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Dow Jones Business News
Novatel Wireless Reports 4Q Results, Inks Deal With Verizon
Wireless
Tuesday February 10, 5:44 pm ET
SAN DIEGO (Dow Jones)--Novatel Wireless Inc. (NasdaqSC:NVTL - News)'s fourth-quarter loss narrowed considerably, aided by a 33% increase in revenue, while expenses fell to about half of their prior-year level.
In a press release Tuesday, the wireless-modem maker reported a loss of $1.9 million, or 23 cents a share, compared with $7.1 million, or $2.54 a share, a year ago.
Novatel broke even in the fourth quarter, excluding about $2.2 million in charges for dividend and interest expense, restructuring and stock-based compensation.
Revenue climbed to $10.6 million from $8 million, driven by growing demand for third-generation mobile telecommunications products in Europe. The company had forecast revenue of between $9.6 million and $9.8 million.
In the first quarter, Novatel anticipates revenue of $12 million to $13 million. In the same period a year-ago, the company posted a loss of $3 million on revenue of $7.5 million.
Novatel also announced a deal that will have it supply Verizon Communications'supply Verizon Communications' (NYSE:VZ - News; VZ) Verizon Wireless with wireless broadband modems with typical speeds of between 300kb/sec and 500kb/sec, comparable to those of most current cable modem and DSL connections.
Verizon's BroadbandAccess service is available in San Diego and Washington D.C. and the company plans a "significant deployment" by summer's end, with nationwide rollout continuing through 2005.
Dow Jones Business News
Novatel Wireless Reports 4Q Results, Inks Deal With Verizon
Wireless
Tuesday February 10, 5:44 pm ET
SAN DIEGO (Dow Jones)--Novatel Wireless Inc. (NasdaqSC:NVTL - News)'s fourth-quarter loss narrowed considerably, aided by a 33% increase in revenue, while expenses fell to about half of their prior-year level.
In a press release Tuesday, the wireless-modem maker reported a loss of $1.9 million, or 23 cents a share, compared with $7.1 million, or $2.54 a share, a year ago.
Novatel broke even in the fourth quarter, excluding about $2.2 million in charges for dividend and interest expense, restructuring and stock-based compensation.
Revenue climbed to $10.6 million from $8 million, driven by growing demand for third-generation mobile telecommunications products in Europe. The company had forecast revenue of between $9.6 million and $9.8 million.
In the first quarter, Novatel anticipates revenue of $12 million to $13 million. In the same period a year-ago, the company posted a loss of $3 million on revenue of $7.5 million.
Novatel also announced a deal that will have it supply Verizon Communications'supply Verizon Communications' (NYSE:VZ - News; VZ) Verizon Wireless with wireless broadband modems with typical speeds of between 300kb/sec and 500kb/sec, comparable to those of most current cable modem and DSL connections.
Verizon's BroadbandAccess service is available in San Diego and Washington D.C. and the company plans a "significant deployment" by summer's end, with nationwide rollout continuing through 2005.
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