UTStarcom Holdings Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter of 2016
For the six months, the company reported net sales of $42,577,000 against $63,743,000 a year ago. Operating loss was $666,000 against $6,243,000 a year ago. Income before income taxes was $1,535,000 against loss before income taxes of $7,216,000 a year ago. Net income attributable to UTStarcom Holdings Corp. was $3,753,000 or $0.10 per basic share compared to loss of $2,539,000 or $0.07 per basic share a year ago. Net cash provided by operating activities was $2,590,000 against net cash used in operating activities of $13,503,000 a year ago. Additions to property, plant and equipment was $616,000 against $813,000 a year ago. Non-GAAP net income attributable to company was $5,732,000 or $0.16 per basic share compared to loss of $6,033,000 or $0.16 per basic share a year ago. Non-GAAP Net revenue was $42,301,000 compared to $49,146,000 a year ago. Non-GAAP operation income was $1,313,000 compared to loss of $11,911,000 a year ago.
For the third quarter of 2016, the Company expects to generate non-GAAP revenue in the range of $15 million to $20 million. In the second half of 2016, the company will continue to focus on profitability and shareholder's value despite relatively soft demand.