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Loss Narrows For UTStarcom
August 7, 2008 |
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| Category: Telecom & Wireless, Wireless
UTStarcom (UTSI) reported its unaudited financial results for the second quarter of 2008 and said net sales for the second quarter of 2008 were USD633 million as compared to USD538 million in the second quarter of 2007, representing an 18% increase.
The operating loss for the second quarter of 2008 was USD31.1 million as compared to an operating loss of USD55.3 million in the second quarter of 2007. This improvement was primarily due to a USD22 million reduction in operating expenses. The net loss for the second quarter of 2008 was USD38.8 million as compared to a net loss of USD61.7 million in the second quarter of 2007.
The Personal Communications Division revenues for the second quarter of 2008 were USD449 million as compared to USD358 million in the second quarter of 2007. Gross margins for the second quarter of 2008 were 13.0% as compared to 14.8% in the second quarter of 2007.
Cash, cash equivalents and short term investments were USD255 million at quarter end, while the total debt was USD29 million. These balance sheet items do not include the proceeds received from completing the divestiture of PCD on July 1, 2008. On July 1, the company closed the divestiture of PCD for expected proceeds of approximately USD240 million subject to certain adjustments. Of this amount, the company received approximately USD216 million in cash with the balance of approximately USD24 million held in escrow accounts.
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