UTStarcom Announces it Expects Third Quarter 2014 Revenue to Exceed Original Expectations
HONG KONG, Oct. 13, 2014 (GLOBE NEWSWIRE) -- UTStarcom ("UTStarcom" or "the Company") (Nasdaq:UTSI), a global telecommunications infrastructure provider, today announced that revenue for the third quarter ended September 30, 2014 is expected to exceed original expectations.
The Company currently expects third quarter 2014 revenues to slightly exceed the top end of the previously provided range of $25 – $30 million. In addition, the Company expects to report a sequential improvement in its gross margin versus the second quarter of 2014.
Mr. William Wong, UTStarcom's Chief Executive Officer, stated, "We are very pleased to announce that we expect to exceed our previously provided revenue expectations and believe this, along with an anticipated sequential increase in gross margin, highlights the positive progress we are making in driving our business forward. Importantly, this also follows other significant announcements such as the appointment of our new Chief Financial officer, the opening of our new Silicon Valley office and R&D test center, and the successful launch of various new products. Together, these various business developments should allow us to continue to make substantive improvements in our overall performance and generate positive results for our investors."
The Company intends to release its full third quarter 2014 financial results on Friday, November 14, 2014 and further detail on this will be provided in the coming weeks.
About UTStarcom Holdings Corp.
UTStarcom (Nasdaq:UTSI) is a global telecom infrastructure provider dedicated to developing technology that will serve the rapidly growing demand for bandwidth from cloud-based services, mobile, streaming and other applications. We work with carriers globally, from Asia to the Americas, to meet this demand through a range of innovative broadband packet optical transport and wireless/fixed-line access products and solutions. The company's end-to-end broadband product portfolio, enhanced through in-house Software Defined Networking (SDN)-based orchestration, enables mobile and fixed-line network operators and enterprises worldwide to build highly efficient and resilient future-proof networks for a range of applications, including mobile backhaul, metro aggregation, broadband access and Wi-Fi data offload. Our strategic investments in media operational support service providers expand UTStarcom's capabilities in the field of next generation video platforms. UTStarcom was founded in 1991, started trading on NASDAQ in 2000, and has operating entities in Tokyo, Japan; San Jose, USA; Delhi and Bangalore, India; Hangzhou, China. For more information about UTStarcom, please visit http://www.utstar.com.
This release includes forward-looking statements, including statements regarding the future market and applications of the Company's products and services. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. These include risks and uncertainties regarding the effect of competitive and economic factors, and the Company's reactions to those factors, the Company's ability to execute its business plan and to manage regulatory matters and the risk factors identified in its latest Annual Report on Form 20-F and Current Reports on Form 6-K as filed with the Securities and Exchange Commission. The Company is in a period of transition and the conduct of its business is exposed to additional risks as a result. All forward-looking statements included in this release are based upon information available to the Company as of the date of this release, which may change, and UTStarcom assumes no obligation to update any such forward-looking statement.
CONTACT: For investor and media inquiries, please contact: Jane Zuo UTStarcom Holdings Corp. Tel: +852-3750-7632 Email: firstname.lastname@example.org Daniel DelRe (Hong Kong) Tel: +852-3768-4547 Email: Daniel.DelRe@fticonsulting.com Simona Kormanikova (New York) Tel: +1-212-850-5685 Email: Simona.Kormanikova@fticonsulting.com May Shen (Beijing) Tel: +86-10-8591-1951 Email: May.Shen@fticonsulting.com