Exhibit 99.3

TELULAR CORPORATION
UNAUDITED CONSOLIDATED PRO FORMA FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts)

The Unaudited Consolidated Pro Forma Balance Sheet combines the historical consolidated balance sheet of Telular as of March 31, 2006 and the historical balance sheet of FWT as of March 31, 2006, giving effect to the acquisition as if it had occurred on March 31, 2006. The Unaudited Consolidated Pro Forma Statement of Operations for the year ended September 30, 2005 combines the historical consolidated statement of operations of Telular for the year ended September 30, 2005 and FWT for the year ended December 31, 2005 as if the merger had occurred on October 1, 2004. The Unaudited Consolidated Pro Forma Statement of Operations for the six months ended March 31, 2006 combines the historical consolidated statements of operations of Telular and FWT for the six months ended March 31, 2006 as if the purchase had occurred on October 1, 2005. No adjustments were made to conform to either FWT’s balance sheet or their statement of operations to Telular’s fiscal year-end. No pro forma effects have been given to any operational or other synergies that may be realized from the FWT acquisition.

Pursuant to earn-out provisions in the Asset Purchase Agreement, CSI Wireless Inc. may be entitled to receive up to the number of shares of Telular’s Common Stock representing an aggregate value of no more than $3.6 million. The amount of this payment is contingent upon revenues generated from the products acquired in the acquisition of FWT. The unaudited pro forma consolidated financial information does not give effect to the potential amounts payable under these provisions.

The unaudited pro forma consolidated financial information is based on the estimates and assumptions described in the notes to the unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial information has been prepared using the purchase method of accounting in which the total cost of the FWT acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. This allocation has been done on a preliminary basis and is subject to change pending final determination of fair values for the acquired assets and liabilities assumed and a final analysis of the total purchase price paid, including direct costs of the acquisition. The adjustments included in the unaudited pro forma consolidated financial information represent the preliminary determination of such adjustments based upon currently available information. Accordingly, the actual fair value of the assets acquired, liabilities assumed and the related adjustments may differ from those reflected in this Current Report on Form 8-K. Telular expects to finalize the purchase price allocation within one year of the date of the FWT acquisition.

The unaudited pro forma consolidated financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that might have been achieved had the transaction occurred as of an earlier date, and they are not necessarily indicative of future operating results or financial position. These pro forma amounts do not, therefore, project Telular’s financial position or results of operations for any future date or period. The accompanying unaudited pro forma consolidated financial information should be read in conjunction with the historical financial statements and the related notes thereto of Telular, which are included in its Annual Report on Form 10-K, as well as other financial included elsewhere in this Current Report on Form 8-K.

TELULAR CORPORATION
UNAUDITED CONSOLIDATED PRO FORMA BALANCE SHEET
AS OF MARCH 31, 2006
( in thousands)

				Fixed Wireless		Adjustments
	Telular			Division of		for					Pro Forma
	Corporation			CSI Wireless Inc.		Acquisition			Notes		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	12,972		$	—	$	(3,044	)		{A}	$	9,928
Restricted cash		6,000			—		—					6,000
Trade accounts receivable, less allowance for doubtful accounts		20,765			7,145		(7,145	)		{C}		20,765
Inventories, net		8,674			211		(142	)		{C}, {D}		8,743
Prepaid expenses and other current assets		701			122		(10	)		{C}, {D}		813
Total current assets		49,112			7,478		(10,341	)				46,249
Property and equipment, net		3,243			2,951		(602	)		{D}		5,592
Other assets:
Goodwill		2,554			—		3,534			{D}		6,088
Other intangible assets, net		1,350			—		4,203			{D}		5,553
Deposits and other		47			—		—					47
Total other assets		3,951			—		7,737					11,688
Total assets	$	56,306		$	10,429	$	(3,206	)			$	63,529
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	11,021		$	2,835	$	(2,835	)		{C}, {D}	$	11,021
Accrued liabilities		4,195			1,074		(516	)		{C}		5,800
							1,047			{B}
Current portion of capital leases		—			135		(22	)				113
Total current liabilities		15,216			4,044		(2,326	)				16,934
Stockholders’ equity:
Common stock		161			—		19			{A}		180
Additional paid-in capital		162,523			—		5,486			{A}		168,009
Divisional equity		—			6,385		(6,385	)		{D}		—
Deficit		(121,594	)		—		—					(121,594	)
Total stockholders’ equity		41,090			6,385		(880	)				46,595
Total liabilities and stockholders’ equity	$	56,306		$	10,429	$	(3,206	)			$	63,529

See accompanying notes to the unaudited consolidated pro forma balance sheet

TELULAR CORPORATION
NOTES TO UNAUDITED CONSOLIDATED PRO FORMA BALANCE SHEET
AS OF MARCH 31, 2006
(in thousands)

{A}	Reflects the cash paid of $3,044 and the value of the stock issued of $5,505 for the purchase of the CSI’s Fixed Wireless Division.
{B}	Reflects additional transaction costs for professional services related to the acquisition and included in the purchase price.
{C}	Reflects the elimination of certain assets and liabilities not acquired/assumed in the acquisition. These assest and liabilities consist primarily of accounts receivable, accounts payable and certain accrued liabilities. Assets acquired and liabilities assumed are detailed in note {D} below.
{D}	To eliminate the historical FWT’s equity and to record the assets acquired, liabilities assumed and goodwill as of May 8, 2006 resulting from the acquisition based on the following computations, estimates and assumptions:

Purchase price:	$	8,549
Plus transaction costs		1,047
Total purchase price		9,596
Less fair value of net assets acquired:
Fair value of assets acquired:
Inventory		69
Prepaid expenses and deposits		112
Property and equipment, net		2,349
Value assigned to intangibles		4,203
Fair value of liabilities assumed:
Accrued liabilities		(558	)
Capital lease obligations		(113	)
Fair value of net assets acquired		6,062
Goodwill resulting from the acquisition	$	3,534

TELULAR CORPORATION
UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 2005
(in thousands except per share data)

				Fixed Wireless
	Telular			Division of
	Corporation			CSI Wireless Inc.
	Year Ended			Year Ended			Adjustments
	September 30,			December 31,			for					Pro Forma
	2005			2005			Acquisition			Notes		Consolidated
Revenue
Net product sales	$	42,867		$	35,158			(3,012	)		{D}	$	75,013
Service revenue		9,095			—			—					9,095
Royalty revenue		473			—			—					473
Total revenue		52,435			35,158			(3,012	)				84,581
Cost of sales
Net product cost of sales		36,522			29,663			(2,657	)		{D}		63,528
Service cost of sales		5,132			—			—					5,132
Total cost of sales		41,654			29,663			(2,657	)				68,660
Gross margin		10,781			5,495			(355	)				15,921
Operating Expenses
Engineering and development		6,958			3,290			—					10,248
Selling and marketing		9,495			677			—					10,172
General and administrative		4,894			530			—					5,424
Stock-based compensation		—			142			(142	)		{B}		—
Amortization		600			—			2,104			{A}		2,704
Depreciation		—			923								923
Total operating expenses		21,947			5,562			1,962					29,471
Loss from operations		(11,166	)		(67	)		(2,317	)				(13,550	)
Other income (expense)
Interest income		476			—			(107	)		{C}		369
Other		(192	)		—			—					(192	)
		284			—			(107	)				177
Net loss	$	(10,882	)	$	(67	)	$	(2,424	)			$	(13,373	)
Net loss per common share:basic and diluted	$	(0.81	)									$	(0.87	)
Weighted average number of common shares outstanding: basic and diluted		13,517,314						1,931,745					15,449,059

See accompanying notes to the unaudited consolidated pro forma statement of operations

TELULAR CORPORATION
NOTES TO UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 2005
(in thousands)

{A}	Reflects amortization on the intangibles purchased from FWT.
{B}	Reflects the elimination of stock-based compensation for the year ended September 30, 2005, Telular accounted for stock-based compensation using the intrinsic value method prescribed in Accounting Principles Board Opinion 25, “Accounting for Stock Issued to Employees”.
{C}	Adjustment to reduce interest income of $107 as a result of the cash paid for the acquisition of FWT.
{D}	Reflects the elimination of revenues and cost of sales associated with a product and a customer relationship Telular did not purchase.

TELULAR CORPORATION
UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2006
(in thousands except per share data)

				Fixed Wireless		Adjustments
	Telular			Division of		for					Pro Forma
	Corporation			CSI Wireless Inc.		Acquisition			Notes		Consolidated
Revenue
Net product sales	$	42,933		$	20,031		(4,105	)		{C}	$	58,859
Service revenue		5,193			—		—					5,193
Total revenue		48,126			20,031		(4,105	)				64,052
Cost of sales
Net product cost of sales		36,721			16,982		(3,471	)		{C}		50,232
Service cost of sales		2,803			—		—					2,803
Total cost of sales		39,524			16,982		(3,471	)				53,035
Gross margin		8,602			3,049		(634	)				11,017
Operating Expenses
Engineering and development		3,595			1,580		—					5,175
Selling and marketing		5,434			493		—					5,927
General and administrative		2,729			301		—					3,030
Stock-based compensation		—			46		—					46
Amortization		300			—		1,137			{A}		1,437
Depreciation		—			447							447
Total operating expenses		12,058			2,867		1,137					16,062
Income (loss) from operations		(3,456	)		182		(1,771	)				(5,045	)
Other income, net		265			—		(68	)		{B}		197
Net loss	$	(3,191	)	$	182	$	(1,839	)			$	(4,848	)
Net loss per common share: basic and diluted	$	(0.20	)								$	(0.27	)
Weighted average number of common shares outstanding: basic and diluted		16,126,890					1,931,745					18,058,635

See accompanying notes to the unaudited consolidated pro forma statement of operations

TELULAR CORPORATION
NOTES TO UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2006
(in thousands)

{A}	Reflects $1,095 of amortization on the intangibles purchased from FWT.
{B}	Adjustment to reduce interest income of $68 as a result of the cash paid for the acquisition of FWT.
{C}	Reflects the elimination of revenues and cost of sales associated with a product and a customer relationship Telular did not purchase.