Tuesday, February 21, 2012

Novatel Posts Revenue of $109.8 million

Novatel Wireless reported preliminary revenue for Q4 2011 of $109.8 million, down from 119.3 million in Q4 2010 and down from $113.3 million in Q3 2011. Fourth quarter revenue was within the company's guidance range of $105 to $120 million. GAAP net loss was $3.4 million for the quarter and gross margin was 23.4 percent of revenue on a GAAP basis.

"For the 2011 full year, we achieved revenue growth of 19 percent," said Peter Leparulo, Chairman and CEO of Novatel Wireless. "And after a disappointing first quarter due to delayed product launches, we generated three consecutive quarters of improvements, on a non-GAAP basis, in gross margins, net income, and adjusted EBITDA. Over these last three quarters, we generated adjusted EBITDA of $10.2 million, ending the year with cash and marketable securities of $88.8 million and no debt. We continue to see strong market demand for our family of MiFi® intelligent mobile hotspots."http://www.nvtl.com

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