UTStarcom raised its revenue guidance for 2004. The new 2004 financial guidance is as follows:
- Revenue of $2.5-$2.55 billion, an increase of $50-$100 million, versus previous guidance of $2.4-$2.5 billion
- Gross Margin guidance remains 30%-32%
- Increase in Operating Income of $15-$30 million
- Impact of the equity offering -- 12.1 million additional shares -- Interest income of $7 million -- $0.10 EPS dilution
- Increase in Net Income of $15-$25 million
- GAAP EPS guidance of $1.87-$1.92 versus previous guidance of $1.92-$1.95
- On 08-Jan-2004, UTStarcom agreed to sell 12.1 million shares of its common stock to Banc of America Securities. The company also granted Banc of America Securities an over-allotment option to purchase an additional 1.8 million shares of its common stock.
