed to deliver sequential revenue growth in the fourth quarter, particularly as we have repositioned the Company to focus on our core IP-based technology. Our fourth quarter results also reflect continued progress towards executing our restructuring aimed at returning the Company to profitability, said Peter Blackmore, UTStarcoms chief executive officer and president.
Fourth Quarter 2009 Financial Results
Net sales for the fourth quarter 2009 were $116 million as compared to $241 million in the fourth quarter of 2008. Gross margins for the fourth quarter 2009 were 30% as compared to 12% in the fourth quarter of 2008. The operating loss for the fourth quarter of 2009 and 2008 was $41 million and $79 million, respectively.
The GAAP net loss attributable to UTStarcom for the fourth quarter of 2009 was $39 million, or a loss of $0.31 per share, as compared to a loss of $81 million, or $0.65 per share in the fourth quarter of 2008.
The fourth quarter GAAP operating expenses of $76 million was negatively impacted by a $33 million non-cash asset impairment charge related to the Companys Hangzhou facility. As previously disclosed, the company entered into a sale and lease-back agreement related to the Hangzhou facility on December 21, 2009.
Full Year 2009 Financial Results
Net sales for the year 2009 were $386 million as compared to $1.6 billion for the year 2008. Gross profit for the year 2009 was $65 million as compared to $261 million for the year 2008. Gross margins for the year 2009 were 17% as compared to 16% in 2008. The operating loss for the full year 2009 and 2008 was $219 million and $176 million, respectively.
The GAAP net loss attributable to UTStarcom for the full year 2009 was $226 million, or a loss of $1.77 per share, as compared to a loss of $150 million, or $1.22 per share in the prior year.
Net cash, cash equivalents and short-term investments as of December 31, 2009 was $267 million compared to $314 million on December 31, 2008. The cash balance of $267 million includes $7 million deposit related to the sale of the Companys Hangzhou facility, and the remaining net proceeds are expected to be received upon closing of the transaction.
The following information was filed by Utstarcom Holdings Corp. (UTSI) on Thursday, March 11, 2010 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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