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To: Lizzie Tudor who wrote (21511)	7/26/2004 3:18:12 PM
From: Bill Harmond	Respond to of 57684

15:03 NVTL Novatel Wireless Earnings Preview (18.62 -1.67) NVTL is scheduled to report Q2 (Jun) results today after the market closes, with Reuters consensus EPS at $0.06 and revs at $20.57M (co guidance from 5/16 is for EPS of $0.05-0.06 and revs in the range of $19-20M). In a preview from 7/23, Thomas Weisel stated that they were expecting an upside announcement to their Q2 rev/EPS est of $21-22 mln/$0.07-0.08 (Reuters consensus is $21M/$0.06) as well as strong guidance for Q3. For Q3 TWP's current est are $25 mln/$0.09 (Reuters consensus is $25M/$0.08) but firm feels an upside adjustment after the quarterly report is likely. Thomas Weisel notes that QCOM indicated last week that it sees ramping demand for WCDMA data cards in Europe; NVTL is benefiting with six announced wins in the JunQ. Momentum continued into 3Q04 and NVTL announced four major wins in July alone. Firm feels competition in WCDMA card market remains limited and that claims by NVTL's main competitor, Sierra Wireless (SWIR), that it could accelerate development of a WCDMA card are losing credibility. Firm states that SWIR is likely to launch a WCDMA card in 2005, but they are clearly behind the curve and that SWIR's lost opportunity is NVTL's gain.