UTStarcom said it will restate financial results covering 2003, 2004 and the first three quarters of 2005 to correct previous accounting for revenue under a contract with an unnamed Indian firm during that time period. The restatements will reduce UTStarcom's previously reported revenue from those periods by $49.6 million and will cut into reported net income by $11.8 million. The struggling company saw its chairman and CEO, Hong Lu, resign earlier this month and faces delisting from the Nasdaq.
To read more about UTStarcom's restatement of financial results:
- check out this release from the company