CalAmp Moves from Loss to Profit

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CalAmp Corp. shares jumped more than 10 percent in after-market trading Thursday after the company said it moved to a better-than-expected profit in its fiscal second quarter on stronger sales of its wireless datacom products.

After the markets closed on Thursday, the Oxnard maker of wireless data, voice and video communication products reported second quarter net income of $1.4 million (5 cents per share) for the quarter ended Aug. 31, compared with a net loss of $900,000 (-3 cents) in the same period a year earlier.

Adjusted for one-time items, net income was $3 million (11 cents). The Wall Street consensus was for per-share profit of 3 cents.

Revenue rose 14 percent to $33.8 million, wireless datacom revenue of $25.5 million up 41 percent. Satellite TV products revenue fell 24.5 percent to $8.3 million, but the company expects that segment to improve the current and fourth quarters.

“We have experienced consistently strong demand for our (wireless) mobile resource management products and services with applications in fleet management, vehicle finance, asset tracking, stolen vehicle recovery and remote car start,” Chief Executive Michael Burdiek said in a sentence.” We believe we are competitively positioned for several emerging MRM applications, such as pay-as-you-drive insurance.”

For the current quarter, the company expects adjusted net income in the range of 5 to 9 cents. The average analyst forecast is 3 cents.

Shares earlier closed up 14 cents, or 4 percent, to $2.85 on the Nasdaq, and was up 10.5 percent in after-market trading.

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