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UTStarcom Posts Wider Loss In Q4 - Quick Facts

UTStarcom (UTSI) reported a fourth-quarter basic net loss per share of $0.10, compared to a basic net loss per share of $0.04, a year ago. The company said the net loss for the quarter was attributable to foreign currency losses and a slight operating loss. Fourth quarter total revenues were $14.2 million, compared to $12.7 million, a year ago.

For the first quarter of 2020, the company expects revenue in the range of $8 million to $12 million.

The company's CEO Tim Ti has taken a temporary leave of absence due to health reasons, unrelated to the COVID-19 virus. The company's Board appointed UT's Senior Vice President of Sales and Business Development for Japan and Korea, Zhaochen Huang as acting CEO.

UTStarcom's Acting CEO Huang said, "We are dealing with slower-than-expected collections from our large customer in India, and the impact from the Coronavirus pandemic, is likely to be significant. Our outlook is more uncertain due to diminished 5G prospects in China. The company and the Board are evaluating all strategic alternatives available to the company."

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