$INSG
INSEEGO CORP.

2013 Q4 Form 10-Q Financial Statement

#000119312513433490 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $65.34M $92.67M $71.02M
YoY Change -7.56% 30.49% -37.32%
Cost Of Revenue $53.30M $72.29M $56.37M
YoY Change -6.65% 28.24% -34.91%
Gross Profit $12.04M $20.38M $14.65M
YoY Change -11.2% 39.17% -45.15%
Gross Profit Margin 18.43% 21.99% 20.62%
Selling, General & Admin $9.900M $10.26M $11.09M
YoY Change -23.26% -7.53% -17.84%
% of Gross Profit 82.23% 50.32% 75.73%
Research & Development $9.000M $12.44M $14.70M
YoY Change -41.56% -15.36% -2.68%
% of Gross Profit 74.76% 61.02% 100.34%
Depreciation & Amortization $2.180M $2.230M $2.780M
YoY Change -15.83% -19.78% -32.03%
% of Gross Profit 18.11% 10.94% 18.98%
Operating Expenses $19.10M $25.25M $46.50M
YoY Change -32.98% -45.7% 59.24%
Operating Profit -$7.061M -$4.864M -$31.85M
YoY Change -52.74% -84.73% 1174.12%
Interest Expense $0.00 $31.00K $72.00K
YoY Change -100.0% -56.94% -28.0%
% of Operating Profit
Other Income/Expense, Net -$100.0K $59.00K -$45.00K
YoY Change -231.11% -93.57%
Pretax Income -$21.60M -$4.774M -$31.83M
YoY Change 47.95% -85.0% 375.01%
Income Tax -$300.0K $319.0K $107.0K
% Of Pretax Income
Net Earnings -$21.31M -$5.093M -$31.93M
YoY Change 42.88% -84.05% -809.62%
Net Earnings / Revenue -32.61% -5.5% -44.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$624.6K -$149.6K -$963.7K
COMMON SHARES
Basic Shares Outstanding 34.08M shares 34.07M shares 33.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.50M $40.10M $56.30M
YoY Change -63.96% -28.77% 1.81%
Cash & Equivalents $2.911M $18.14M $16.34M
Short-Term Investments $16.60M $22.00M $40.00M
Other Short-Term Assets $8.400M $9.800M $6.800M
YoY Change 71.43% 44.12% 74.36%
Inventory $27.79M $27.03M $36.50M
Prepaid Expenses
Receivables $39.99M $47.54M $40.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $95.63M $124.5M $139.9M
YoY Change -32.05% -10.97% -13.96%
LONG-TERM ASSETS
Property, Plant & Equipment $9.901M $11.90M $14.90M
YoY Change -34.99% -20.17% -25.13%
Goodwill $0.00 $0.00
YoY Change
Intangibles $2.131M $2.383M
YoY Change -32.63%
Long-Term Investments $3.400M $5.300M $6.200M
YoY Change 183.33% -14.52% -31.87%
Other Assets $361.0K $280.0K $1.500M
YoY Change -42.05% -81.33% -48.28%
Total Long-Term Assets $15.84M $19.94M $25.70M
YoY Change -23.87% -22.4% -70.99%
TOTAL ASSETS
Total Short-Term Assets $95.63M $124.5M $139.9M
Total Long-Term Assets $15.84M $19.94M $25.70M
Total Assets $111.5M $144.5M $165.6M
YoY Change -30.99% -12.75% -34.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.54M $46.51M $38.90M
YoY Change -46.34% 19.56% -27.96%
Accrued Expenses $23.27M $27.96M $25.20M
YoY Change -16.29% 10.95% -8.7%
Deferred Revenue
YoY Change
Short-Term Debt $2.600M $2.400M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.70M $76.91M $64.10M
YoY Change -25.61% 19.98% -21.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.848M $1.932M $3.800M
YoY Change -27.59% -49.16% 65.22%
Total Long-Term Liabilities $1.848M $1.932M $3.800M
YoY Change -27.59% -49.16% 65.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.70M $76.91M $64.10M
Total Long-Term Liabilities $1.848M $1.932M $3.800M
Total Liabilities $66.55M $78.84M $67.90M
YoY Change -12.53% 16.11% -19.07%
SHAREHOLDERS EQUITY
Retained Earnings -$371.5M -$350.2M
YoY Change 13.23%
Common Stock $34.00K $34.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $25.00M
YoY Change 0.0%
Treasury Stock Shares 2.436M shares 2.436M shares
Shareholders Equity $44.92M $65.65M $97.70M
YoY Change
Total Liabilities & Shareholders Equity $111.5M $144.5M $165.6M
YoY Change -30.99% -12.75% -34.08%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$21.31M -$5.093M -$31.93M
YoY Change 42.88% -84.05% -809.62%
Depreciation, Depletion And Amortization $2.180M $2.230M $2.780M
YoY Change -15.83% -19.78% -32.03%
Cash From Operating Activities -$22.45M -$10.68M $610.0K
YoY Change 218.89% -1850.82% -106.64%
INVESTING ACTIVITIES
Capital Expenditures $40.00K -$1.320M -$430.0K
YoY Change -106.06% 206.98% -64.46%
Acquisitions
YoY Change
Other Investing Activities $7.150M $4.630M $1.100M
YoY Change 4.38% 320.91% 144.44%
Cash From Investing Activities $7.170M $3.320M $670.0K
YoY Change 15.83% 395.52% -189.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.00K 620.0K -150.0K
YoY Change -84.48% -513.33% 650.0%
NET CHANGE
Cash From Operating Activities -22.45M -10.68M 610.0K
Cash From Investing Activities 7.170M 3.320M 670.0K
Cash From Financing Activities 90.00K 620.0K -150.0K
Net Change In Cash -15.19M -6.740M 1.130M
YoY Change 5525.93% -696.46% -111.36%
FREE CASH FLOW
Cash From Operating Activities -$22.45M -$10.68M $610.0K
Capital Expenditures $40.00K -$1.320M -$430.0K
Free Cash Flow -$22.49M -$9.360M $1.040M
YoY Change 252.51% -1000.0% -113.05%

Facts In Submission

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dei Trading Symbol
TradingSymbol
NVTL
dei Entity Registrant Name
EntityRegistrantName
NOVATEL WIRELESS INC
dei Amendment Flag
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dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001022652
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Standard Product Warranty Description
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us-gaap Concentration Risk Percentage1
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates</i></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues, expenses and disclosures of contingent assets and liabilities. Actual results could differ materially from these estimates. Significant estimates include allowance for doubtful accounts receivable, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, litigation, provision for warranty costs, income taxes and share-based compensation expense.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Difficult global economic conditions, tight credit markets, volatile equity, foreign currency and energy markets and declines in consumer spending have combined to increase the uncertainty inherent in these estimates and assumptions. As future events and their effects cannot be determined with precision, particularly those related to the condition of the economy, actual results could differ significantly from these estimates.</p> </div>
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ResearchAndDevelopmentExpense
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49821000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Restructuring Charges
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Operating Expenses
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IncomeTaxExpenseBenefit
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nvtl Gain Loss On Sale Of Fixed Assets
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nvtl Non Cash Income Tax Expense Benefit
NonCashIncomeTaxExpenseBenefit
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nvtl Revenue From External Customers By Geographic Region
RevenueFromExternalCustomersByGeographicRegion
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nvtl Building Rent Incentives To Fund Leasehold Improvements
BuildingRentIncentivesToFundLeaseholdImprovements
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CY2012 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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AvailableForSaleSecuritiesGrossUnrealizedGains
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22800000
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22800000
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CY2013Q3 us-gaap Concentration Risk Percentage1
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CY2012Q4 nvtl Intangible Asset Deduction In Impairment Charge
IntangibleAssetDeductionInImpairmentCharge
300000

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