UTStarcom Q3 net loss decreases

UTStarcom, a provider of IP-based communication products and services, has reported a net loss attributable to the company of $34.58 million, or $0.27 per share, for the third quarter ended September 30, 2009, compared to a net loss of $55.94 million, or $0.45 per share, in the third quarter of 2008.

For the third quarter of 2009, net sales were $70.50 million, compared to $180.61 million in the same quarter of 2008.

For the first nine months ended September 30, 2009, net sales were $270.01 million, compared to $1.39 billion in the same period of 2008. Net loss attributable to the company was $186.29 million, or $1.47 per share, compared to a net loss of $69.37 million, or $0.56 per share, in the same period of 2008.

Peter Blackmore, CEO and president of UTStarcom, said: "The third quarter was a time of transition for our company as we worked aggressively to execute the corporate initiatives we announced in June. We have implemented significant changes that enable us to invest in selective IP-based infrastructure products and key geographic regions. Meanwhile we continue to improve our operational structure so we can achieve our financial goals in 2010 and beyond."

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