CalAmp Corp. (NASDAQ:CAMP) saw its stock cool Friday, on reporting upbeat earnings for its second quarter.
The company, based in Irvine, Calif., revealed consolidated revenue for the second quarter was $93.2 million, up 5% sequentially due to increased subscription revenue and down 3% year-over-year due to a decline in Telematics Systems product sales.
Software and Subscriptions Services revenue for the second quarter increased 65% year-over-year to $31.2 million, or 33% of consolidated revenue, driven by recent acquisitions coupled with LoJack subscription services.
GAAP net loss for the second quarter was $7.4 million, or $0.22 per share, reflecting restructuring charges and purchase accounting adjustments related to the recent acquisitions.
Adjusted basis non-GAAP net income for the second quarter was $4.8 million, or $0.14 per diluted share, and at the high end of guidance.
Operating cash flow for the second quarter was $5.2 million, with Adjusted EBITDA of $10.6 million and Adjusted EBITDA margin of 11%.
Among the company’s highlights for the past year; a major global mail delivery and package shipping company is launching a new program utilizing the full stack of CalAmp SC iOn™supply chain visibility services to optimize the real-time trailer routing for thousands of ad hoc shipments per month.
Said CEO Michael Burdiek, "We posted a solid quarter with consolidated revenue, adjusted EBITDA and non-GAAP EPS all within the higher end of the guidance range and further highlighted by a record quarter of Software and Subscription Services revenue that expanded to $31 million, or 33% of total revenue."
CAMP shares dipped seven cents to $11.67
