For the third quarter of 2008, the company reported net sales of $180.6 million, compared to $646.5 million in the comparable period of 2007. Gross profit for the third quarter of 2008 was $55.327 million, compared to $64.43 million in the same quarter of 2007.
For the nine months ended September 30, 2008, the company posted net loss of $69.36 millions, or $0.56 per basic share, compared to $171.01 million, or $1.41 per basic share, in the corresponding period of 2007. Net sales for the first nine months of 2008 decreased to $1.34 billion from $1.66 billion in the comparable period of 2007. Gross profit increased to $231.35 million in the first nine months of 2008 from $219.44 million in the corresponding period of 2007.
Peter Blackmore, CEO and president of UTStarcom, said: During the third quarter we continued to execute on our strategy of divesting our non-core businesses. As a result, we have reduced our operating expenses and greatly improved our balance sheet. Meanwhile our lead IP-based infrastructure products continued to support telecom networks in our key geographic markets.
