NVTL warning!NVTL accounts for over 50% of EMG's business. Cheers!!!
Wednesday June 27, 6:20 pm Eastern Time
Novatel Wireless sees Q2 loss
SAN DIEGO, June 27 (Reuters) - Novatel Wireless Inc. (NasdaqNM:NVTL - news), a provider of wireless data communications modems and software, said on Wednesday it is expecting a second-quarter loss of 18 to 20 cents per share before charges.
Due to the continued economic softness and temporary delay in shipments of certain new products, Novatel said it has lowered estimates for second-quarter revenues to a range of $12.0 to $13.0 million. The company said it is also increasing reserves for excess inventory by $2 million.
Research firm Thomson Financial/First Call published a consensus loss estimate of 18 cents per share for the second quarter.
``Despite the disappointing revenues, we have substantially reduced our operating loss in the second quarter compared to Q1,'' John Major, chairman and chief executive officer, said in a statement. ``We have streamlined the Company to operate more efficiently by reducing our operating and fixed manufacturing costs. Additionally, we are starting to achieve higher margins on our next generation products and this should have an impact in the third quarter.''
First-quarter revenues were $19.7 million and the company posted a proforma loss of $12.1 million or 22 cents per share before charges.
https://biz.yahoo.com/rf/010627/n27369259.html