Monday, October 31, 2011

Novatel Wireless Posts Q3 Revenue of $113 Million

Novatel Wireless reported Q3 revenue of $113.3 million, a 50 percent increase from the prior year primarily due to the continued market reception of the company's 4G LTE mobile broadband devices and its acquisition of Enfora, as well as significant revenue from embedded solutions provided to original equipment manufacturers. GAAP net income was $4.5 million and includes a tax benefit of $11.2 million primarily related to the release of uncertain tax positions for certain years for which the statutes of limitations have expired.

"Our third quarter results reflect the significant progress we are making in our business," said Peter Leparulo, CEO of Novatel Wireless. "We are diversifying our product lines with M2M Asset Management Solutions and Services, as well as Embedded Solutions for both our mobile computing and M2M businesses. In the third quarter, these product categories accounted for more than $20 million, or 17.7 percent, of consolidated revenue.

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