UTStarcom Reports Q2 Sales of $406 Million, up 23% Sequentially

UTStarcom reported Q2 net sales of $405.8 million, a sequential increase of 23% over the $330.5 million in net sales reported in the previous quarter and a 75 percent increase over the $231.5 million in net sales reported in the second quarter of 2002. Net income for Q2 2003 increased 53% year-over-year to $39.4 million, or $0.33 per share, compared to net income of $25.7 million, or $0.22 per share, for Q1 2003. The quarter marked UTStarcomm's best financial performance to date. The company announced more than $240 million of contracts in Q2. UTStarcom is again raising its guidance for 2003. Q3 revenue is now expected to be in the range of $495 million to $505 million, with earnings per share expected to be approximately $0.42-$0.43 for the quarter on a GAAP basis.
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