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UTStarcom Releases Financial Results for the Third Quarter of 2009
ALAMEDA, Calif., Nov. 5 2009 UTStarcom, Inc. (Nasdaq: UTSI), today reported financial results for the third quarter ended September 30, 2009.
The third quarter was a time of transition for our company as we worked aggressively to execute the corporate initiatives we announced in June, said Peter Blackmore, UTStarcoms chief executive officer and president. We have implemented significant changes that enable us to invest in selective IP-based infrastructure products and key geographic regions. Meanwhile we continue to improve our operational structure so we can achieve our financial goals in 2010 and beyond.
Net sales for the third quarter of 2009 were $70.5 million as compared to $180.6 million in the third quarter of 2008. The decline in sales primarily reflects the China markets continued wind down of the PAS infrastructure and handset businesses. Gross margins for the third quarter of 2009 were 34% as compared to 32% in the third quarter of 2008. The third quarter 2009 operating expenses were $58.0 million compared to $92.2 million a year ago. The reduction in expenses primarily reflects the benefits of ongoing restructuring and cost cutting initiatives. The operating loss for the third quarter of 2009 and 2008 was $33.8 million and $34.9 million, respectively.
The net loss for the third quarter of 2009 was $34.6 million, or ($0.27) per share, and includes $8.9 million in charges primarily related to the restructuring actions announced in June. The third quarter of 2008 net loss was $55.9 million, or ($0.45) per share.
Cash, cash equivalents and short-term investments as of September 30, 2009 was $241.7 million compared to $313.9 million on December 31, 2008.
The following significant items affected the third quarter 2009 GAAP gross margins:
· A benefit of $6.5 million primarily related to the sale of handsets to PCD that were written down in prior periods.
The following information was filed by Utstarcom Holdings Corp. (UTSI) on Thursday, November 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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