UTStarcom Sees Record Revenues of $622.3 Million

UTStarcom reported Q1 sales of $622.3 million, an increase of 88% over net sales of $330.5 million reported in the first quarter of 2003. Net income for the first quarter of 2004 was $54.8 million, or $0.40 per share, compared to net income of $37.3 million, or $0.33 per share, for the first quarter of 2003, an increase in net income of 47% year-over-year.



During Q1, UTStarcom announced over $500 million in new contracts in China and signed $100 million in new contracts outside of China.



The number of UTStarcom PAS subscribers in China reached 26 million at the end of Q1, while total PAS subscribers in China are approximately 45 million.



Revenues for the second quarter are anticipated to be approximately 650-$660 million, with a 7% anticipated sequential increase targeted each quarter for the balance of the year. http://www.utstar.com