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UTStarcom’s IPTV divestiture remains on schedule

Telecoms equipment vendor UTStarcom has reported that the divestiture of its IPTV business which it announced at the end of last month remains on schedule and is likely to cut around US$ 17mn of annual operating expenses when completed by the end of August 2012.

Announcing its results for the second quarter of this year, the company revealed that total revenues across all operations for the period reached US$ 56.5mn, down 18% on an annual basis, while gross profits also fell 18% to US$ 21.7mn.

Outgoing CEO Jack Lu commented that while year over year operational performance was impacted by a one-time sales contract in the second quarter of 2011, the company saw an improved performance on a sequential basis, which he describes as being indicative of healthy growth in the overall business.

Mr. Lu added that UTStarcom continues to have the financial strength to invest, particularly in the media operational support services business which will be a focus going forward.

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