SAN DIEGO-Wireless broadband access solutions provider Novatel Wireless Inc. reported revenues of $32.3 million for the first quarter, a 113-percent jump from the $15.1 million the company reported for the first quarter of 2004.
Net income, including a noncash provision for income taxes of $1.4 million, totaled $2.7 million, or 9 cents per diluted share, against net income of $413,000, or 2 cents per diluted share, during the same period last year.
Peter Leparulo, chief executive officer of the company, pointed to volume shipments with Verizon Wireless and Vodafone Group plc and a switch to two next-generation products as highlights of the quarter.
“We expect to return strong sequential growth in Q2 and revenue growth should accelerate in the second half of the year, with the planned introduction of eight new products during 2005,” said Leparulo. “This will represent the most aggressive research and development effort in company history.”
