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Thursday, 2 October 2003
October 2, 2003 UTStarcom, Inc. (UTSI)
Here is a stock that I like a lot...although the numbers are not perfect. This company is an American firm that is run by Chinese-Americans who apparently culturally and language-wise understand the China market better than some traditional American telecom firms. I hope I said that better than Rush Limbaugh who lost his job recently on ESPN due to a racial remark. But seriously, these guys really seem to get it. I have owned shares of UTSI sometime in the past but do not own any shares at this time.

UTSI is having a GREAT day today trading at $35.23, up $3.32 on the day or 10.40% as it announces again renewed optimism about 2003 results.

According to money.cnn.com, UTSI "...provides communications equipment for service providers that operate wireless and wireline networks in rapidly growing communications markets." Most of their contracts are in China, but they have been looking outside this region as well.

On July 17, 2003, UTSI announced their second quarter results for the quarter ended June 30, 2003, per PRNewswire-FirstCall as reported on Yahoo: Net sales grew 23% sequentially to $330.5 million from the PREVIOUS quarter and year-over-year increased 75% over the $231.5 million in net sales in the second quarter of 2002. (these numbers are pretty incredible!) Net income for the second quarter increased 53% year over year to $39.4 million or $.33/share compared to net income of $25.7 million or $.22/share for the second quarter of 2002.

Morningstar.com shows a rapid growth in revenue from $100 million in 1998, $200 million in 1999, $400 million in 2000, $600 million in 2001, $1.0 billion in 2002, and $1.3 billion in the trailing twelve months.

The hiccup is the free cash flow which as been positive and improving from ($66) million in 2000, $10 million in 2001, $82 million in 2002, and here is the hiccup: ($160) million in trailing twelve months. I am not sure how significant this change is but should be noted and considered.

Assets and liabilities are adequately balanced with $281.3 million in cash and $1.6 billion in other current assets with $1.1 billion in current liabilities and $402 million in long-term liabilities.

Looking at Yahoo.com, we find that the trailing p/e is in my opinion, very reasonable at 17.06, resulting in a PEG ratio of 0.88. The price/sales a little high at 2.52. There are currently 102.9 million shares outstanding and 73.50 million of them float. There are 9.69 million shares out short as of 9/8/03 representing 2.238 trading days or 13.18% of the float.

As you may note, I like this stock a lot and would like to have it in my portfolio...you know the margin question...I am a bit concerned about the recent turn to the negative in free cash flow and would watch that closely. However, with the fabulous growth and past history of nice cash flow, this does not concern me much. As of yesterday, the company was raising already aggressive 3rd quarter and year results. There is a lot of work to do in China, and UTSI appears to be an important player.

Bob


Posted by bobsadviceforstocks at 10:58 AM CDT | Post Comment | Permalink

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