0001104659-10-053304.txt : 20101022 0001104659-10-053304.hdr.sgml : 20101022 20101022163931 ACCESSION NUMBER: 0001104659-10-053304 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101022 DATE AS OF CHANGE: 20101022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UTSTARCOM INC CENTRAL INDEX KEY: 0001030471 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 521782500 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29661 FILM NUMBER: 101137669 BUSINESS ADDRESS: STREET 1: 20F TOWER EI THE TOWERS ORIENTAL PLAZA STREET 2: NO 1 EAST CHANG AN AVENUE CITY: BEIJING STATE: F4 ZIP: 100738 BUSINESS PHONE: 86 (10) 85205588 MAIL ADDRESS: STREET 1: 20F TOWER EI THE TOWERS ORIENTAL PLAZA STREET 2: NO 1 EAST CHANG AN AVENUE CITY: BEIJING STATE: F4 ZIP: 100738 8-K 1 a10-19833_18k.htm 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2010

UTSTARCOM, INC.

(Exact name of registrant as specified in its charter)

Delaware		000-29661		52-1782500
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

20F, Tower E1, The Towers, Oriental Plaza
No. 1 East Chang An Avenue
Dong Cheng District
Beijing, P.R. China

Post code: 100738

(Address of principal executive offices) (Zip code)

+86 (10) 8520-5588

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2010, UTStarcom, Inc. issued a press release entitled “UTStarcom Lowers Full Year Revenue Target.” A copy of the press release is furnished as Exhibit 99.1 to this report.

The information in this report, including the exhibit hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. In addition, the information in this report shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporating language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release dated October 21, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UTSTARCOM, INC.


Date: October 22, 2010	By:	/s/ Jack Lu
	Name:	Jack Lu
	Title:	Chief Executive Officer

Exhibit Number		Description
99.1		Press Release dated October 21, 2010

EX-99.1 2 a10-19833_1ex99d1.htm EX-99.1

Exhibit 99.1

UTStarcom Lowers Full Year Revenue Target

Company’s new management targets revenue range of US$ 270-280 million

BEIJING, Oct 21, 2010 /PRNewswire via COMTEX News Network/ — UTStarcom, Inc. (Nasdaq: UTSI) lowered the company’s full year revenue target range to US$ 270-280 million, down from the US$ 325 million target that previous management had articulated. The decision to lower the target range was driven primarily by slower than expected final acceptances and project completions for several large contracts.

Jack Lu, newly appointed President and CEO said that, “These kinds of delays can occur in equipment sales-based businesses, and they are among the key factors in our decision to lower our range of targeted revenues. We are working to correct this dynamic by shifting our business model, adding to our existing equipment-sales based business, new service-based opportunities, that can provide more predictable, high margin, recurring revenues. The strategic cooperation in Internet TV which we announced today is an example of this.”

In another press release issued today, the Company announced three shifts in its business strategy and a new strategic partnership with Cristar Media (Beijing) Co., Ltd. (“Cristar”), a company affiliated with China Radio International, one of China’s three national level broadcasters, to provide Internet TV services in China, as well as to Chinese in overseas Chinese communities and China watchers around the world.

About UTStarcom, Inc.

UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks.

Founded in 1991, listed in NASDAQ in 2000, the Company has its operational headquarters in Beijing, China and research and development operations in China and India. For more information about UTStarcom, visit the Company’s Web site at http://www.utstar.com. ’

Forward-Looking Statements

This release includes forward-looking statements, including statements regarding the Company’s targeted revenue range for its fiscal 2010, transition to a new business model, the predictability and margin for any recurring revenue in the new business model and strategic relationship with Cristar. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. These include uncertainties concerning the timing and extent of customer acceptances; risks to the completion of certain projects during 2010, including potential difficulties in obtaining security clearances and other regulatory approvals; uncertainties concerning future revenues under the Company’s new business model; and uncertainties regarding the Company’s ability to close certain investments related to its strategic partnership with Cristar, to execute on its business plan, and to manage regulatory matters. The Company also refers readers to the risk factors identified in its latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. The Company is in a period of significant transition and in the conduct of its business is exposed to additional risks as a result. All forward-looking statements included in this release are based upon information available to the Company as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statement.

SOURCE UTStarcom, Inc.