Home Equities Score UTStarcom Holdings Corp. (UTSI) stock started the new week in a positive...

UTStarcom Holdings Corp. (UTSI) stock started the new week in a positive mode

UTStarcom Holdings Corp. (UTSI) shares surged 5.34% to trade at $1.38 in after-market on Monday, May 24, 2021. Earlier, UTSI’s stock gained 3.15% to close Monday’s normal trading session at $1.31 per share. UTSI shares have declined 29.19% over the last 12 months, and they have moved up 3.16% in the past week. Over the past three months, the stock has lost 27.62%, while over the past six months, it has risen 37.89%.

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Let’s have a look at the recent developments

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New CEO and Board changes

On May 24, 2021, UTStarcom appointed Mr. Hua Li as the Company’s new Chief Executive Officer, effective June 16, 2021.

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The company also appointed Mr. Ning Shanas the Chairman of the Board and a non-independent director of the Company, effective May 19, 2021.

Recent financial results

On March 25, 2021, UTStarcom announced its unaudited financial results for the six months and full year ended December 31, 2020.

Half-yearly financial highlights

  • UTStarcomreported revenues of $10.6 million for the second half of 2020compared to $27.1 million for the second half of 2019.
  • Gross profit was $0.9 million for the second half of 2020, compared to $12.1 million in the corresponding period in 2019.
  • It spent $14.9 million in operating expenses in the second half of 2020compared to $15.9 million in the second half of 2019.
  • Selling, general and administrative expenses were $11.1 million for the second half of 2020 compared to $8.8 million in the second half of 2019.
  • Research and development expenses were $3.7 million for the second half of 2020, compared to $7.1 million in the second half of 2019.
  • The company suffered an operating loss of $14.0 million in the second half of 2020compared to $3.8 million in the corresponding period in 2019
  • Net loss attributable to shareholders was $11.6 million or basic net loss per share of $0.32for the second half of 2020, compared to $6.0 million or basic net loss per share of $0.17 in the corresponding period in 2019. 

Full-year 2020 financial highlights

  • UTStarcom reported revenue of $24.3 million for FY 2020 compared to $65.6 million in 2019.
  • The gross profit was $3.5 million in FY 2020compared to $24.2 million in 2019.
  • Operating expenses were $26.8 million in FY 2020, compared to $30.3 million in FY2019.
  • SG&A expenses were $18.7 million in FY 2020, compared to $15.8 million in FY2019.
  • Research and development expenses were $8.1 million in FY 2020, compared to $14.5 million in FY 2019.
  • UTSI suffered an operating loss of $23.2 million in FY 2020, compared to $6.1 million in FY 2019.
  • Net loss attributable to shareholders was $23.7 million or basic net loss per share of $0.66 in FY 2020, compared to $3.9 million or basic net loss per share of $0.11in 2019.
  • UTStarcom had cash, cash equivalent, and restricted cash of $48.4 million on December 31, 2020.

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Conclusion

UTStarcom made some management changes on Monday which may or may not be the reason behind its gains on Monday. We hope that UTSI stock will continue to perform well for the rest of the week.

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