UTStarcom (UTSI) Approves $40M Buyback Plan

UTStarcom (Nasdaq: UTSI) has approved a share repurchase program of up to $40 million of its outstanding shares over the next 24 months. The share repurchase program was approved by UTStarcom's Board of Directors and became effective on November 12, 2014.

During the repurchase program period, the Company will also maintain the flexibility to turn the program to an accelerated repurchase program and/or a cash tender offer. UTStarcom expects to implement this share repurchase program in a manner consistent with market conditions and the interests of the shareholders. The repurchase program does not obligate UTStarcom to make repurchases at any specific time or situation. UTStarcom's Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size accordingly. In addition, UTStarcom plans to fund any share repurchases made under this program from the Company's available cash balance. As of September 30, 2014, UTStarcom's cash and cash equivalents totaled $90.5 million.

Mr. Himanshu Shah, Chairman of UTStarcom's Board of Directors, stated, "Our commitment to an aggressive share repurchase program reflects the Board's confidence in the Company and our determination to deliver enhanced value for UTStarcom's shareholders. We believe that this buy back also represents an effective use of the Company's cash and we look forward to delivering enhanced value to our shareholders."

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