Posts net loss of $39m, compared to a loss of $81m for the same period last year
UTStarcom has reported net sales of $116m for the fourth quarter 2009, a decrease of 51.8% compared to $241m for the same period last year.
The company’s gross margins was up to 30% from 12% for the same period last year. Operating loss for the quarter was $41m compared to $79m a year ago.
For the fourth quarter ended December 31, 2009, the company posted a net loss of $39m, or $0.31 per share, compared to a net loss of $81m, or $0.65 per share for the same period last year.
For the full year 2009, the company reported net sales of $386m, down compared to $1.6bn for the year 2008. Gross profit was down to $65m from $261m in the last year. Operating loss for the year was $219m compared to $176m in 2008 and net loss was $226m, compared to a loss of $150m in the prior year.
Peter Blackmore, CEO and president of UTStarcom, said: “I am pleased we managed to deliver sequential revenue growth in the fourth quarter, particularly as we have repositioned the company to focus on our core IP-based technology. Our fourth quarter results also reflect continued progress towards executing our restructuring aimed at returning the company to profitability.”