UTStarcom restates financial results

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

Sponsored by ADI

What if we were always connected? With the help of our advanced wireless technology, even people in the most remote places could always be in touch.

What if there were no ocean, desert, mountain or event that could ever keep us from telling our stories, sharing discoveries or asking for help? ADI’s next-gen communications technology could keep all of us connected.

Suggested Articles

AT&T has shifted its Cricket prepaid brand to a 100% authorized retailer model, according to Wave7 Research.

The FCC decided to extend the timeline for responding to Huawei's application for review until December 11.

All operators are trying to understand the intersection between their networks and hyperscale networks. But who gets the lion's share of the revenue?