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UTStarcom Releases Financial Results for the Second Quarter of 2009

UTStarcom Releases Financial Results for the Second Quarter of 2009UTStarcom Releases Financial Results for the Second Quarter of 2009 ALAMEDA, Calif., Aug. 6 /PRNewswire-FirstCall/ -- UTStarcom, Inc. (Nasdaq: UTSI),...

UTStarcom Releases Financial Results for the Second Quarter of 2009
UTStarcom Releases Financial Results for the Second Quarter of 2009

ALAMEDA, Calif., Aug. 6 /PRNewswire-FirstCall/ -- UTStarcom, Inc. (Nasdaq: UTSI), today reported financial results for the second quarter ended June 30, 2009.

(Logo: https://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO)

"In June we announced a series of corporate initiatives that will significantly streamline the Company while focusing our resources on the products and regions most likely to drive revenue growth," said Peter Blackmore, UTStarcom's chief executive officer and president. "Although the second quarter results were impacted by restructuring and other significant items, we are building momentum towards a better strategic position for 2010."

GAAP Results

Net sales for the second quarter of 2009 were $80.2 million as compared to $633 million in the second quarter of 2008. The decline in sales primarily reflects the PCD divestiture and decline in our PAS business. Gross margins for the second quarter of 2009 were negative 20% as compared to 13% in the second quarter of 2008. The operating loss for the second quarter of 2009 and 2008 was $85.4 million and $31.1 million, respectively.

The net loss for the second quarter of 2009 was $84.3 million, or ($0.66) per share, and includes $57 million in charges related to restructuring actions and the June 2009 settlement with PCD. The second quarter of 2008 net loss was $38.8 million, or ($0.31) per share.

Cash, cash equivalents and short-term investments as of June 30, 2009 was $276 million compared to $314 million on December 31, 2008.

The following significant items affected the second quarter 2009 GAAP gross profit and are associated with the Company's Handset business unit:

  • An $11.1 million charge related to the settlement agreement entered into with PCD in June 2009 consisting primarily of product warranty claims.
  • $17.6 million in costs primarily for write-downs of excess inventory in relation to transactions with PCD.
  • A $5.7 million increase in inventory write-downs for handsets in China.

The following significant items affected the second quarter 2009 GAAP operating expenses:

  • A $27.8 million restructuring charge primarily related to restructuring initiatives announced in June 2009.
  • A benefit of $10.5 million related to the cash collection of doubtful accounts.
  • A net gain of $1.4 million related to the sale of PCD assets.

The $5.4 million in GAAP other income, net consists primarily of foreign currency gains, partially offset by an investment impairment charge.

Pro Forma Non-GAAP Results

To enable a comparison of the financial results for the Company on a year-over-year basis the Company has prepared certain pro forma non-GAAP results which present the Company's results as if both the divestiture of PCD and the wind down of the Company's Korea-based handset operations were completed prior to each time period presented.

The second quarter 2009 pro forma non-GAAP revenue and gross margins were $83 million and 14%, respectively. This compares to non-GAAP revenue and gross margins of $184 million and 25% in the second quarter of 2008. The decrease in pro forma non-GAAP revenues and pro forma non-GAAP gross margins primarily reflects the expected volume decline in our PAS business. The second quarter 2009 pro forma non-GAAP operating loss was $55 million compared to $49 million a year ago.

Conference Call

The call will take place at 2:00 p.m. (PDT) / 5:00 p.m. (EDT) on August 6, 2009. The conference call dial-in numbers are as follows: United States -- 888-889-1058; International -- 706-634-2327. The conference ID number is 1922-7660.

A replay of the call will be available for 7 days. The conference call replay numbers are as follows: United States -- 800-642-1687; International -- 706-645-9291. The Access Code is 1922-7660.

Investors will also have the opportunity to listen to the conference call and the replay over the Internet through the investor relations section of UTStarcom's Web site at: https://www.utstar.com.

To listen to the live call, please go to the Web site at least 15 minutes early to register, and to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will also be available on this site.

Discussion of Pro Forma Non-GAAP Financial Measures

On July 1, 2008, the Company divested its Personal Communications Division ("PCD") which has historically represented a significant portion of the Company's revenues. On December 18, 2008, the Company announced actions to wind down its Korea-based handset manufacturing operations. To enable a comparison of the financial results for the Company on a year-over-year basis the Company has prepared certain pro forma non-GAAP results which present the Company's results as if both the divestiture of PCD and the wind down of the Company's Korea-based handset operations were completed prior to each time period presented. The reconciliation between GAAP and these pro forma non-GAAP financial measures is provided at the end of this press release and on the Company's website.

In order to provide both management and investors with a more complete understanding of UTStarcom's underlying results and trends in light of the PCD divestiture and wind down of its Korea-based handset manufacturing operations, UTStarcom has prepared reconciliation tables for comparing GAAP results to non-GAAP measures of revenues, gross profits, operating expenses and operating profit (loss), along with an abbreviated, pro forma non-GAAP profit and loss statement based on these non-GAAP measures. The pro forma non-GAAP measures present the Company's results as if both the July 2008 divestiture of the Company's Personal Communications Division and the wind down of the Company's Korea-based handset operations were completed prior to each time period presented.

In addition, these pro forma non-GAAP measures are among the information management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles in the United States.

About UTStarcom, Inc.

UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The Company was founded in 1991 and is headquartered in Alameda, California. For more information about UTStarcom, visit the Company's Web site at https://www.utstar.com.

Forward-Looking Statements

This release includes forward-looking statements relating to, among other things, the Company's plan to reduce operating expenses, future expected financial results, anticipated liquidity and business model. Forward-looking statements are generally indicated by such words as "will," "expects," "estimates," "goals," "plans" or similar words. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. These risks include the ability of the Company effectively institute operational improvements, increase sales and bookings and competitive pressures as well as risk factors identified in its latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. 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 we assume no obligation to update any such forward-looking statement.

                            UTStarcom, Inc.
                 Condensed Consolidated Balance Sheets
                             (in thousands)
                              (Unaudited)

                                              June 30,   December 31,
                                                2009         2008
                     ASSETS
    Current assets:
      Cash, cash equivalents and short-term
       investments                            $276,044     $313,865
      Accounts and notes receivable, net        67,092      169,496
      Inventories (1)                          187,600      189,832
      Deferred costs                           102,895      114,884
      Prepaids and other current assets         91,556      144,515
                                                ------      -------
        Total current assets                   725,187      932,592
    Long-term assets:
      Property, plant and equipment, net       169,264      175,287
      Long-term deferred costs                 135,540      149,258
      Other long-term assets                    50,213       53,669
                                                ------       ------
        Total assets                        $1,080,204   $1,310,806
                                            ==========   ==========

             LIABILITIES AND EQUITY
    Current liabilities:
      Accounts payable                         $58,096     $176,384
      Customer advances                        179,901      144,700
      Deferred revenue                         110,200      117,584
      Other current liabilities                203,440      181,852
                                               -------      -------
        Total current liabilities              551,637      620,520
    Long-term liabilities:
      Long-term deferred revenue and other
       liabilities                             204,638      222,644
                                               -------      -------
        Total liabilities                      756,275      843,164

    Noncontrolling interests                       791          808
    Total stockholders' equity                 323,138      466,834
                                               -------      -------
        Total liabilities and equity        $1,080,204   $1,310,806
                                            ==========   ==========

    (1) Includes finished goods at customer sites of approximately $149.2
    million and $138.0 million at June 30, 2009 and December 31, 2008,
    respectively, for which the customer has taken possession, but based on
    specific contractual terms, title has not yet passed to the customer.


                                 UTStarcom, Inc.
                Condensed Consolidated Statements of Operations
                   (in thousands, except per share amounts)
                                   (Unaudited)

                                 Three months ended     Six months ended
                                      June 30,              June 30,
                                   ---------------      ----------------
                                    2009     2008       2009       2008
                                    ----     ----       ----       ----

    Net sales                     $80,163  $632,756   $199,503  $1,218,745
    Cost of net sales              96,001   550,808    193,689   1,044,718
                                   ------   -------    -------   ---------
    Gross (loss) profit           (15,838)   81,948      5,814     174,027
                                  -------    ------      -----     -------

    Operating expenses:
      Selling, general and
       administrative              26,971    72,010     81,151     151,754
      Research and development     16,229    39,286     37,737      80,686
      Amortization of intangible
       assets                           -     1,730          -       3,554
      Restructuring                27,757         -     32,576           -
      Gain on divestiture          (1,357)        -     (1,357)          -
                                   ------       ---     ------         ---
    Total operating expenses       69,600   113,026    150,107     235,994
                                   ------   -------    -------     -------

    Operating loss                (85,438)  (31,078)  (144,293)    (61,967)
                                  -------   -------   --------     -------

    Interest income
     (expense), net                   369    (2,167)       828      (5,421)
    Other (expense) income          5,429      (920)    (1,785)     53,050
                                    -----      ----     ------      ------
    Loss before income taxes      (79,640)  (34,165)  (145,250)    (14,338)
    Income taxes (expense)
     benefit                       (4,659)   (4,625)    (6,483)        395
                                   ------    ------     ------         ---
    Net loss                      (84,299)  (38,790)  (151,733)    (13,943)

    Net loss attributable to
     noncontrolling interest           16        10         17         520
                                      ---       ---        ---         ---
    Net loss attributable to
     UTStarcom, Inc.             $(84,283) $(38,780) $(151,716)   $(13,423)
                                 ========  ========  =========    ========


    Net loss per share
     attributable to UTStarcom,
     Inc. -Basic and Diluted       $(0.66)   $(0.31)    $(1.20)     $(0.11)

    Weighted average shares used
     in per share calculation:
      - Basic                     127,160   123,119    126,450     122,608
                                  =======   =======    =======     =======
      - Diluted                   127,160   123,119    126,450     122,608
                                  =======   =======    =======     =======



                                 UTStarcom, Inc.
                 Condensed Consolidated Statements of Cash Flows
                                 (in thousands)
                                   (Unaudited)
                                                          Six months ended
                                                              June 30,
                                                           --------------
                                                           2009      2008
                                                           ----      ----
                                                           (In thousands)
     CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                           $(151,733) $(13,943)
         Adjustments to reconcile net loss to net cash
          provided by (used in) operating activities:
         Depreciation and amortization                      6,918    19,904
               Gain on divestiture, sale of investments
                and liquidation of ownership interest
                in a variable interest entity              (1,357)  (48,375)
          Other-than-temporary impairment of equity
           investment                                       3,798         -
         Stock-based compensation expense                   6,427     9,844
         (Recovery of) provision for doubtful accounts     (2,129)    2,722
         (Recovery of) provision for deferred costs          (579)    9,089
         Deferred income taxes                              1,752   (11,541)
         Other                                               (503)    2,620
         Changes in operating assets and liabilities:
           Accounts receivable                             96,273    65,081
           Inventories and deferred costs                  30,603   (26,766)
           Other assets                                    61,086    (5,513)
           Accounts payable                              (119,405)  114,940
           Income taxes payable                             2,182     3,800
           Customer advances                               33,606   (16,503)
           Deferred revenue                               (21,133)   (7,025)
           Other liabilities                               17,058   (39,986)
                                                           ------   -------
              Net cash (used in) provided by operating
               activities                                 (37,136)   58,348
                                                          -------    ------

     CASH FLOWS FROM INVESTING ACTIVITIES:
         Additions to property, plant and equipment        (1,337)  (10,271)
         Proceeds from the disposition of (purchase
          of) an investment interest                            -    (2,244)
         Proceeds from repayment of loan by a variable
          interest entity                                       -     7,728
         Change in restricted cash                          1,404    (6,506)
         Purchase of short-term investments                (5,613)   (8,567)
         Proceeds from sale of short-term investments       6,421    66,580
         Other                                                392       143
                                                              ---       ---
             Net cash provided by investing activities      1,267    46,863
                                                            -----    ------

     CASH FLOWS FROM FINANCING ACTIVITIES:
         Proceeds from borrowings                               -    50,000
         Payments on borrowings                                 -  (346,017)
         Other                                               (389)   (3,637)
                                                             ----    ------
             Net cash used in financing activities           (389) (299,654)
       Effect of exchange rate changes on cash
        and cash equivalents                                 (749)   10,895
                                                             ----    ------
             Net decrease in cash and cash equivalents    (37,007) (183,548)
      Cash and cash equivalents at beginning of
       period                                             309,603   437,449
                                                          -------   -------
      Cash and cash equivalents at end of period         $272,596  $253,901
                                                         ========  ========

      Supplemental disclosure of cash flow
       information:
     -------------------------------------
     Non-cash operating activity:
          Accounts receivable transferred to notes
           receivable                                      $1,932    $9,278


                                   UTSTARCOM, INC.
                           August 6, 2009 Conference Call

             RECONCILIATION OF GAAP REVENUE TO PRO FORMA NON-GAAP REVENUE
                                  ($ in millions)
                                    (Unaudited)

    To supplement our condensed consolidated financial statements presented on
    a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are
    adjusted to present those metrics as if both PCD had been divested and the
    Korea handsets business had been wound down prior to each time period
    reflected below.  We believe this enables year over year comparisons to
    our recent financial results.  These adjustments to our GAAP results are
    made with the intent of providing both management and investors a more
    complete understanding of UTStarcom's underlying results and trends.  In
    addition, these adjusted pro forma non-GAAP results are among the
    information management uses as a basis for our planning and forecasting of
    future periods.  The presentation of this additional information is not
    meant to be considered in isolation or as a substitute for results
    prepared in accordance with generally accepted accounting principles in
    the United States.


            Qtr       Qtr       Qtr       Qtr      Year       Qtr      Qtr
           ended     ended     ended     ended     ended     ended     ended
         31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Dec-08 31-Mar-09 30-Jun-09
         --------- --------- --------- --------- --------- --------- ---------
    GAAP
     Revenue
     (a)     $586     $633      $181      $241    $1,641      $119      $80

    Less:
     PCD
     Segment
     Revenue
     (b)      431      449         -         -       880         -        -

    Less:
     Korea
     Handset
    Sales to
     PCD
     (c)        -        -        35        92       127        39       (3)
             ----     ----      ----      ----      ----       ---      ---
    Non-GAAP
    Revenue  $155     $184      $146      $149      $634       $80      $83
             ====     ====      ====      ====      ====       ===      ===

    ---------------
    (a) GAAP Revenue for each period is the consolidated revenue as reported
    on Form 10-Q or Form 10-K, as applicable, for such period, except for the
    consolidated revenue for the quarter ended December 31, 2008, which is
    derived from the revenue reported in the Form 10-Qs and Form 10-K with
    respect to fiscal year 2008.

    (b) Effective July 1, 2008 the PCD segment was divested by the Company.

    (c) Prior to the July 1, 2008 divestiture of PCD, Korea handset did not
    record revenue for units shipped to PCD as this activity was an
    intercompany transfer.  After July 1, 2008 this activity was recorded as a
    third party sale in the Handset segment.

                                  UTSTARCOM, INC.
                          August 6, 2009 Conference Call

       RECONCILIATION OF GAAP GROSS PROFIT TO PRO FORMA NON-GAAP GROSS PROFIT
                                 ($ in millions)
                                   (Unaudited)

             Qtr       Qtr       Qtr       Qtr      Year       Qtr      Qtr
            ended     ended     ended     ended     ended     ended    ended
         31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Dec-08 31-Mar-09 30-Jun-09
         --------- --------- --------- --------- --------- --------- --------
    GAAP
     Gross
     Profit
     (a)      $92       $82       $57       $30      $261       $22    ($16)
      GAAP
       Gross
       Margin
       %      16%       13%       31%       12%       16%       18%    (20%)

    Less: PCD
     Segment
     Gross
     Profit
     (b)       33        36         -         -        69         -       -

    Less:
     Korea
     Handset
     Gross
     Profit
     from
     Sales
     to
     PCD
     (c)        2         0         6        (4)        4         3    (28)
              ---       ---       ---       ---      ----       ---    ---
    Non-GAAP
     Gross
     Profit   $57       $46       $51       $34      $188       $19    $12
              ===       ===       ===       ===      ====       ===    ===
      Non-
       GAAP
       Gross
       Margin
       %      37%       25%       35%       23%       30%       24%    14%
    ---------------
    (a) GAAP Gross Profit and GAAP Gross Margin % for each period is the
    consolidated gross profit and gross margin % as reported on Form 10-Q or
    Form 10-K, as applicable, for such period, except for the consolidated
    gross profit and gross margin % for the quarter ended December 31, 2008,
    which is derived from the gross profit and gross margin % reported in the
    Form 10-Qs and Form 10-K with respect to fiscal year 2008.

    (b) Effective July 1, 2008 the PCD segment was divested by the Company.

    (c) Prior to the July 1, 2008 divestiture of PCD, Korea handset earned a
    gross profit on the intercompany transfer of inventory to PCD. This gross
    profit was recorded in the Handset segment.  After July 1, 2008 this
    activity was recorded as a third party transaction.


                                  UTSTARCOM, INC.
                           August 6, 2009 Conference Call

            RECONCILIATION OF GAAP OPERATING EXPENSE TO PRO FORMA NON-GAAP
                                OPERATING EXPENSE
                                  ($ in millions)
                                    (Unaudited)

    To supplement our condensed consolidated financial statements presented on
    a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are
    adjusted to present those metrics as if both PCD had been divested and the
    Korea handsets business had been wound down prior to each time period
    reflected below.  We believe this enables year over year comparisons to
    our recent financial results.  These adjustments to our GAAP results are
    made with the intent of providing both management and investors a more
    complete understanding of UTStarcom's underlying results and trends.  In
    addition, these adjusted pro forma non-GAAP results are among the
    information management uses as a basis for our planning and forecasting of
    future periods.  The presentation of this additional information is not
    meant to be considered in isolation or as a substitute for results
    prepared in accordance with generally accepted accounting principles in the United States.

            Qtr       Qtr       Qtr       Qtr      Year       Qtr       Qtr
           ended     ended     ended     ended     ended     ended     ended
         31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Dec-08 31-Mar-09 30-Jun-09
         --------- --------- --------- --------- --------- --------- ---------
    GAAP
     Operating
     Expense
     (a)      $123    $113       $92      $109      $437       $81       $70

    Less:
     PCD
     Operating
     Expense
     (b)         8       7         -         -        15         -         -

    Less:
     Korea
     Handset
     Operating
     Expense
     (c)         9      10        10         5        34         3         2
              ----     ---       ---      ----      ----       ---       ---
    Non-GAAP
     Operating
     Expense  $106     $96       $82      $104      $388       $78       $68
              ====     ===       ===      ====      ====       ===       ===
    ---------------
    (a) GAAP Operating Expense for each period is the consolidated operating
    expense as reported on Form 10-Q or Form 10-K, as applicable, for such
    period,  except for the consolidated operating expense for the quarter
    ended December 31, 2008, which is derived from the operating expenses
    reported in the Form 10-Qs and Form 10-K with respect to the fiscal year
    2008.

    (b) Effective July 1, 2008 the PCD segment was divested by the Company.

    (c) Both prior to and after the July 1, 2008 divestiture of PCD, all
    direct operating expense relating to Korea handset has been recorded in
    the Handset segment.



                                  UTSTARCOM, INC.
                          August 6, 2009 Conference Call

             RECONCILIATION OF GAAP OPERATING LOSS TO PRO FORMA NON-GAAP
                                  OPERATING LOSS
                                 ($ in millions)
                                   (Unaudited)

    To supplement our condensed consolidated financial statements presented on
    a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are
    adjusted to present those metrics as if both PCD had been divested and the
    Korea handsets business had been wound down prior to each time period
    reflected below.  We believe this enables year over year comparisons to
    our recent financial results.  These adjustments to our GAAP results are
    made with the intent of providing both management and investors a more
    complete understanding of UTStarcom's underlying results and trends.  In
    addition, these adjusted pro forma non-GAAP results are among the
    information management uses as a basis for our planning and forecasting of
    future periods.  The presentation of this additional information is not
    meant to be considered in isolation or as a substitute for results
    prepared in accordance with generally accepted accounting principles in
    the United States.

           Qtr       Qtr       Qtr       Qtr       Year      Qtr       Qtr
          ended     ended     ended     ended     ended     ended     ended
        31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Dec-08 31-Mar-09  30-Jun-09
        --------- --------- --------- --------- --------- ---------  ---------
    GAAP
     Operating
     Loss
     (a)   ($31)    ($31)     ($35)     ($79)     ($176)     ($59)     ($85)

    Less:
     PCD
     Operating
     Profit
     (b)     25       28         -         -         53         -         -

    Less:
     Korea
     Handset
     Operating
     Loss
     (c)     (7)     (10)       (4)       (9)       (30)        -       (30)
           ----     ----      ----      ----      -----      ----      ----
    Non-
     GAAP
     Operating
     Loss  ($49)    ($49)     ($31)     ($70)     ($199)     ($59)     ($55)
           ====     ====      ====      ====      =====      ====      ====
    ---------------
    (a)  GAAP Operating Loss for each period is the consolidated operating
    loss as reported on Form 10-Q or Form 10-K, as applicable, for such
    period, except for the consolidated operating loss for the quarter ended
    December 31, 2008, which is derived from the operating loss reported in
    the Form 10-Qs and Form 10-K with respect to fiscal year 2008.

    (b) Effective July 1, 2008 the PCD segment was divested by the Company.

    (c) Both prior to and after the July 1, 2008 divestiture of PCD, the
    operating loss relating to Korea handset has been recorded in the Handset
    segment.



                                  UTSTARCOM, INC.
                          August 6, 2009 Conference Call

                   ABBREVIATED PRO FORMA NON-GAAP P&L STATEMENT (a)
                                 ($ in millions)
                                   (Unaudited)

    To supplement our condensed consolidated financial statements presented on
    a GAAP basis, UTStarcom uses certain pro forma non-GAAP measures which are
    adjusted to present those metrics as if both PCD had been divested and the
    Korea handsets business had been wound down prior to each time period
    reflected below.  We believe this enables year over year comparisons to
    our recent financial results.  These adjustments to our GAAP results are
    made with the intent of providing both management and investors a more
    complete understanding of UTStarcom's underlying results and trends.  In
    addition, these adjusted pro forma non-GAAP results are among the
    information management uses as a basis for our planning and forecasting of
    future periods.  The presentation of this additional information is not
    meant to be considered in isolation or as a substitute for results
    prepared in accordance with generally accepted accounting principles in the United States.

            Qtr       Qtr       Qtr       Qtr      Year       Qtr       Qtr
           ended     ended     ended     ended     ended     ended     ended
         31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Dec-08 31-Mar-09 30-Jun-09
         --------- --------- --------- --------- --------- --------- ---------
    Non-
     GAAP
     Revenue $155     $184      $146      $149      $634      $80        $83

    Non-
     GAAP
     Gross
     Profit    57       46        51        34       188       19         12
      Non-
       GAAP
       Gross
       Margin
       %      37%      25%       35%       23%       30%      24%        14%

    Non-GAAP
     Operating
     Expense  106       96        82       104       388       78         68
             ----     ----      ----      ----     -----     ----       ----
    Non-
     GAAP
     Operating
     Loss    ($49)    ($49)     ($31)     ($70)    ($199)    ($59)      ($55)
             ====     ====      ====      ====     =====     ====       ====
    -------------
    (a) Please refer to the preceding reconciliation tables for the
    adjustments to GAAP Revenue, Gross Profit, Operating Expense and Operating
    Loss.

SOURCE UTStarcom, Inc.