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CalAmp Corp. (Nasdaq: CAMP) is a pioneering leader in the Internet of Things (IoT) revolution, offering a rich portfolio of intelligent communication devices, a robust cloud platform, and bespoke software applications. The company specializes in helping customers optimize their operations by collecting, monitoring, and efficiently reporting critical data and intelligence from high-value remote assets.
With over five million devices connected to its IoT cloud, CalAmp serves a diverse range of markets including transportation, oil and gas, and public safety. The company’s technology enables organizations to make actionable decisions based on mission-critical data. Its Telematics Systems segment provides Mobile Resource Management (MRM) products and applications, while the Software & Subscription Services segment delivers cloud-based application enablement and telematics service platforms.
Recent achievements highlight CalAmp's commitment to innovation and financial stability. In its latest financial quarter, the company generated a positive cash flow from operations amounting to $7.1 million and achieved a robust Adjusted EBITDA of $5.9 million. New product releases such as Vision 2.0 and ELD solutions have been key drivers of growth. Furthermore, CalAmp recently secured a $45 million term loan to support its transformative business strategies.
CalAmp's strategic initiatives include a focus on enhancing operational efficiencies and capturing new market opportunities, despite facing revenue headwinds in specific segments like TSP. The company continues to work closely with its partners to navigate competitive pressures and align inventory levels with market demand.
Looking forward, CalAmp aims to return to profitable growth by leveraging its strong product portfolio, including over 10 million active edge devices and more than 275 approved or pending patents. The company’s significant investment in R&D ensures that it remains at the forefront of telematics innovation, providing dependable solutions that improve efficiency, safety, and compliance for both commercial and government organizations worldwide.
For more information, please visit www.calamp.com.
CalAmp (Nasdaq: CAMP) has announced that Atlanta Public Schools (APS) will adopt its Here Comes The Bus school bus tracking technology. This solution will assist APS in managing the transportation of approximately 11,708 students across 66 schools using over 400 buses. The technology aims to enhance student safety and improve transportation efficiency. The Here Comes The Bus app is already utilized by around 330 school districts in North America and has received multiple awards for its innovation.
CalAmp (Nasdaq: CAMP) and Localiza, South America's largest car rental operator, have signed a multi-year agreement aimed at revolutionizing the car rental experience in Brazil. This partnership builds on a collaboration that began in 2015, where Localiza equipped thousands of vehicles with CalAmp's telematics technology. The initiative will enhance fleet management through AI-enabled technology, improve operational efficiency, and introduce a subscription-based rental program, potentially increasing customer access and satisfaction.
CalAmp (Nasdaq: CAMP) has introduced a new usage-based insurance (UBI) solution via its subsidiary Tracker, aimed at enhancing customer experiences. The solution features a self-installed Bluetooth Low Energy (BLE) tag and a smartphone app that track driver behavior and provide crash detection alerts. This technology allows insurers to offer a branded service while ensuring data privacy and accurate trip recording. The app aims to lower insurance premiums for safe drivers, improving risk management in the insurance sector.
CalAmp (Nasdaq: CAMP) announced participation in the 23rd Annual Needham Growth Conference on January 14, 2021. CEO Jeff Gardner and CFO Kurt Binder will present virtually at 1:15 PM PT. They will be available for investor meetings throughout the day. Investors can request meetings via email, and a live webcast will be accessible in the Investor Relations section of CalAmp's website. With over 20 million products installed globally, CalAmp is a leader in transforming the mobile connected economy.
CalAmp (CAMP) reported its financial results for Q3 FY2021, revealing a consolidated revenue of $88.0 million, which is a 5.4% sequential increase but a decrease compared to the previous year. The Software & Subscription Services revenue reached $34.4 million, marking a 3.0% year-over-year growth. Telematics Products revenue was $44.1 million, up 8.1% sequentially. However, the company faced a net loss of $23.7 million due to an $18.0 million one-time charge from winding down LoJack U.S. operations. CalAmp aims to focus on its profitable SaaS business for future growth.
CalAmp (Nasdaq: CAMP) announced the launch of a telematics service through its subsidiary LoJack Italia and PluService. This innovative service aims to enhance the management and maintenance of transport vehicles, allowing real-time monitoring of vehicle health to prevent mechanical failures. By optimizing maintenance, the collaboration intends to reduce costs and improve operational efficiency for fleet operators. The LoJack Connect technology alerts transport companies about vehicle malfunctions, facilitating swift diagnostics and repairs, which enhances safety and reduces downtime.
CalAmp (Nasdaq: CAMP) has partnered with Coastr, a digital car rental innovator, to transform the car rental industry. This collaboration will integrate advanced telematics and AI technology to create flexible, contactless rental experiences. Coastr aims to improve fleet management and customer interaction using CalAmp's Telematics Cloud. The partnership is supported by two significant grants aimed at advancing innovation in the sector. This initiative could enhance market share for car rental companies and streamline operations, benefiting both operators and consumers.
CalAmp (Nasdaq: CAMP) will release its fiscal 2021 third quarter results on December 17, 2020, before the market opens. A conference call to discuss these results will occur at 5:30 a.m. PT (8:30 a.m. ET) on the same day. Investors can access the call via webcast on CalAmp's website or by phone using Conference ID# 4587228. An audio replay will be available until December 24, 2020.
CalAmp is a technology solutions leader in the mobile connected economy, with over 20 million products installed globally.
CalAmp (Nasdaq: CAMP) announced the adoption of its school bus technology by the Iredell-Statesville School District in North Carolina, enhancing safety amidst COVID-19. The district will implement the Bus Guardian system for contact tracing, hygiene verification, and wellness checks, covering 244 buses transporting 11,000 students across 500 routes. Additionally, the popular tracking app 'Here Comes The Bus' will be utilized, promoting safer transportation experiences. This initiative highlights CalAmp's commitment to improving school transportation efficiency and safety amid pandemic challenges.
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