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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UTStarcom Holdings Corporation | NASDAQ:UTSI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.68 | 1.08 | 4.28 | 2.68 | 2.68 | 2.68 | 347 | 21:07:15 |
Business Update
UTStarcom’s Chief Executive Officer Dr. Zhaochen Huang commented, “Our results for the second half and full year 2020 were negatively affected by the COVID-19 pandemic. That being said, our team is focused on developing new products that capitalize on important technology trends and engaging with network operators to address and support their requirements. We are pleased with the launch of our 5G transport solution – SkyFlux CPT and the partnership with two major carriers in China to build network disaggregation solutions. Our cooperation with both customers is gaining momentum, and we believe these customers will benefit from UTStarcom’s strong expertise in telecom products and solutions, and will utilize our capabilities as a customization design, system integration, high quality manufacture and supply powerhouse in the field of carrier-class disaggregated solutions.”
Second Half and Full Year 2020 Financial Results
Summary of 2H 2020 Key Financials
2H 2020 | 2H 2019 | Y/Y Change | |
Revenue | $10.6 | $27.1 | -60.8% |
Gross Profit | $0.9 | $12.1 | -92.5% |
Operating Expenses | $14.9 | $15.9 | -6.7% |
Operating Loss | ($14.0) | ($3.8) | -$10.2 |
Net Loss | ($11.6) | ($6.0) | -$5.6 |
Basic EPS | ($0.32) | ($0.17) | -$0.15 |
Cash Balance (including Restricted Cash) | $48.4 | $48.6 | -0.4% |
Summary of Full Year 2020 Key Financials
2020 | 2019 | Y/Y Change | |
Revenue | $24.3 | $65.6 | -63.0% |
Gross Profit | $3.5 | $24.2 | -85.4% |
Operating Expenses | $26.8 | $30.3 | -11.6% |
Operating Loss | ($23.2) | ($6.1) | -$17.1 |
Net Loss | ($23.7) | ($3.9) | -$19.8 |
Basic EPS | ($0.66) | ($0.11) | -$0.55 |
Cash Balance (including Restricted Cash) | $48.4 | $48.6 | -0.4% |
* Dollar comparisons are used where percentage comparisons are not meaningful.* All the numbers in U.S. Dollars are in millions except for Earnings Per Share (EPS)
Total Revenues
Six months ended December 31, 2020
Total revenues for the second half of 2020 were $10.6 million, compared to $27.1 million in the corresponding period in 2019.
Twelve months ended December 31, 2020
2020 total revenues were $24.3 million, a decrease of 63% from $65.6 million in 2019.
Gross Profit
Six months ended December 31, 2020
Gross profit was $0.9 million, or 8.6% of net sales, for the second half of 2020, compared to $12.1 million, or 44.9% of net sales, in the corresponding period in 2019.
Twelve months ended December 31, 2020
2020 gross profit was $3.5 million, or 14.5% of net sales, compared to $24.2 million, or 36.8% of net sales, in 2019.
Operating Expenses
Six months ended December 31, 2020
Operating expenses for the second half of 2020 were $14.9 million, compared to $15.9 million in the corresponding period in 2019.
Twelve months ended December 31, 2020
2020 operating expenses were $26.8 million, compared to $30.3 million in 2019.
Operating Loss
Operating loss for the second half of 2020 was $14.0 million, compared to $3.8 million in the corresponding period in 2019.
Full year 2020 operating loss was $23.2 million, compared to $6.1 million in 2019.
Interest Income, Net
Net interest income for the second half of 2020 was $0.5 million, compared to $0.7 million in the corresponding period in 2019.
Full year 2020 net interest income was $1.0 million, compared to $1.3 million in 2019.
Other Income (Expenses), Net
Net other income for the second half of 2020 was $0.9 million, compared to net other expenses of $3.9 million in the corresponding period in 2019. Other income for the second half of 2020 was mainly due to foreign exchange gain resulting from appreciation of the RMB against USD and INR against USD.
Full year 2020 net other expenses were $2.2 million, compared to net other income of $0.9 million in 2019. Other expenses for 2020 were mainly due to foreign exchange loss resulting from depreciation of INR against USD which was partially offset by a gain from appreciation of the RMB against USD and realized gain from the Aceland investment which was sold in first half of year.
Net Loss
Net loss attributable to shareholders for the second half of 2020 was $11.6 million, compared to $6.0 million in the corresponding period in 2019. Basic net loss per share for the second half of 2020 was $0.32, compared to $0.17 for the corresponding period in 2019.
Full year 2020 net loss attributable to shareholders was $23.7 million, compared to $3.9 million in 2019. 2020 basic net loss per share was $0.66, compared to $0.11 in 2019.
Cash Flow
Cash used in operating activities in the second half of 2020 was $2.6 million, cash used in investing activities was $0.03 million, and cash used in financing activities was $0.2 million. As of December 31, 2020, UTStarcom had cash, cash equivalent and restricted cash of $48.4 million.
About UTStarcom Holdings Corp.
UTStarcom is committed to helping network operators offer their customers the most innovative, reliable and cost-effective communication services. UTStarcom offers high performance advanced equipment optimized for the most rapidly growing network functions, such as mobile backhaul, metro aggregation and broadband access. UTStarcom has operations and customers around the world, with a special focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq Market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit http://www.utstar.com.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the Company’s strategic initiatives and the Company’s business outlook. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially and adversely from the Company’s current expectations. These include risks and uncertainties related to, among other things, changes in the financial condition and cash position of the Company, changes in the composition of the Company’s management and their effect on the Company, the Company’s ability to realize anticipated results of operational improvements and benefits of the divestiture transaction, the ability to successfully identify and acquire appropriate technologies and businesses for inorganic growth and to integrate such acquisitions, the ability to internally innovate and develop new products, assumptions the Company makes regarding the growth of the market and the success of the Company’s offerings in the market and the Company’s ability to execute its business plan and manage regulatory matters. The risks and uncertainties also include the risk factors identified in the Company’s latest annual report on Form 20-F and current reports on Form 6-K as filed with the Securities and Exchange Commission. The Company is in a period of strategic transition and the conduct of its business is exposed to additional risks as a result. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, which may change and the Company assumes no obligation to update any such forward-looking statements.
For investor and media inquiries, please contact:
UTStarcom Holdings Corp.Tel: +86 571 8192 8888Ms. Ning Jiang, Investor RelationsEmail: utsi-ir@utstar.com / njiang@utstar.com
In the United States:The Blueshirt Group Mr. Ralph FongTel: +1 (415) 489-2195Email: ralph@blueshirtgroup.com
UTStarcom Holdings Corp.Unaudited Condensed Consolidated Balance Sheets
December 31, | December 31, | ||||||
2020 | 2019 | ||||||
(In thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 34,221 | $ | 34,966 | |||
Short-term investments | 2,100 | 2,095 | |||||
Notes receivable, net | 58 | — | |||||
Accounts receivable, net | 49,623 | 77,831 | |||||
Inventories and deferred costs | 6,706 | 6,655 | |||||
Short-term restricted cash | 12,088 | 10,007 | |||||
Prepaid and other current assets | 5,109 | 5,524 | |||||
Total current assets | 109,905 | 137,078 | |||||
Long-term assets: | |||||||
Property, plant and equipment, net | 620 | 1,092 | |||||
Operating lease right-of-use assets, net | 1,182 | 2,860 | |||||
Long-term restricted cash | 2,079 | 3,634 | |||||
Other long-term assets | 4,938 | 6,639 | |||||
Total long-term assets | 8,819 | 14,225 | |||||
Total assets | $ | 118,724 | $ | 151,303 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 25,120 | $ | 30,875 | |||
Customer advances | 391 | 160 | |||||
Deferred revenue | 410 | 1,320 | |||||
Income tax payable | 5,935 | 7,480 | |||||
Operating lease liabilities, current | 1,217 | 1,595 | |||||
Other current liabilities | 6,969 | 7,603 | |||||
Total current liabilities | 40,042 | 49,033 | |||||
Long-term liabilities: | |||||||
Operating Lease liabilities, non-current | 256 | 1,364 | |||||
Long-term deferred revenue and other liabilities | 1,025 | 1,718 | |||||
Total liabilities | 41,323 | 52,115 | |||||
Total equity | 77,401 | 99,188 | |||||
Total liabilities and equity | $ | 118,724 | $ | 151,303 | |||
UTStarcom Holdings Corp.Unaudited Condensed Consolidated Statements of Operations
Six months ended December 31, | Twelve months ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Net sales | $ | 10,602 | $ | 27,061 | $ | 24,310 | $ | 65,623 | |||||||
Cost of net sales | 9,687 | 14,918 | 20,781 | 41,466 | |||||||||||
Gross profit | 915 | 12,143 | 3,529 | 24,157 | |||||||||||
8.6 | % | 44.9 | % | 14.5 | % | 36.8 | % | ||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 11,139 | 8,844 | 18,689 | 15,827 | |||||||||||
Research and development | 3,730 | 7,099 | 8,083 | 14,467 | |||||||||||
Total operating expenses | 14,869 | 15,943 | 26,772 | 30,294 | |||||||||||
Operating loss | (13,954 | ) | (3,800 | ) | (23,243 | ) | (6,137 | ) | |||||||
Interest income, net | 488 | 734 | 980 | 1,321 | |||||||||||
Other income (expense), net | 938 | (3,882 | ) | (2,166 | ) | 872 | |||||||||
Investment impairment | (1,029 | ) | — | (1,029 | ) | — | |||||||||
Loss before income taxes | (13,557 | ) | (6,948 | ) | (25,458 | ) | (3,944 | ) | |||||||
Income tax expense | 1,924 | 911 | 1,782 | 31 | |||||||||||
Net loss attributable to UTStarcom Holdings Corp. | $ | (11,633 | ) | $ | (6,037 | ) | $ | (23,676 | ) | $ | (3,913 | ) | |||
Net loss per share attributable to UTStarcom Holdings Corp.—Basic | $ | (0.32 | ) | $ | (0.17 | ) | $ | (0.66 | ) | $ | (0.11 | ) | |||
Weighted average shares outstanding—Basic | 35,971 | 35,596 | 35,881 | 35,556 | |||||||||||
UTStarcom Holdings Corp.Unaudited Condensed Consolidated Statements of Cash Flows
Six months ended December 31, | Twelve months ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In thousands) | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net loss | $ | (11,633 | ) | $ | (6,037 | ) | $ | (23,676 | ) | $ | (3,913 | ) | |||
Depreciation | 277 | 317 | 572 | 644 | |||||||||||
Allowance for credit losses | 6,964 | 3,136 | 9,441 | 4,396 | |||||||||||
Stock-based compensation expense | 206 | 642 | 703 | 1,399 | |||||||||||
Net loss on disposal of assets | — | 10 | — | 5 | |||||||||||
Investments impairment | 1,029 | — | 1,029 | — | |||||||||||
Gain on release of tax liability due to expiration of the statute of limitations | — | (54 | ) | — | (1,182 | ) | |||||||||
Deferred income taxes | (1,615 | ) | (469 | ) | (1,499 | ) | (465 | ) | |||||||
Gain on write-off long-term account payable due to expiration of the statute of limitations | — | — | — | (3,161 | ) | ||||||||||
Changes in operating assets and liabilities | 2,203 | (3,562 | ) | 10,030 | (21,870 | ) | |||||||||
Net cash used in operating activities | (2,569 | ) | (6,017 | ) | (3,400 | ) | (24,147 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Additions to property, plant and equipment | (30 | ) | (211 | ) | (115 | ) | (507 | ) | |||||||
Purchase of short-term investment | — | — | — | (41 | ) | ||||||||||
Proceeds from short-term investments | — | 41 | 2,095 | 41 | |||||||||||
Net cash provided by (used in) investing activities | (30 | ) | (170 | ) | 1,980 | (507 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Proceeds from exercise of stock options | — | — | — | 56 | |||||||||||
Repurchase of ordinary share | (217 | ) | (199 | ) | (374 | ) | (1,049 | ) | |||||||
Short-term borrowing | — | — | — | 4,625 | |||||||||||
Pay off the short-term borrowing | — | — | — | (4,625 | ) | ||||||||||
Net cash used in financing activities | (217 | ) | (199 | ) | (374 | ) | (993 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | 2,559 | (103 | ) | 1,575 | 555 | ||||||||||
Net decrease in cash and cash equivalents | (257 | ) | (6,489 | ) | (219 | ) | (25,092 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 48,645 | 55,096 | 48,607 | 73,699 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 48,388 | $ | 48,607 | $ | 48,388 | $ | 48,607 |
1 Year UTStarcom Chart |
1 Month UTStarcom Chart |
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