CalAmp Reports Fiscal 2012 Fourth Quarter and Full Year Results
(firmenpresse) - OXNARD, CA -- (Marketwire) -- 04/26/12 -- (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today reported results for its fourth quarter and fiscal year ended February 28, 2012. Highlights for the quarter and fiscal year include:
Consolidated fourth quarter revenue of $37.6 million, up 30% year over year
Consolidated fiscal year revenue of $138.7 million, up 21% year-over-year; with wireless datacom revenue up 26% to $99.1 million
Fourth quarter GAAP net income of $1.6 million, or $0.06 per diluted share; and Adjusted Basis (non-GAAP) net income of $2.6 million, or $0.09 per diluted share
Fiscal year 2012 GAAP net income of $5.2 million, or $0.18 per diluted share; and Adjusted Basis (non-GAAP) net income of $9.7 million, or $0.34 per diluted share
Net cash from operations for fiscal 2012 of $12.4 million
Commenting on the full year results, Michael Burdiek, CalAmp's President and Chief Executive Officer, said, "We delivered strong year-over-year revenue growth in fiscal 2012, which translated into consistent bottom line profitability. Our Wireless Datacom business continued its growth trend with solid 26% year-over-year growth, fueled by our technology and product leadership position in Mobile Resource Management applications as well in our industrial machine-to-machine (M2M) verticals. In the satellite business, our operational transformation, coupled with a broadening of the product base, resulted in significant gross margin improvement and positive cash flow for the full year. R&D investments across our businesses resulted in 24 new product introductions during the year that we expect will drive continued growth and market expansion. Finally, the more than $12 million cash generated from operations in fiscal 2012 enabled us to pay down debt and end the year in a net cash position of $2.6 million. I believe our growing profitability and strengthened balance sheet has formed a solid foundation for our future growth and success."
Commenting on the fourth quarter results, Mr. Burdiek stated, "Consolidated revenue grew 30% in the fourth quarter with significant contributions from both of our business segments. Wireless Datacom experienced continued momentum across multiple markets, compensating for the fourth quarter lull that had been anticipated in our Positive Train Control project revenue. And in our Satellite business, revenue more than doubled compared to the fourth quarter last year, supported by a new product roll out in the latest quarter."
Total revenue for the fiscal 2012 fourth quarter was $37.6 million compared to $28.9 million for the fourth quarter of fiscal 2011, an increase of 30%. Wireless Datacom revenue increased 10% to $25.7 million from $23.4 million in the same period last year, while Satellite revenue more than doubled to $12.0 million from $5.6 million in the same period last year.
Consolidated gross profit for the fiscal 2012 fourth quarter was $10.6 million, an increase of $2.2 million over the same period last year as a result of higher revenue. The gross margin percentage of 28.2% in the fiscal 2012 fourth quarter was essentially flat compared to the fourth quarter last year.
GAAP net income for the fiscal 2012 fourth quarter was $1.6 million, or $0.06 per diluted share, compared to $0.3 million, or $0.01 per diluted share, in the fourth quarter of last year.
Non-GAAP net income for the fiscal 2012 fourth quarter was $2.6 million, or $0.09 per diluted share, compared to $1.0 million, or $0.03 per diluted share, for the same period last year. A reconciliation of the GAAP to the non-GAAP operating results is provided in the table at the end of this press release.
As of February 28, 2012, the Company had total cash of $5.6 million and total debt of $3.0 million, representing a net cash position of $2.6 million. Net cash provided by operating activities during the fiscal year ended February 28, 2012 was $12.4 million, and the unused borrowing capacity on the bank revolver at that date was at full availability of $9.0 million.
Commenting on the Company's business outlook, Mr. Burdiek said, "Based on our latest projections, we expect fiscal 2013 first quarter consolidated revenues in the range of $38 to $41 million, with Wireless Datacom revenues up sequentially and satellite revenues flat. We expect fiscal first quarter GAAP basis net income in the range of $0.07 to $0.11 per diluted share, and non-GAAP net income in the range of $0.10 to $0.14 per diluted share."
Mr. Burdiek continued, "We are entering fiscal 2013 with strength across businesses within core verticals. We will continue to focus and execute on our strategic growth initiatives in energy, usage based insurance applications and rail, as well as international expansion."
A conference call and simultaneous webcast to discuss fourth quarter and fiscal year end financial results and business outlook will be held today at 4:30 p.m. Eastern / 1:30 p.m. Pacific. CalAmp's President and CEO Michael Burdiek and CFO Rick Vitelle will host the conference call. Participants can dial into the live conference call by calling 877-218-7286 (615-800-6912 for international callers) and using the Conference ID # 66410825. An audio replay will be available through May 1, 2012, 855-859-2056 and entering the Conference ID # 66410825.
Additionally, a live webcast of the call will be available on CalAmp's web site at . Participants are encouraged to visit the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. After the live webcast, a replay will remain available until the next quarterly conference call in the Investor Relations section of CalAmp's web site.
CalAmp develops and markets wireless communications solutions that deliver data, voice and video for critical networked communications and other applications. The Company's two business segments are Wireless DataCom, which serves enterprise, utility and governmental customers, and Satellite, which focuses on the North American Direct Broadcast Satellite market. For more information, please visit .
Statements in this press release that are not historical in nature are forward-looking statements that involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are intended to identify forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including product demand, competitive pressures and pricing declines in the Company's wireless and satellite markets, the timing of customer approvals of new product designs, the length and extent of the global economic downturn that has and may continue to adversely affect the Company's business, and other risks or uncertainties that are described in the Company's Report on Form 10-K for fiscal 2012 as filed today with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
(Unaudited, in thousands except per share amounts)
"GAAP" refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This
press release includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities
and Exchange Commission. CalAmp believes that its presentation of historical non-GAAP financial measures provides
useful supplementary information to investors. The presentation of historical non-GAAP financial measures is not meant
to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.
In this press release, CalAmp reports the non-GAAP financial measures of Adjusted Basis Net Income (Loss) and Adjusted
Basis Net Income (Loss) Per Diluted Share. CalAmp uses these non-GAAP financial measures to enhance the investor's
overall understanding of the financial performance and future prospects of CalAmp's core business activities. Specifically,
CalAmp believes that a report of Adjusted Basis Net Income (Loss) and Adjusted Basis Net Income (Loss) Per Diluted Share
provides consistency in its financial reporting and facilitates the comparison of results of core business operations between
its current and past periods.
The reconciliation of the GAAP Basis Pretax Income (Loss) to Adjusted Basis (non-GAAP) Net Income (Loss) is as follows
(in thousands except per share amounts):
Joanne Keates
Director of Corporate Communications
(805) 419-8239
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 26.04.2012 - 20:00 Uhr
Sprache: Deutsch
News-ID 139887
Anzahl Zeichen: 0
contact information:
Town:
OXNARD, CA
Kategorie:
Telecommunication Equipment
Diese Pressemitteilung wurde bisher 274 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CalAmp Reports Fiscal 2012 Fourth Quarter and Full Year Results"
steht unter der journalistisch-redaktionellen Verantwortung von
CalAmp Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
