Global IPTV and IP-based broadband solutions provider UTStarcom Inc. (Nasdaq:UTSI) announced fourth quarter and full year 2008 financials on Friday. Fourth quarter net sales were $241 million, compared to $806 million in the year-ago period. UTStarcom booked a net loss of $80.9 million in the quarter, compared to a loss of $24.6 million in the fourth quarter of 2007. In the fourth quarter, UTStarcom recorded an $18.5 million increase in inventory reserves due to the wind down of its Korea-based handset manufacturing operations, while its broadband segment reported an additional loss reserve of $6 million due to a large infrastructure project in India.

For the fiscal year 2008, UTStarcom reported net sales of $1.6 billion, compared to $2.5 billion in 2007. Net loss narrowed to $150.3 million in 2008, compared to $195.6 million in the previous year. On July 1, 2008, the company divested its personal communications division that traditionally made up a significant portion of its revenue.