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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.
A Novatel spokeswoman wasn't immediately available to comment on the financial terms of the deal, and a Verizon Wireless spokesman declined to speak on the matter.
Novatel Wireless Inc. - San Diego
4th Quar Dec. 31:
2003 2002
Revenue $10,604,000 $7,963,000
Net income a (1,854,000) b (7,101,000)
Avg shrs (diluted) 9,129,053 6,266,136
Shr earns
Net income a (.23) b (2.54)
Year:
Revenue $33,815,000 $28,872,000
Net income c (11,638,000) d (28,318,000)
Avg shrs (diluted) 7,817,539 5,106,681
Shr earns
Net income c (2.06) d (10.47)
Figures in parentheses are losses.
a. Includes charges of $1.4 million for dividend and interest expense,
$414, 000 for restructuring and $75,000 for stock-based
compensation. Excluding items, the company earned $18,000, or less
than 1 cent a share.
b. Includes charges of $1.3 million for restructuring, $1 million for
inventory write-off and $75,000 for stock-based compensation.
Excluding items, the company posted a loss of $4.3 million, or 68
cents a share.
c. Includes charges of $3.8 million for dividend and interest expense,
$2 million for inventory write-off, $828,000 for restructuring and
$738,000 for stock-based compensation. Excluding items, the
company posted a loss of $4.3 million, or 55 cents a share.
d. Includes charges of $3.6 million for stock-based compensation,
$2.7 million for restructuring, $1 million for inventory write-off and
$328,000 for dividend and interest expense. Excluding items, the
company posted a loss of $20.8 million, or $4.06 a share.
chart.bigcharts.com/bc3/quickchart/...35&mocktick=1&rand=6532" style="max-width:560px" >
Truth is stranger than fiction, because fiction has to make sense
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.
A Novatel spokeswoman wasn't immediately available to comment on the financial terms of the deal, and a Verizon Wireless spokesman declined to speak on the matter.
Novatel Wireless Inc. - San Diego
4th Quar Dec. 31:
2003 2002
Revenue $10,604,000 $7,963,000
Net income a (1,854,000) b (7,101,000)
Avg shrs (diluted) 9,129,053 6,266,136
Shr earns
Net income a (.23) b (2.54)
Year:
Revenue $33,815,000 $28,872,000
Net income c (11,638,000) d (28,318,000)
Avg shrs (diluted) 7,817,539 5,106,681
Shr earns
Net income c (2.06) d (10.47)
Figures in parentheses are losses.
a. Includes charges of $1.4 million for dividend and interest expense,
$414, 000 for restructuring and $75,000 for stock-based
compensation. Excluding items, the company earned $18,000, or less
than 1 cent a share.
b. Includes charges of $1.3 million for restructuring, $1 million for
inventory write-off and $75,000 for stock-based compensation.
Excluding items, the company posted a loss of $4.3 million, or 68
cents a share.
c. Includes charges of $3.8 million for dividend and interest expense,
$2 million for inventory write-off, $828,000 for restructuring and
$738,000 for stock-based compensation. Excluding items, the
company posted a loss of $4.3 million, or 55 cents a share.
d. Includes charges of $3.6 million for stock-based compensation,
$2.7 million for restructuring, $1 million for inventory write-off and
$328,000 for dividend and interest expense. Excluding items, the
company posted a loss of $20.8 million, or $4.06 a share.
chart.bigcharts.com/bc3/quickchart/...35&mocktick=1&rand=6532" style="max-width:560px" >
Truth is stranger than fiction, because fiction has to make sense