UTStarcom Swings to Loss

UTStarcom (UTSI Quote) posted a stronger-than-expected first quarter but guided lower for the second quarter.

The Alameda, Calif., wireless gear company lost $11 million, or 9 cents a share, for the quarter ended March 31. That reverses the year-ago profit of $37 million, or 29 cents a share. Sales fell to $597 million from $902 million a year earlier.

Analysts surveyed by Thomson Financial were looking for a 68-cent loss on revenue of $518 million.

"While there is still a lot of work to be done, we are pleased with our solid first quarter results," said finance chief Fran Barton. "We believe they demonstrate progress toward our planned improvements to gross margins, expenses and cash-flows." ...