Novatel Wireless Inc., a San Diego maker of wireless modems and software, reported a third quarter net loss of $31.9 million, compared with net income of $4.4 million for the like quarter of last year.
Revenue for the quarter was $71 million, down from $113 million in the like quarter of 2011.
CEO Peter Leparulo said the quarter was a transitionary period as the company returns to profitability. “While it was a challenging period for legacy sales, we made fundamental progress during the quarter in the key segments and new product initiatives that will drive long term growth,” he said.
For the fourth quarter, Novatel forecast its revenue should range from $67 million to $80 million, and its operating earnings per share should finish between a loss of 31 cents to 20 cents.
Novatel said it’s filing an additional lawsuit against ZTE Corp., a Chinese company, and ZTE USA Inc. for infringing on one of its key patents related to a family of mobile hotspots and wireless data modems it makes.
— SDBJ Staff Report