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UTStarcom Releases Quarterly Financial Results

IPTV and IP-based broadband and switching solutions company UTStarcom (UTSI) reported financial results for the fourth quarter of 2007 and for the full year ended December 31, 2007 and said net sales for the fourth quarter 2007 were US$806 million as compared to US$704 million in the same quarter of 2006.

"Beginning in the fourth quarter of 2007, we launched a number of initiatives, including a restructure of the Company to focus on our core growth technologies, including IPTV, and IP-based softswitch and broadband devices. Through 2008, we shall be very focused on continued operational improvements and the execution of our new strategy," stated Peter Blackmore, chief operating officer of UTStarcom. "We are also actively pursuing our liquidity plan to strengthen our cash position, which includes the divestiture of certain non-core assets. We are committed to fulfilling our goal of returning the company to profitability and positive cash flows."

Net sales for the full year 2007 were US$2.5 billion as compared to US$2.5 billion in 2006. Gross margins for the full year 2007 were 13.0% as compared with 15.7% in 2006. Net loss for the year was US$195.6 million, as compared to a loss of US$117.3 million in 2006.

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