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Shooting Starcom (Again)
By Stephen D. Simpson, CFA
May 6, 2005

The gang that couldn't shoot straight has struck again, shooting investors in their wallets. Network and handset provider UTStarcom (Nasdaq: UTSI) delivered a surprising first quarter and then topped it off by announcing a restructuring and chilling guidance for the next quarter.

For the first quarter, reported results seem pretty good. Revenue climbed 45% to more than $900 million, and the company reported earnings of $0.29 per share -- both of which were well ahead of the Wall Street estimates. What's more, management reported that 75% of revenue came from outside of China -- an important factoid for a company that desperately needed to diversify its revenue base...
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