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UTStarcom Reduces Loss, Sales Continue Slide
IPTV and IP-based broadband solutions provider UTStarcom Inc. (Nasdaq:UTSI) reports a net loss for the third quarter of 2009 of $34.6 million, compared with a loss of $55.9 million in the third quarter last year. The company noted that it incurred charges of $8.9 million related to its restructure plan, as well as a $1.7 million loss due to the divestiture of its South Korean handset operations. Net sales for the third quarter of 2009 were $70.5 million as compared to $180.6 million in the third quarter of 2008, which the company attributed to the declining market for PAS infrastructure and handsets in China.
UTStarcom booked a net loss of $84.3 million in the second quarter of 2009 and net sales of $80.2 million, according to previous reports.
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