UTStarcom announces Q2 financial results
UTStarcom announced second quarter losses of $84.3 million, including $57 million to cover recently announced restructuring actions and a settlement agreement with Personal Communications Devices, which the company spun off and sold to an investment arm of insurance giant AIG last July. The settlement agreement was announced in July.
The company’s net sales for the quarter were $80.2 million, down from $633 million for the same quarter in 2008. The announcement came Thursday, just three days after Hong Liang Lu, the company’s co-founder, stepped down from his position as executive chairman of the company’s board.
Hong will continue to serve on the company’s board, and Thomas J. Toy, who has served as lead director, will assume the chairman’s seat. The communications company’s chief executive officer, Peter Blackmore, will keep his job.