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NovAtel Reports Third Quarter Results

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NovAtel Inc. has announced 2002 third quarter revenues of Canadian (CDN) $6.8 million (US $4.3 million). This is a net loss of CDN$308,000 (US$196,000), or CDN $.04 (US$.03) per share.

Third quarter figures for 2001 were revenues of CDN$6.9 million, (US$4.4 million), which represented a net income of CDN $79,000 (US $50,000), or $.01, US and CDN, per share.

“As expected, the third quarter was challenging for our company,” said Jon Ladd, president and chief executive officer. “In our last earnings conference call, we had forecast a loss for the third quarter of between half a million and a million dollars as a result of a timing shift of certain customer orders into the fourth quarter of this year. I am pleased that through a combination of cost control measures and increased contract engineering revenue, we were able to limit the third quarter loss to $308,000, and to remain profitable year to date.”

“While our overall revenue for the quarter remained relatively flat year over year, revenue from our special applications business grew 38 percent, primarily from continued growth in the precision agriculture market and increased engineering service contracts,” said Ladd. “Our aerospace/defense business decreased 24 percent year over year, primarily because of timing of certain large government-funded contracts. In the third quarter last year, we had $1.4 million revenue associated with the EGNOS program in Europe, compared to negligible revenue from EGNOS in the same period this year. The majority of our aerospace/defense revenue this quarter came from engineering service contracts tied to U.S. aviation augmentation programs, which were awarded to us in the past two quarters.

“Our geomatics revenue this quarter was relatively flat compared to the third quarter last year. Point Inc., our joint venture with Sokkia Co., Ltd., continues to focus on improving its sales and distribution,” Ladd concluded.

NovAtel will have a conference call today (November 4) at 4:30 p.m. eastern time, which will provide an update on the company’s guidance for the rest of this year, and an update on Point, Inc. The call will be web cast, and can be accessed at NovAtel’s website www.novatel.com, or at www.companyboardroom.com.

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