Novatel Wireless reports net income in Q3

Mon. November 02, 2009; Posted: 05:06 AM

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Nov 02, 2009 (Datamonitor via COMTEX) -- NVTL | Quote | Chart | News | PowerRating -- Novatel Wireless, a provider of wireless broadband access solutions, has reported a net income of $6.22 million, or $0.20 per diluted share, for the third quarter ended September 30, 2009, compared to a net loss of $1.05 million, or $0.03 per diluted share, in the third quarter of 2008.

For the third quarter of 2009, total revenues were $94.3 million, compared to $78.4 million in the same quarter of 2008.

For the first nine months ended September 30, 2009, total revenues were $248.8 million, compared to $255.86 million in the same period of 2008. Net income was $2.96 million, or $0.10 per diluted share, compared to $1.74 million, or $0.06 per diluted share, in the same period of 2008.

Peter Leparulo, chairman and CEO of Novatel Wireless, said: "Our 12% sequential revenue growth and significant margin improvement was primarily driven by strong demand for our industry-leading MiFi Intelligent Mobile Hotspot platforms, as well as strong core product sales in North America.

"During the third quarter, MiFi was launched by numerous international carriers and distribution channels as we gained traction with this innovative new product category. Currently, we expect fourth quarter MiFi sales to be similar to third quarter levels as improving sell through catches up to initial stocking orders."

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For full details on Novatel Wireless Inc (NVTL) click here. Novatel Wireless Inc (NVTL) has Short Term PowerRatings of 7. Details on Novatel Wireless Inc (NVTL) Short Term PowerRatings is available at This Link.

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