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earnings press release:

income statement

Revenue came in at $635M with all divisions coming in about as guided 3 months ago with the exception of the $40M BB pushout which they had warned about. So ACC was over half and PAS(infrastructure and HS) was about a third with the good stuff making up the remaining 10%. This mix fairly represents the current state of UTSI.

Gross margins were down from Q2 in all segments except WI where they were flat. Operating expenses have continued to trend down as the downsizing continues. Looking forward they are guiding Q4 to look a lot like Q3 with the addition of that $40M in BB that got pushed out. The backlog is still about $1B but the BB backlog which they had been indicating mostly for Q4 is now unclear and hence we should be seeing operating losses for a few more quarters.

balance sheet / cashflows

They had over $200M in cashflow from operations in Q3 and now are in a net cash position rather than a net debt position. The receivables and inventory are still a bit high but overall they have a pretty good looking Balance Sheet that indicates tangible book around $900M. They also have over $700M in untapped credit lines if they have the need.


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