Novatel Hits Reduced Targets

Novatel Wireless' (NVTL Quote) fourth-quarter earnings met recently lowered targets.

The laptop wireless "air-card" maker posted net income of $5.2 million, or 17 cents a share, on sales of $33.4 million. Those figures compare with a year-ago loss of $2.1 million on $10.6 million in revenue.

For the year, Novatel earned $13.7 million on sales of $103.7 million, a substantial increase from the $16.7 million loss on revenue of $33.8 million in 2003.

Last month, Novatel said sales for the fourth quarter ended in December would be in the $32 million-$34 million range. Analysts had been expecting $36 million for the quarter, according to Reuters Research. ...