UTStarcom, a manufacturer of handsets and customer premise equipment, has posted a GAAP net loss of $80.9m for the fourth quarter of 2008, or $0.65 per share, as compared to a loss of $24.6m, or $0.20 per share, for the same period in 2007.
Net sales for the fourth quarter 2008 were $241m as compared to $806m in the fourth quarter of 2007. Gross margins for the fourth quarter 2008 were 12.4% as compared to 12.7% in the fourth quarter of 2007. The operating loss for the fourth quarter of 2008 and 2007 was $79m and $53m, respectively.
The GAAP net loss for the full year 2008 was $150.3m, or $1.22 per share, as compared to a loss of $195.6m, or $1.62 per share in the prior year.
Net sales for the year 2008 were $1.6 billion as compared to $2.5 billion for the year 2007. Gross margins for the year 2008 were 15.9% as compared to 13% in 2007. The operating loss for the full year 2008 and 2007 was $176m and $212m, respectively.
Peter Blackmore, CEO and president of UTStarcom, said: We ended the year with net cash and short term investments of $314 million. During the fourth quarter we also announced aggressive actions to further reduce our operating expenses and streamline our business. We shall continue to drive further reductions in expenses during 2009 as we focus on growing revenues in our core IP based product portfolio.
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