SAN DIEGO-Novatel Wireless Inc. reported revenues of $38.6 million for the second quarter, up 60 percent from revenues of $24.1 million reported during the second quarter of last year.
Net income for the quarter was $2.9 million, or 10 cents per diluted share, compared with net income of $3.2 million, or 11 cents per diluted share, a year ago.
“In the second quarter, revenues rose 19 percent sequentially to the highest level in company history,” commented Peter Leparulo, Novatel Wireless’ chief executive officer. “Our strong performance was driven by increasing shipments to Verizon Wireless domestically, continued expansion with Vodafone internationally and a strong debut of the first generation of our Ovation product line.”
Leparulo also highlighted the company’s introduction of its Merlin S620 wireless PC card for Sprint’s EV-DO and 1xRTT networks as well as the debut of its Ovation product line for small office/home office, enterprise and residential markets.
The company said it expects to achieve revenues of between $41 million and $42 million during the third quarter, with GAAP earnings of about 10 cents per diluted share.
