UTStarcom Reports Q1

Sunday, 08 May 2011 18:24

UTStarcom, Inc., a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and Broadband for cable and telecom operators, today reported financial results for the first quarter of 2011. Net sales for the first quarter of 2011 were $61.3 million as compared to $80.8 million in the first quarter of 2010. Gross margin for the first quarter of 2011 was 31% as compared to 34% in the first quarter of 2010 and 11% in the fourth quarter of 2010. Gross profit was $19.1 million in the first quarter of 2011 compared to $27.2 millionin the corresponding period of 2010. First quarter 2011 operating expenses were $30.2 million compared to $46.0 million in the same period of 2010. The net loss attributable to UTStarcom for the first quarter of 2011 was $10.3 million or a loss of $0.07 per share, as compared to a loss of $16.0 million, or a loss of $0.12 per share in the first quarter of 2010. Net cash, cash equivalents and short-term investments as of March 31, 2011 was $310.4 million compared to$352.1 million on December 31, 2010. "We continued to make progress in improving our cost structure during the first quarter," said Jack Lu, President and CEO of UTStarcom, "and our gross profit margin increased from the previous quarter, in part due to significant sales for our market-leading PTN product. We remain confident that we will achieve our full year financial targets." UTStarcom Inc