Novatel Wireless Reports Third Quarter 2012 Financial Results

  Novatel Wireless Reports Third Quarter 2012 Financial Results

Business Wire

SAN DIEGO -- November 07, 2012

Novatel Wireless, Inc. (NASDAQ: NVTL), a leading provider of intelligent
wireless solutions, announced financial results for the third quarter ended
September 30, 2012.

Third quarter revenue was $71.0 million, as compared to $113.3 million in the
third quarter of 2011. During the quarter, the Company took a non-cash
estimated goodwill and intangible asset impairment charge of $20.5 million
resulting from an interim impairment analysis. Including this charge, GAAP net
loss in the quarter was $31.9 million, or $(0.97) per share. The GAAP net loss
also includes the impact of $1.8 million in share-based compensation expense,
and $94,000 of income tax adjustments. On a non-GAAP basis, which excludes the
estimated impairment charges, and other items identified in the attached
reconciliation schedule, net loss for the quarter was $9.1 million, or $(0.27)
per share.

“As expected, the third quarter was a transitionary period for Novatel
Wireless as we positioned the Company to return to profitability,” said Peter
Leparulo, CEO of Novatel Wireless. “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. Our
primary focus remains on our market leading mobile broadband solutions and
expanding our M2M segment. In both of these areas, we have a number of key
growth drivers, including new product introductions, design wins and new
customer acquisitions. During the quarter, we made the decision to change our
OEM business model to focus only on new projects where our inventory and R&D
investments will be adequately supported by our customers. This decision will
both substantially improve our financial model and allow us to focus on our
key growth areas.”

Recent Business Highlights

  *At the end of September, Novatel Wireless announced its next-generation
    MiFi® Intelligent Mobile Hotspot, the first mobile hotspot with
    touchscreen display, soon being sold through AT&T as the MiFi® Liberate.
    This marks the first launch of the MiFi® 2 next generation product from
    Novatel Wireless, which includes a new user interface based on 2.8”
    multi-touch interactive color display, connectivity for up to 10 devices,
    11 hours of continuous use, and other capabilities beyond pure
    connectivity such as on-board shared storage.
  *Thrifty Car Rental recently announced it has selected Novatel Wireless’s
    Mobile Tracking Device, the MT 2500, to manage and protect its fleet of
    rental vehicles against theft, damage, and loss in South Africa. The
    deployment will also have the capabilities to expand beyond Thrifty’s
    rental car fleets, providing services on new and leased vehicles as well.
  *Novatel Wireless recently announced it is filing an additional lawsuit
    against ZTE Corp., a Chinese company, and ZTE (USA), Inc. for infringing
    on one of its key patents related to the MiFi® family of mobile hotspots
    and wireless data modems. The Company built the recently announced MiFi® 2
    product on its extensive portfolio of such MiFi® product related patents.

Fourth Quarter 2012 Business Outlook

The following statements are forward-looking and actual results may differ
materially. Please see the section titled, “Cautionary Note Regarding
Forward-Looking Statements” at the end of this press release. A more detailed
description of risks related to our business is included in the reports filed
by the company with the Securities and Exchange Commission.

Our guidance for the fourth quarter of 2012 reflects current business
indicators and expectations as of the date of this release. All figures are
approximations based on management’s beliefs and assumptions as of the date of
this release.

The Company is in various stages of launching three major products in its MiFi
product line, one of which is going through carrier certification and two of
which are new product launches. The wide guidance range is attributable to the
uncertainty related to forecasting the sell-through volumes for two of the new
MiFi products, and the uncertain timing of the launch of the third MiFi
product currently being certified.

                      
                        Fourth Quarter 2012
Revenue                 $67 - 80 million
                        
Non-GAAP Gross Margin   22% - 24%
                        
Non-GAAP EPS            $(0.31) - $(0.20)
                        

Conference Call Information

Novatel Wireless will host a conference call and live webcast for analysts and
investors today at 5:00 p.m. ET. To access the conference call:

  *In the United States, call 1-877-317-6789
  *International parties can access the call at 1-412-317-6789

Novatel Wireless will offer a live webcast of the conference call, which will
be accessible from the "Investors" section of the company's website at
www.NVTL.com. A telephonic replay of the conference call will also be
available one hour after the call and will run through November 14, 2012. To
hear the replay, parties in the United States may call 1- 877-344-7529 and
enter conference code 10018896#. International parties may call 1-
412-317-0088 and enter the same code.

ABOUT NOVATEL WIRELESS

Novatel Wireless, Inc.is a leader in the design and development of
intelligent wireless solutions based on 2G, 3G and 4G technologies providing
wireless connectivity. The Company delivers specialized wireless solutions to
carriers, distributors, retailers, OEMs and vertical markets worldwide.
Novatel Wireless'Intelligent Mobile Hotspot products, software, USB modems,
embedded modules and smart M2M modules provide innovative anywhere, anytime
communications solutions for consumers and enterprises. Headquartered inSan
Diego, California,Novatel Wirelessis listed on NASDAQ: NVTL. For more
information please visithttp://www.novatelwireless.com. (NVTLF)

Cautionary Note Regarding Forward-Looking Statements

Some of the information presented in this release constitutes forward-looking
statements based on management’s current expectations, assumptions, estimates
and projections. In this context, forward-looking statements often address
expected future business and financial performance and often contain words
such as “may,” “estimate,” “anticipate,” “believe,” “expect,” “intend,”
“plan,” “project,” “will” and similar words and phrases indicating future
results. The information presented in this release related to our financial
results for the third quarter ended September 30, 2012 and our outlook for the
fourth quarter of 2012, as well as statements regarding new product launches,
are forward-looking. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those
anticipated in such forward-looking statements. The Company therefore cannot
guarantee future results, performance or achievements. Actual results could
differ materially from the Company’s expectations.

Factors that could cause actual results to differ materially from Novatel
Wireless' expectations are set forth as risk factors in the Company's SEC
reports and filings and include (1) the future demand for wireless broadband
access to data, (2) the growth of wireless wide-area networking, (3) changes
in commercially adopted wireless transmission standards and technologies
including 3G and 4G standards, (4) continued customer and end user acceptance
of the Company's current products and market demand for the Company's
anticipated new product offerings, (5) increased competition and pricing
pressure from current or future wireless market participants, (6) dependence
on third party manufacturers in Asia and key component suppliers worldwide,
(7) unexpected liabilities or expenses, (8) the Company’s ability to introduce
new products in a timely manner, (9) litigation, regulatory and IP
developments related to our products or component parts of our products, (10)
the outcome of pending or future litigation, including the current class
action securities litigation, (11) the continuing impact of the recent global
credit crisis on the value and liquidity of the securities in our investment
portfolio, (12) dependence on a small number of customers, (13) the effect of
changes in accounting standards and in aspects of our critical accounting
policies and (14) the Company's plans and expectations relating to strategic
relationships, international expansion, software and hardware developments,
personnel matters and cost containment initiatives.

These factors, as well as other factors described in the reports filed by the
Company with the SEC (available at www.sec.gov), could cause actual results to
differ materially. Novatel Wireless assumes no obligation to update publicly
any forward-looking statements for any reason, even if new information becomes
available or other events occur in the future, except as otherwise required
pursuant to applicable law and our on-going reporting obligations under the
Securities Exchange Act of 1934, as amended.

Non-GAAP Financial Measures

Novatel Wireless has provided in this release financial information that has
not been prepared in accordance with GAAP. Non-GAAP operating expenses, net
income and earnings per share exclude stock-based compensation expenses,
charges and benefits related to M&A activities, acquisition-related
intangible-asset amortization, a litigation accrual, and merger integration
costs. Non-GAAP net income and earnings per share for the full year also
exclude the impact of establishing a valuation allowance related to deferred
tax assets and assume a tax rate which management believes reflects its
long-term effective tax rate.

Adjusted EBITDA and Non-GAAP net income, earnings per share, operating
expenses, and gross margin are supplemental measures of our performance that
are not required by, or presented in accordance with, GAAP. These non-GAAP
financial measures are not intended to be used in isolation and, moreover,
they should not be considered as a substitute for net income, diluted earnings
per share, operating expenses, gross margin or any other performance measure
determined in accordance with GAAP. We present adjusted EBITDA and non-GAAP
net income, earnings per share, operating expenses, and gross margin because
we consider each to be an important supplemental measure of our performance.

Management uses these non-GAAP financial measures to make operational
decisions, evaluate the Company's performance, prepare forecasts and determine
compensation. Further, management believes that both management and investors
benefit from referring to these non-GAAP financial measures in assessing the
Company's performance when planning, forecasting and analyzing future periods.
The stock-based compensation expenses are expected to vary depending on the
number of new grants issued to both current and new employees, and changes in
the Company’s stock price, stock market volatility, expected option life and
risk-free interest rates, all of which are difficult to estimate. In
calculating non-GAAP operating expenses, net income and earnings per share,
management excludes stock-based compensation expenses and charges related to
M&A activity to facilitate comparability of the Company's operating
performance on a period-to-period basis because such expenses are not, in
management's review, related to the Company's ongoing operating performance.
Management uses this view of its operating performance for purposes of
comparison with its business plan and individual operating budgets and
allocation of resources.

We further believe that these non-GAAP financial measures are useful to
investors in providing greater transparency to the information used by
management in its operational decision making. We believe that the use of
non-GAAP operating expenses, net income and earnings per share also
facilitates a comparison of Novatel Wireless’ underlying operating performance
with that of other companies in our industry, which use similar non-GAAP
financial measures to supplement their GAAP results.

Calculating non-GAAP operating expenses, net income and earnings per share
have limitations as an analytical tool, and you should not consider these
measures in isolation or as substitutes for GAAP operating expenses, net
income and earnings per share. In the future, we expect to continue to incur
expenses similar to the non-GAAP adjustments described above, and exclusion of
these items in the presentation of our non-GAAP financial measures should not
be construed as an inference that these costs are unusual, infrequent or
non-recurring. Investors and potential investors are cautioned that there are
material limitations associated with the use of non-GAAP financial measures as
an analytical tool. Some of the limitations in relying on non-GAAP operating
expenses, net income and earnings per share are:

  *Other companies, including other companies in our industry, may calculate
    non-GAAP operating expenses, net income and earnings per share differently
    than we do, limiting their usefulness as a comparative tool.
  *The Company's income tax expense will be ultimately based on its GAAP
    taxable income and actual tax rates in effect, which may differ
    significantly from the effective tax rate used in our non-GAAP financial
    measures.

In addition, the adjustments to our GAAP operating expenses, net income and
earnings per share reflect the exclusion of stock-based compensation expenses
that are recurring and will be reflected in the Company's financial results
for the foreseeable future. The Company compensates for these limitations by
providing specific information regarding the GAAP amount excluded from the
non-GAAP financial measures. The Company further compensates for the
limitations of our use of non-GAAP financial measures by presenting comparable
GAAP measures more prominently. The Company evaluates the non-GAAP financial
measures together with the most directly comparable GAAP financial measures.

Investors and potential investors are encouraged to review the reconciliation
of non-GAAP financial measures contained within this press release with our
GAAP operating expenses, net income, earnings per share and gross margin. For
more information, see the consolidated statements of operations and the
"Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income" contained in
this press release.

(C) 2012 Novatel Wireless. All rights reserved. MiFi, Expedite, Enabler,
Enfora, N4A, and the Novatel Wireless name and logo are trademarks of Novatel
Wireless, Inc. Other product or service names mentioned herein are the
trademarks of their respective owners.


NOVATEL WIRELESS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


                                               September 30,  December 31,
                                                  2012         2011     
                                                (Unaudited)
ASSETS
                                                                
Current assets:
                                                                
Cash and cash equivalents                       $  16,341       $ 47,069
Marketable securities                              39,958         28,267
Accounts receivable, net                           40,270         36,849
Inventories                                        36,527         42,279
Deferred tax assets, net                           2,005          2,011
Prepaid expenses and other                        4,782        3,712    
Total current assets                               139,883        160,187
                                                                
Property and equipment, net                        14,939         18,496
                                                                
Marketable securities                              6,174          13,495
                                                                
Intangible assets, net                             3,091          35,702
                                                                
Goodwill                                           -              19,772
                                                                
Deferred tax assets, net                           843            1,023
                                                                
Other assets                                      672          504      
Total assets                                    $  165,602     $ 249,179  
                                                                
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                
Current liabilities:
                                                                
Accounts payable                                $  38,948       $ 54,030
Accrued expenses                                  25,188       25,044   
Total current liabilities                          64,136         79,074
                                                                
Other long-term liabilities                       3,759        4,080    
Total liabilities                                 67,895       83,154   
                                                                
Stockholders' equity:
                                                                
Common stock                                       33             32
Additional paid-in capital                         435,804        429,813
Accumulated other comprehensive income (loss)      36             (8       )
Accumulated deficit                               (313,166 )    (238,812 )
                                                   122,707        191,025
Treasury stock at cost                            (25,000  )    (25,000  )
Total stockholders' equity                        97,707       166,025  
                                                                
Total liabilities and stockholders' equity      $  165,602     $ 249,179  

NOVATEL WIRELESS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(in thousands, except per share data)
(Unaudited)


                      Three Months Ended          Nine Months Ended
                       September 30,                 September 30,
                        2012       2011          2012       2011    
                                                                   
                                                                   
Net revenues           $ 71,017      $ 113,263       $ 273,613     $ 293,068
Cost of net revenues    56,371      86,573        214,728     234,202 
Gross profit            14,646      26,690        58,885      58,866  
                                                                   
Operating costs and
expenses:
Research and             14,696        15,126          44,982        45,517
development
Sales and marketing      6,267         7,211           21,255        22,805
General and              4,825         6,243           16,061        16,550
administrative
Goodwill and
intangible assets        20,484        3,514           49,821        3,514
impairment losses
Amortization of
purchased intangible    227         644           891         1,699   
assets
Total operating         46,499      32,738        133,010     90,085  
costs and expenses
                                                                   
Operating loss           (31,853 )     (6,048  )       (74,125 )     (31,219 )
                                                                   
Other income
(expense):
Interest income, net     72            60              238           303
Other expense, net      (45     )    (679    )      (191    )    (1,164  )
                                                                   
Loss before income       (31,826 )     (6,667  )       (74,078 )     (32,080 )
taxes
                                                                   
Income tax (benefit)     107           (11,165 )       276           (10,592 )
provision
                                                                
Net income (loss)      $ (31,933 )   $ 4,498        $ (74,354 )   $ (21,488 )
                                                                   
Per share data:
                                                                   
Net income (loss)
per share:
Basic                  $ (0.97   )   $ 0.14         $ (2.28   )   $ (0.67   )
Diluted                $ (0.97   )   $ 0.14         $ (2.28   )   $ (0.67   )
                                                                   
                                                                   
Weighted average
shares used in
computation of net
income (loss) per
share:
Basic                   33,074      32,057        32,683      32,005  
Diluted                 33,074      32,370        32,683      32,005  
                                                                   
Comprehensive income   $ (31,906 )   $ 4,438        $ (74,310 )   $ (21,542 )
(loss)

NOVATEL WIRELESS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)


                      Three Months Ended          Nine Months Ended
                       September 30,                 September 30,
                        2012       2011          2012       2011    
                                                                   
Cash flows from
operating
activities:
Net income (loss)      $ (31,933 )   $ 4,498         $ (74,354 )   $ (21,488 )
Adjustments to
reconcile net income
(loss) to net cash
provided by (used
in) operating
activities:
Loss on
sale/disposal of         62            -               90            -
fixed asset
Depreciation and         2,775         4,096           9,747         13,782
amortization
Loss on goodwill and
intangible assets        20,484        3,514           49,821        3,514
impairment
Impairment loss on
software license         -             58              -             133
intangible assets
Provision for bad        (49     )     (64     )       39            59
debts
Net impairment loss
on marketable            -             192             39            346
securities
Inventory provision      1,347         256             1,663         576
Share-based              1,752         1,571           5,409         4,057
compensation expense
Non-cash income tax      97            (10,886 )       194           (11,287 )
expense (benefit)
Changes in assets
and liabilities:
Accounts receivable      7,811         (12,879 )       (3,460  )     9,046
Inventories              1,691         737             4,089         (6,634  )
Prepaid expenses and     1,012         474             (1,238  )     3,484
other assets
Accounts payable         (4,239  )     (2,976  )       (15,108 )     (23,941 )
Accrued expenses,
income taxes, and       (192    )    2,226         233         1,651   
other
Net cash provided by
(used in) operating     618         (9,183  )      (22,836 )    (26,702 )
activities
                                                                   
Cash flows from
investing
activities:
Purchases of
property and             (433    )     (1,093  )       (4,021  )     (4,928  )
equipment
Purchases of             -             (119    )       -             (219    )
intangible assets
Purchases of
marketable               (14,341 )     (10,407 )       (31,871 )     (21,366 )
securities
Marketable
Securities              15,447      10,865        27,506      58,539  
maturities/sales
Net cash provided by
(used in) investing     673         (754    )      (8,386  )    32,026  
activities
Cash flows from
financing
activities:
Proceeds from the
issuance of              5,000         12,000          5,000         12,000
short-term debt, net
of issuance costs
Principal repayments     (5,000  )     (12,000 )       (5,000  )     (12,000 )
of short-term debt
Principal payments
under capital lease      -             (26     )       (46     )     (81     )
obligations
Proceeds from ESPP,
stock option
exercises, net of       (151    )    5             583         (617    )
taxes paid on vested
restricted stock
units
Net cash provided by
(used in) financing      (151    )     (21     )       537           (698    )
activities
Effect of exchange
rates on cash and       4           (128    )      (43     )    (74     )
cash equivalents
Net increase             1,144        (10,086 )       (30,728 )     4,552
(decrease) in cash
Cash and cash
equivalents,            15,197      32,013        47,069      17,375  
beginning of period
Cash and cash
equivalents, end of    $ 16,341    $ 21,927       $ 16,341     $ 21,927  
period

NOVATEL WIRELESS, INC.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss)
Three Months and Nine Months Ended September 30, 2012
(in thousands, except per share data)
(Unaudited)


                  Three Months Ended            Nine Months Ended
                   September 30, 2012             September 30, 2012
                   Net           Income (Loss)     Net           Income (Loss)
                   Income       Per Share,        Income       Per Share,
                   (Loss)        Diluted           (Loss)        Diluted
                                                                 
GAAP net loss      $ (31,933 )   $   (0.97  )      $ (74,354 )   $   (2.28  )
                                                                 
Adjustments:
Share-based
compensation         1,752           0.05            5,409           0.17
expense (a)
                                                                 
Acquisition
related charges      516             0.02            2,430           0.08
(b)
                                                                 
Goodwill &
Intangibles          20,484          0.62            49,821          1.52
impairment (c)
                                                                 
Income tax           94              0.01            132             0.00
adjustments (d)
                                                                 
Severance (e)       -             -             890           0.03   
Non-GAAP net       $ (9,087  )   $   (0.27  )      $ (15,672 )   $   (0.48  )
loss


(a) Adjustments reflect share-based compensation expense recorded under ASC
Topic 718.

(b) Adjustments reflect amortization of purchased intangibles.

(c) Adjustments reflect goodwill and purchased intangibles impairments
resulting from interim impairment analyses conducted during the 1st and 3rd
quarters of 2012.

(d) Adjustments for certain deferred tax valuation activity and an income tax
effect of Q1 2012 goodwill impairment.

(e) Adjustments reflect the cost of a reduction in force.

See "Non -GAAP Financial Measures" for information regarding our use of
Non-GAAP financial measures.

NOVATEL WIRELESS, INC.
Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs
and Expenses
Three Months Ended September 30, 2012
(in thousands)
(Unaudited)


                                                          Goodwill
                            Share-based    Purchased      and
                GAAP      compensation  intangibles   purchased    Non-GAAP
                            expense        amortization   intangible
                            (a)            (b)            impairments
                                                          (c)
                                                                        
Cost of net      $ 56,371   $    167       $     289      $   -         $ 55,915
revenues
                                                                        
Operating
costs and
expenses:
Research and       14,696        645             -            -           14,051
development
Sales and          6,267         334             -            -           5,933
marketing
General and        4,825         606             -            -           4,219
administrative
Goodwill and
intangible
assets             20,484   -              -                  20,484      -
impairment
losses
Amortization
of purchased      227      -                   227         -          -
intangibles
Total
operating        $ 46,499   $    1,585     $     227      $   20,484    $ 24,203
costs and
expenses
                                                                        
Total                       $    1,752     $     516      $   20,484


(a) Adjustments reflect share-based compensation expense recorded under ASC
Topic 718.

(b) Adjustments reflect amortization of purchased intangibles.

(c) Includes impairment charges for goodwill and purchased intangibles

See "Non -GAAP Financial Measures" for information regarding our use of
Non-GAAP financial measures.

NOVATEL WIRELESS, INC.
Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses
Nine Months Ended September 30, 2012
(in thousands)
(Unaudited)


                                                           Goodwill
                             Share-based    Purchased      and
                GAAP       compensation  intangibles   purchased    Severance  Non-GAAP
                             expense        amortization   intangibles   (d)
                             (a)            (b)            impairments
                                                           (c)
                                                                                     
Cost of net      $ 214,728   $    543       $    1,539     $   -         $   53      $ 212,593
revenues
                                                                                     
Operating
costs and
expenses:
Research and       44,982         2,033          -             -             555       42,394
development
Sales and          21,255         1,067          -             -             85        20,103
marketing
General and        16,061         1,766          -             -             197       14,098
administrative
Goodwill and
intangible
assets             49,821         -              -             49,821        -         -
impairment
losses
Amortization
of purchased      891           -             891          -            -        -
intangibles
Total
operating        $ 133,010   $    4,866     $    891       $   49,821    $   837     $ 76,595
costs and
expenses
                                                           
Total                        $    5,409     $    2,430     $   49,821    $   890


(a) Adjustments reflect share-based compensation expense recorded under ASC
Topic 718.

(b) Adjustments reflect amortization of purchased intangibles.

(c) Adjustments reflect goodwill and purchased intangibles impairment
resulting from interim impairment analyses conducted during the 1st and 3rd
quarters of 2012.

(d) Includes charges for a reduction in force.

See "Non -GAAP Financial Measures" for information regarding our use of
Non-GAAP financial measures.

NOVATEL WIRELESS, INC.
Reconciliation of GAAP Loss before Income Taxes to Adjusted EBITDA
Three and Nine Months Ended September 30, 2012
(in thousands)
(Unaudited)


                                      Three Months Ended  Nine Months Ended
                                       September 30, 2012   September 30, 2012
                                                            
Loss before income taxes               $    (31,826   )     $    (74,078   )
Depreciation and amortization               2,775                9,747
charges
Goodwill & purchased intangibles            20,484               49,821
impairments
Share-based compensation expense            1,752                5,409
Severance                                   -                    890
Other expense (income)                     (27       )         (47       )
Adjusted EBITDA                        $    (6,842    )     $    (8,258    )


See "Non -GAAP Financial Measures" for information regarding our use of
Non-GAAP financial measures.

NOVATEL WIRELESS, INC.
Segment Reporting
Three and Nine Months Ended September 30, 2012
(in thousands, except per share data)
(Unaudited)


                   Three Months Ended          Nine Months Ended
                    September 30,                 September 30,
                     2012       2011           2012         2011    
                                                                  
Net revenues by
reportable
segment:
Mobile Computing    $ 65,189      $ 102,691       $  248,620      $  258,268
Products
M2M Products and     5,828       10,572         24,993        34,800  
Solutions
Total               $ 71,017     $ 113,263      $  273,613     $  293,068 
                                                                  
Operating income
(loss):
Mobile Computing    $ (7,513  )   $ 1,311         $  (11,701  )   $  (14,359 )
Products
M2M Products and     (24,340 )    (7,359  )       (62,424  )     (16,860 )
Solutions
Total               $ (31,853 )   $ (6,048  )     $  (74,125  )   $  (31,219 )
                                                                  
                                                                  
                                                  September 30,   December 31,
                                                    2012          2011    
Identifiable
assets by
reportable
segment:
Mobile Computing                                  $  148,855      $  181,180
Products
M2M Products and                                    16,747        67,999  
Solutions
Total                                             $  165,602     $  249,179 

Contact:

Investor contact:
The Blueshirt Group for Novatel Wireless
Chris Danne, 415-217-5865
chris@blueshirtgroup.com
Matthew Hunt, 415-489-2194
matt@blueshirtgroup.com
or
Media contact:
Novatel Wireless, Inc.
Charlotte Rubin, 858-812-3431
crubin@nvtl.com
 
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