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UTStarcom Releases Financial Results for the First Quarter of 2010
ALAMEDA, Calif., May 4, 2010 UTStarcom, Inc. (Nasdaq: UTSI), today reported financial results for the first quarter of 2010 ended March 31, 2010.
Revenue results for the first quarter were in line with expectations. We achieved improved bottom line results compared with the same period a year ago due to the significant changes we have made to our cost structure, said Peter Blackmore, UTStarcoms chief executive officer and president. We will continue to improve our cost structure and build bookings to put UTStarcom on the path to profitability.
First quarter 2010 Financial Results
Net sales for the first quarter 2010 were $81 million as compared to $119 million in the first quarter of 2009. Gross margins for the first quarter 2010 were 34% as compared to 18% in the first quarter of 2009. The operating loss for the first quarter of 2010 and 2009 was $19 million and $59 million, respectively.
The GAAP net loss attributable to UTStarcom for the first quarter of 2010 was $16 million, or a loss of $0.12 per share, as compared to a loss of $67 million, or $0.54 per share in the first quarter of 2009.
The following significant items affected the first quarter 2010 GAAP operating expenses of $46 million:
· A $7.5 million restructuring charge primarily related to restructuring initiatives announced in June 2009.
· A $1.8 million gain related to the sale of a legacy business.
Net cash, cash equivalents and short-term investments as of March 31, 2010 was $235 million compared to $267 million on December 31, 2009.
The following information was filed by Utstarcom Holdings Corp. (UTSI) on Tuesday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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