CalAmp (CAMP) saw its loss almost stable for the quarter ended May 31, 2017. In the previous year period, the company reported a loss of $2.66 million, or $0.07 a share. On the other hand, adjusted net income for the quarter stood at $10.40 million, or $0.29 a share compared with $11.06 million or $0.30 a share, a year ago. Revenue during the quarter dropped 3.36 percent to $88.08 million from $91.15 million in the previous year period. Gross margin for the quarter expanded 429 basis points over the previous year period to 42.51 percent. Operating margin for the quarter stood at negative 1.51 percent as compared to a negative 2.24 percent for the previous year period.
Operating loss for the quarter was $1.33 million, compared with an operating loss of $2.04 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.18 million compared with $13.73 million in the prior year period. At the same time, adjusted EBITDA margin contracted 10 basis points in the quarter to 14.96 percent from 15.06 percent in the last year period.
Michael Burdiek, CalAmp's president and chief executive officer, said, "We are pleased with our first quarter performance as we report a strong start to the fiscal year. We built on the momentum from last quarter and grew our core telematics and subscription revenues as we continued to expand our technology leadership. We see additional opportunities from large customers as we invest in our core technologies and expand our strategic partnerships with IoT industry leaders."
For the second-quarter 2018, CalAmp expects revenue to be in the range of $86 million to $91 million. The company projects diluted earnings per share to be in the range of $0.32 to $0.38. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.23 to $0.29.
Operating cash flow improves significantly
CalAmp has generated cash of $10.91 million from operating activities during the quarter, up 31.07 percent or $2.59 million, when compared with the last year period. Cash flow from investing activities was $4.03 million for the quarter as against cash outgo of $80.78 million in the last year period.
The company has spent $0.06 million cash to carry out financing activities during the quarter as against cash inflow of $0.56 million in the last year period.
Cash and cash equivalents stood at $108.69 million as on May 31, 2017, up 61.05 percent or $41.20 million from $67.49 million on May 31, 2016.
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