CalAmp Corp. - Conference Presentation Calls

CalAmp Corp. - Conference Presentation Calls

CalAmp Corp. reported un-audited consolidated earnings results for the second quarter and six months ended August 31, 2009. Total revenue for the fiscal 2010 second quarter was $23.9 million compared to $23.3 million for the second quarter of fiscal 2009. The year-over-year increase in Revenue was due primarily to higher sales of the company's satellite products, partially offset by lower sales of its wireless datacom products. Results of operations for the fiscal 2010 second quarter as determined in accordance with U.S. Generally Accepted Accounting Principles was a net loss of $4.2 million or $0.17 loss per diluted share. This compares to a net loss of $1.5 million or $0.06 loss per diluted share in the second quarter of last year. The adjusted basis (non-GAAP) net loss for the fiscal 2010 second quarter was $2.3 million or $0.09 loss per diluted share compared to adjusted basis net loss of $0.6 million or $0.02 loss per diluted share for the same period last year. Included in the second quarter GAAP and adjusted basis net loss is a pre-tax loss of approximately $1 million related to the sale of preferred stock in a privately-held company. Operating loss was $3.074 million against $1.816 million of previous year period. Loss before income taxes was $4.243 million compared to $2.150 million for the same period last year. For the six months ended August 31, 2009, net loss was $8.200 million or $0.33 basic and diluted loss per share on revenue of $46.940 million compared to net loss of $1.995 million or $0.08 basic and diluted loss per share on revenue of $51.209 million for the same period last year. Operating loss was $6.564 million against $2.287 million of previous year period. Loss before income taxes was $8.200 million compared to $3.037 million for the same period last year. Net cash provided by operating activities was $3.434 million compared to $0.714 million of previous year period. Capital expenditures were $0.544 million against $0.561 million for the same period last year. The adjusted basis (non-GAAP) net loss was $4.689 million or $0.19 adjusted basis net loss per diluted share compared to adjusted basis (non-GAAP) net loss of $0.291 million or $0.01 adjusted basis net loss per diluted share for the comparable period last year. The company provided earnings guidance for the third and fourth quarters of 2010. The company expects to see fiscal third quarter consolidated revenues increase significantly on a sequential quarter basis and be in the range of $29 to $32 million, with a GAAP basis net loss in the range of $0.03 to $0.07 per diluted share. The adjusted basis (non-GAAP) results of operations for the third quarter, which exclude changes in the valuation allowance for U.S. deferred tax assets, intangibles amortization expense net of tax and stock-based compensation expense net of tax, are expected to be in the range of $0.04 net loss to breakeven. With the increased demand and strong operating momentum the company expects further growth in the fiscal 2010 fourth quarter with consolidated revenues in the $34 to $38 million range and GAAP-basis profitability.