UTStarcom Completes Cash Balance Confirmation Report
BEIJING, Nov. 16, 2011 /PRNewswire-Asia-FirstCall/ -- UTStarcom Holdings Corp. ("UTStarcom" or the "Company") (NASDAQ: UTSI), a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and broadband for cable and telecom operators, today announced the formal completion of the Company's cash balance confirmation report ("the Report").
UTStarcom's Audit Committee carried out an independent cash confirmation procedure by obtaining written confirmations from the seventeen domestic banks that the Company holds cash and cash equivalents on deposit. By November 8, 2011, all seventeen banks had responded to confirm that, as of September 30, 2011, the Company's cash balances in China totaled RMB 810.9 million, and US$10.6 million.
The majority of the banks the Company deals with in China are leading state-owned banks. The Company's cash balances are predominantly in savings and checking accounts.
The confirmation process is a part of UTStarcom's annual year-end audit procedure.
As of September 30, 2011, UTStarcom's total balance of cash, cash equivalents, and short-term investments totaled US$305.9 million, with zero debt. 40% of the Company's total cash is deposited in Chinese renminbi, 32% is deposited in U.S. dollars, and 20% in Japanese yen.
About UTStarcom Holdings Corp.
UTStarcom is a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and Broadband for cable and telecom operators. The Company sells its solutions to operators in both emerging and established telecommunications and cable 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 listed on the NASDAQ in 2000, the Company has its operational headquarters in Beijing, China and research and development operations in China and India. For more information about UTStarcom, visit the Company's Web site at http://www.utstar.com.
SOURCE UTStarcom, Inc.