CalAmp Reports First Quarter Financials (6/28/12)
CalAmp reported results for its first quarter ended May 31. The company had consolidated first quarter revenue of $43.9 million, up 27 percent compared with the first quarter last year with wireless datacom revenue up 44 percent to $31.7 million.
CalAmp had first quarter GAAP net income of $4.2 million. Net cash provided by operations for the first quarter was $3.2 million, and total cash balance at May 31, was $7.3 million.
“The wireless datacom segment posted impressive revenue growth of 44 percent, driven by strength across core verticals with continued momentum in mobile resource management (MRM) and significant contribution from our rail initiative,” said Michael Burdiek, CalAmp president and CEO. “In the satellite business segment, we were particularly pleased with the gross margin improvement to 15.8 percent and with its solid contribution to the bottom line."
The company expects fiscal 2013 second quarter consolidated revenues in the range of $41 million to $45 million. The wireless datacom second quarter revenues are expected to be up moderately on a sequential basis and up significantly year over year.
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