IR/インベスターリレーションズ
UTStarcom Releases Financial Results for the First Quarter of 2007
ALAMEDA, Calif., Oct. 17 /PRNewswire-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI), a global leader in IP-based, end-to-end networking solutions
and services, today reported financial results for the first quarter of 2007.
The Company also announced it expected to file its financial results for the
second quarter of 2007 as soon as practicable, at which time the Company will
host a conference call with investors to discuss both first and second quarter
results.
UTStarcom Releases Financial Results for the First Quarter of 2007
Company Expects to Report Second Quarter Financial Results As Soon As Practicable - At Which Time The Company Will Host a Conference Call to Discuss Both Q1 and Q2 Results
(Logo: http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO)
Net sales for the first quarter 2007 were
for the first quarter 2007 were 15.8% and net loss for the quarter was
million
'Although we are disappointed with our first quarter results, as we begin
to look forward, we are encouraged by the number of new contracts and new
customers we signed recently as well as the momentum of our core businesses,
particularly for IPTV in
Officer of UTStarcom, Inc.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The company sells its broadband,
wireless, and handset solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables its customers
to rapidly deploy revenue-generating access services using their existing
infrastructure, while providing a migration path to cost-efficient, end-to-end
IP networks. Founded in 1991 and headquartered in Alameda, California, the
company has research and design operations in the
and
For more information about UTStarcom, visit the company's Web site at
http://www.utstar.com.
Forward-Looking Statements
This release includes forward-looking statements, including the foregoing
statements regarding the Company's expectations with respect to the timing of
its filing of its financial statements for the second quarter of 2007 with the
Securities and Exchange Commission. These statements are forward-looking in
nature and subject to risks and uncertainties that may cause actual results to
differ materially. These risks include the ability of the Company to complete
its preparation of its Form 10-Q for the quarter ended
Company also refers readers to the risk factors identified in its latest
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, as filed with the Securities and Exchange Commission.
UTStarcom, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2007 2006
ASSETS (Unaudited) (As reported)
Current assets:
Cash, cash equivalents and short-term
investments $572,918 $671,169
Accounts receivable, net 352,936 406,080
Notes receivable 6,161 5,060
Inventories 654,662 635,838
Prepaids and other current assets 132,004 101,795
Short-term restricted cash and
investments 5,620 16,666
Total current assets 1,724,301 1,836,608
Property, plant and equipment, net 210,042 213,155
Long-term investments 45,087 47,809
Goodwill 3,063 3,063
Intangible assets, net 52,397 56,443
Long-term deferred costs 172,895 176,649
Other long-term assets 39,575 40,223
Total assets $2,247,360 $2,373,950
LIABILITIES, MINORITY INTEREST AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $265,519 $304,869
Short-term debt 378,416 102,758
Income taxes payable - 2,483
Customer advances 312,363 265,812
Deferred revenue 96,874 95,742
Other current liabilities 191,807 271,400
Total current liabilities 1,244,979 1,043,064
Long-term deferred revenue 251,369 261,014
Long-term debt 521 275,161
Other long-term liabilities 21,881 13,858
Total liabilities 1,518,750 1,593,097
Minority interest in consolidated
subsidiaries 6,029 6,493
Stockholders' equity:
Common stock: $0.00125 par value;
750,000,000 authorized shares;
121,299,113 issued and 121,294,645
outstanding at March 31, 2007 and
December 31, 2006 152 152
Additional paid-in capital 1,208,349 1,205,592
Accumulated deficit (549,577) (494,244)
Accumulated other comprehensive income 63,696 62,899
Treasury stock: 4,468 shares held in
treasury at March 31, 2007 and
December 31, 2006 (39) (39)
Total stockholders' equity 722,581 774,360
Total liabilities, minority interest
and stockholders' equity $2,247,360 $2,373,950
UTStarcom, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share amounts)
Three months ended March 31,
2007 2006
(Unaudited) (As restated)
Net sales $475,902 $601,981
Cost of sales 400,617 478,190
Gross profit 75,285 123,791
Operating expenses (income):
Selling, general and administrative 79,837 83,727
Research and development 43,662 46,402
Amortization of intangible assets 4,046 4,925
Total net operating expenses 127,545 135,054
Operating loss (52,260) (11,263)
Interest (expense) income (1,815) 32
Other income, net 3,970 3,568
Loss before income taxes, minority
interest and equity in loss of
affiliated companies (50,105) (7,663)
Income tax expense (4,341) (2,839)
Minority interest in losses of
consolidated subsidiaries 464 556
Net loss $(53,982) $(9,946)
Loss per share - Basic and diluted $(0.45) $(0.08)
Weighted average shares used in
per-share calculation:
- Basic and diluted 120,900 120,600
UTStarcom, Inc.
Condensed Consolidated Statement of Cash Flows
(in thousands)
March 31,
2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES: (Unaudited) (As restated)
Net loss $(53,982) $(9,946)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Depreciation and amortization 14,744 17,476
Net (gain) loss on sale of asset (2,699) 4,708
Stock-based compensation expense 2,755 2,425
(Recovery of) provision for doubtful
accounts (5,281) 892
(Recovery of) provision for deferred
costs reserves (1,504) 795
Other 266 (578)
Changes in operating assets and liabilities:
Accounts receivable 60,296 28,787
Inventories (2,422) (4,337)
Deferred costs (5,222) 3,248
Other assets (31,433) (6,771)
Accounts payable (41,324) 18,077
Income taxes payable 5,969 (2,020)
Customer advances 44,298 43,097
Deferred revenue (11,790) 8,789
Other current liabilities (79,336) (50,970)
Net cash provided by (used in)
operating activities (106,665) 53,672
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and
equipment (5,221) (3,162)
Proceeds from the disposition of an
investment interest 1,800 -
Proceeds from the sale of
semiconductor design assets - 19,965
Change in restricted cash and long-
term investments 10,365 (17,037)
Purchase of short-term investments (15,576) (17,041)
Proceeds from sale of short-term
investments 10,483 13,309
Other (70) 499
Net cash provided by (used in)
investing activities 1,781 (3,467)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings 64,621 62,370
Payments on borrowings (64,676) (89,948)
Other (654) (3,184)
Net cash used in financing activities (709) (30,762)
Effect of exchange rate changes on
cash and cash equivalents 2,120 2,374
Net increase (decrease) in cash and
cash equivalents (103,473) 21,817
Cash and cash equivalents at
beginning of period 661,623 645,571
Cash and cash equivalents at end of period $558,150 $667,388
Supplemental disclosure of cash flow information:
Cash paid:
Interest $5,388 $2,511
Income taxes $2,788 $3,801
Non-cash operating activity:
Accounts receivable transferred to
notes receivable $9,240 $8,977
SOURCE UTStarcom, Inc.