SAN DIEGO-Wireless modem maker Novatel Wireless Inc. reported the highest year-over-year revenue increase in company history during the third quarter.
The company’s revenues increased 36 percent, from $31 million during last year’s third quarter to $42.1 million during the third quarter this year. Net income was $5.45 million, up from $4.9 million during the same period last year.
“Our record revenues were driven by the expansion of our PC card business and a strong performance for our newly introduced Ovation product line,” said Peter Leparulo, chief executive officer of Novatel. “Domestically, our EV-DO PC card business grew by over 22 percent sequentially, benefiting from our growing shipments to Verizon Wireless and our first full quarter of volume shipments to Sprint.”
Investors seemed pleased, sending Novatel’s shares up more than 3 percent to $12.67 per share after the announcement.
