UTStarcom Q3 net loss slightly increases

Fri. November 07, 2008; Posted: 12:09 PM

Nov 07, 2008 (Datamonitor via COMTEX) -- UTSI | Quote | Chart | News | PowerRating -- US-based networking solutions provider UTStarcom has posted net loss of $55.94 millions, or $0.45 per basic share, for the third quarter of 2008, compared to $55.32 million, or $0.46 per basic share, in the corresponding quarter of 2007.

For the third quarter of 2008, the company reported net sales of $180.6 million, compared to $646.5 million in the comparable period of 2007. Gross profit for the third quarter of 2008 was $55.327 million, compared to $64.43 million in the same quarter of 2007.

For the nine months ended September 30, 2008, the company posted net loss of $69.36 millions, or $0.56 per basic share, compared to $171.01 million, or $1.41 per basic share, in the corresponding period of 2007. Net sales for the first nine months of 2008 decreased to $1.34 billion from $1.66 billion in the comparable period of 2007. Gross profit increased to $231.35 million in the first nine months of 2008 from $219.44 million in the corresponding period of 2007.

Peter Blackmore, CEO and president of UTStarcom, said: "During the third quarter we continued to execute on our strategy of divesting our non-core businesses. As a result, we have reduced our operating expenses and greatly improved our balance sheet. Meanwhile our lead IP-based infrastructure products continued to support telecom networks in our key geographic markets."

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For full details on UTStarcom Inc (UTSI) click here. UTStarcom Inc (UTSI) has Short Term PowerRatings of 5. Details on UTStarcom Inc (UTSI) Short Term PowerRatings is available at This Link.

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