CalAmp Corp (NASDAQ:CAMP) vaulted in Friday trading after the company reported better-than-expected Q1 EPS and sales results.
The Irvine, Calif.-based CalAmp said consolidated revenue for the first quarter was $89.1 million, down 6% year-over-year due to a decline in Telematics Systems product sales and up 6% sequentially due to increased subscription revenue.
GAAP net loss for the first quarter was $8.7 million, or $0.26 per share, reflecting non-recurring legal expenses and purchase accounting adjustments related to the recent acquisitions.
Adjusted basis non-GAAP net income for the first quarter was $4.2 million, or $0.12 per diluted share, at the high-end of guidance.
Finally, operating cash outflow for the first quarter was $5.6 million, with Adjusted EBITDA of $7.6 million and Adjusted EBITDA margin of 8%, in line with guidance.
The company also secured large SaaS contract with a prominent Mid-Atlantic State Department of Transportation agency valued at $10 million for an initial five-year term.
Announced a partnership with Cryoport to provide advanced supply chain visibility solutions to secure global enterprise customers that require temperature-controlled and monitoring solutions for the multi-billion dollar pharmaceutical industry.
Said CEO Michael Burdiek, We made significant progress on our strategic initiatives in the quarter with the achievement of record Software and Subscription Services revenue and markedly improved supply chain performance, thereby contributing to consolidated revenue at the high-end of our guidance.
CAMP shares gained 98 cents, or 9.4%, to $11.38 first thing Friday morning.
