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ALAMEDA, Calif.-UTStarcom Inc.’s stock dropped almost 10 percent to $10.78 on news that the company will again delay its annual reports for 2003 and 2004. The company said it needs to “finalize its required review procedures and enable management to finalize its assessment of internal control over financial reporting” as outlined under the Sarbanes-Oxley Act. The company now expects to make the filings by April 15.
UTStarcom’s 2003 reported results were revenues of $1.96 billion and earnings per share of $1.64. The company now expects to report restated 2003 revenues of $1.96 billion and earnings per share of $1.75 and 2004 revenues of $2.7 billion and earnings per share of $0.56.
