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Novatel Wireless Reports Fourth Quarter And Fiscal Year 2012 Preliminary Financial Results

Novatel Wireless, Inc. (NASDAQ: NVTL), a leading provider of intelligent wireless solutions, announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth quarter revenue was $70.7 million, as compared to $109.8 million in the fourth quarter of 2011. GAAP net loss in the quarter was $14.9 million, or $(0.45) per share. The GAAP net loss includes the impact of non-cash items including $1.1 million in share-based compensation expense; $1.0 million of employee stock purchase plan cancellation charges; $0.3 million of an intangible asset valuation increase; $2.6 million of depreciation and amortization expense; and, $0.3 million in deferred tax asset charges. On a non-GAAP basis, a reconciliation of which can be identified in the attached schedule, net loss for the quarter was $12.6 million, or $(0.38) per share.

“We believe the fundamental progress we made on our strategic initiatives in the fourth quarter has positioned us for a stronger 2013, and currently anticipate significant sequential revenue growth and bottom line improvement in the first quarter,” said Peter Leparulo, CEO of Novatel Wireless. “Our M2M business grew sequentially by 16% in the fourth quarter due to the positive impact of our new product introductions, customer wins and the changes we made to our sales channels. We believe this business is well-poised to benefit from strong growth in key verticals for our M2M asset management solutions, and growing contributions from our M2M embedded solutions. In mobile computing, we are pleased to have introduced two new products, the MiFi® Liberate™ with AT&T and the MiFi® 5510L with Verizon Wireless, and expect to see the benefits of these in the first quarter.”

Fiscal year 2012 revenue was $344.3 million. GAAP net loss for the year was $89.3 million, or $(2.72) per share. The GAAP net loss includes the impact of non-cash items including $6.5 million in share-based compensation expense; $1.0 million of employee stock purchase plan cancellation charges; $49.5 million in goodwill and intangible asset impairment charges; $12.3 million of depreciation and amortization expense; and, $0.4 million of net deferred tax asset charges. On a non-GAAP basis, a reconciliation of which can be identified in the attached schedule, net loss for the year was $28.2 million, or $(0.86) per share.

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