Novatel Reports Net Loss of $43.4 Million for 2013Friday, March 7, 2014
Novatel Wireless Inc., the San Diego-based maker of wireless modems and software, reported a 2013 fourth quarter net loss of $21.3 million, compared with a net loss of $14.9 million in the like quarter of 2012.
Revenue for the fourth quarter was $65.3 million, down from $70.7 million in the like quarter of 2012.
For 2013, Novatel reported a net loss of $43.4 million, compared with a net loss of $89.3 million in 2012.
Full-year revenue was $355.1 million, up from $344.2 million in 2012.
CEO Peter Leparulo said the company has undertaken significant restructuring initiatives that have lowered costs while it executes on a transition plan.
As the company moves into 2014, Leparulo said it has substantial orders and contracts in its machine-to-machine business.
During the transition period, the company will align its expenses with revenue and opportunities, and those steps will position the company for long-term profitability and growth, Leparulo said.
Novatel provided guidance in the first quarter on revenue coming in a range of $50 million to $54 million; operating losses per share, in the range of 22 cents to 15 cents; and gross margins, 21 to 22 percent.