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UTStarcom Releases Financial Results for the Second Quarter of 2010
ALAMEDA, Calif., August 4, 2010 UTStarcom, Inc. (Nasdaq: UTSI), today reported financial results for the second quarter of 2010 ended June 30, 2010.
Our second quarter performance reflects continued progress towards restructuring the company and an improved business model, said Peter Blackmore, UTStarcoms chief executive officer and president. We are optimistic about the market opportunity for IPTV and broadband in China, India and Japan and remain focused on growing bookings in these areas to achieve profitability.
Second quarter 2010 Financial Results
Net sales for the second quarter of 2010 were $73.2 million as compared to $80.2 million in the second quarter of 2009. Gross margin for the second quarter of 2010 were 31% as compared to gross loss of 20% in the second quarter of 2009. The operating loss for the second quarter of 2010 and 2009 were $5.1 million and $85.4 million, respectively.
The GAAP net loss attributable to UTStarcom for the second quarter of 2010 was $9.0 million, or a loss of $0.07 per share, as compared to a loss of $84.3 million, or loss of $0.66 per share in the second quarter of 2009.
Second quarter 2010 GAAP operating expenses of 28.0 million include a $2.1 million net gain related to the divestiture of our IP Messaging and US PDSN Assets in the quarter.
Net cash, cash equivalents and short-term investments as of June 30, 2010 was $308.0 million compared to $266.9 million on December 31, 2009.
To enable a comparison of the financial results for the Company on a year-over-year basis the Company has prepared certain 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
The following information was filed by Utstarcom Holdings Corp. (UTSI) on Wednesday, August 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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