[May 10, 2013] Novatel Wireless Reports 1Q 2013 Financial Results Tweet May 10, 2013 (Close-Up Media via COMTEX) -- Novatel Wireless, Inc., a provider of intelligent wireless solutions, announced financial results for the first quarter ended March 31. In a release dated May 7, the Company said that revenue in the first quarter was $85.9 million, up 22 percent compared to $70.7 million in the fourth quarter of 2012. GAAP net loss in the quarter was $9.1 million, or $(0.27) per share, up from a loss of $14.9 million, or $(0.44) per share, in the fourth quarter of 2012. On a non-GAAP basis, net loss for the quarter was $7.4 million, or $(0.22) per share, up from a loss of $12.6 million, or $(0.38) per share, in the fourth quarter of 2012. "In the first quarter we experienced solid demand for our new product lines in both M2M and mobile computing, driving double-digit sequential revenue growth and bottom line improvement," said Peter Leparulo, CEO of Novatel Wireless. "Our M2M business improved significantly in the first quarter, growing over 50 percent sequentially, the majority of which came from sales of our next generation CDMA products. We are expanding our footprint with existing key customers and have several design wins with industry-leading prospects, underscoring the effectiveness of our increasingly direct sales model. In mobile computing, we saw healthy sales order cycles, particularly for the successful introduction of our MiFi 5510, which launched during the quarter. We are also pleased to have launched the MiFi 2 with Bell, the latest carrier offering this critically acclaimed product. Both of these products are built on our highly extendable MiFi technology platform, the applications for which are just beginning to be tapped with the proliferation of 4G network availability." Recent Business Highlights -Novatel Wireless commercially launched its MiFi 2 - the first mobile hotspot with a touchscreen display and the most feature rich mobile hotspot in the market - with Bell on Canada's largest 4G LTE Network in March 2013. -On Feb. 24, Novatel Wireless introduced the N4A cloud-based Device Manager 4.1 which provides enterprise customers with improved time-to-market and tools to effectively manage M2M assets through their entire lifecycle. The N4A Device Manager assists with activation, deployment, maintenance and day-to-day operation in one single, robust, secure and scalable platform. -Recently, Novatel Wireless received technical approval for its machine-to-machine CDMA2000 1X Enabler HS 3001 module on Aeris Communications' network. The Enabler HS 3001 is ideal for markets such as security, alarm, telemetry, asset tracking, POS, mHealth, AVL and AMI/AMR looking for high reliability. -Novatel Wireless recently announced that its MT 3050 device has been selected by Quatenus, a Portuguese Systems Integrator, to be integrated into its front-end application platform and bundled with M2M subscription SIM services from Optimus, one of Portugal's mobile operators. -Lastly, Novatel Wireless recently announced additional software advancements to its MiFi technology platform, improving the MiFi user experience with optimized power management software so MiFi users on platforms with enhanced software will be able to enjoy greatly extended usage time, and Content Delivery Optimization for even faster access to their data. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]