UTStarcom reported that net sales for Q3 2003 increased to $584.4 million, a sequential increase of 44% over the $405.8 million in net sales reported in the previous quarter and a 120% increase over the $265.5 million in net sales reported in Q3 2002. Net income for Q3 increased 92% year-over-year to $59.1 million, or $0.46 per share, compared to net income of $30.8 million, or $0.27 per share, for Q3 2002. Q3 marked the fifteenth consecutive quarter of increasing revenue and earnings for the company. Q4 revenues are expected to be in the $635-$640 million range.
In China, the number of subscribers on UTStarcom’s PAS networks reached 16.7 million at the end of Q3 and total PAS subscribers in China are expected to be approximately 30 million by the end of 2003.
PAS handset shipments were approximately five million units in Q3, a record high for the company
The subscriber base for Yahoo! BB in Japan continues to grow, with more than 3.2 million people subscribed for broadband service and approximately three million for the BB Phone service. BB Phone presently has the largest number of users among domestic IP telephone service providers in Japan.
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