UTStarcom Reports Record Revenues, 13th Quarter of Profits

UTStarcom reported quarterly revenues of $330.5 million, an increase of 80% over the $183.7 million in net sales reported in the prior year period. Net income for the first quarter of 2003 increased 113% year-over-year to $37.3 million, or $0.33 per share. It was the 13th consecutive quarter of profitability for the company. During Q1, UTStarcom announced more than $350 million in contracts and raised its financial outlook for the year. In China, the number of subscribers on UTStarcom's PAS networks increased by 1.8 million to 9.3 million at the end of Q1. The company also highlighted progress for its IP-DSLAM in China and Japan.
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