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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 (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.
CalAmp (Nasdaq: CAMP) announced a partnership between its subsidiary Tracker and Grove & Dean, a leading UK insurance broker. This collaboration aims to implement initiatives that will safeguard assets, lower insurance premiums, and protect loss ratios. The partnership launches with Tracker's stolen vehicle recovery solutions, which boast a 95% recovery rate, addressing the rising vehicle thefts in the UK. This innovative solution not only enhances vehicle security but also significantly reduces the costs associated with theft for insurers and vehicle owners.
CalAmp (Nasdaq: CAMP) announced that Bell Mitsubishi selected LoJack Connect subscription services to enhance customer experience and profitability. This upgrade improves operational efficiency and allows Bell Mitsubishi to offer proactive maintenance services, increasing service revenue. LoJack Connect includes a suite of features for vehicle diagnostics and management, contributing to customer safety and security. Overall, this partnership aims to foster customer loyalty and generate higher profitability for the dealership.
CalAmp (Nasdaq: CAMP) announced that its President and CEO, Jeff Gardner, along with CFO Kurt Binder, will participate in the Craig-Hallum Alpha Select Conference on November 17, 2020. This virtual event allows portfolio managers and analysts to engage with CalAmp's management team. With over 20 million products installed and 1.3 million software and services subscribers globally, CalAmp is a leader in mobile IoT solutions, focusing on transforming the mobile connected economy.
CalAmp (Nasdaq: CAMP) announced the launch of two innovative telematics solutions, iOn Tag and iOn Vision, through its subsidiary LoJack Italia, aimed at enhancing safety and efficiency in commercial fleet operations across Europe. These products utilize AI and data analytics to provide continuous shipment visibility and improve driver safety. iOn Tag tracks assets in real-time and mitigates theft, while iOn Vision offers video insights for better fleet management. LoJack Italia aims to redefine telematics solutions, supporting over 300,000 subscribers in Italy.
CalAmp (Nasdaq: CAMP) announced a contract renewal with East Baton Rouge Parish, Louisiana, for fleet management technology aimed at controlling disease-bearing pests. Over 70 municipal vehicles will benefit from CalAmp's GPS solutions, optimizing driver and vehicle monitoring in real-time. The technology aims to enhance safety and reduce healthcare costs linked to diseases like the West Nile Virus, which has caused over 30,000 infections since 2001. CalAmp's commitment to customer service has led to sustained multi-year contracts in public sector fleet management across North America.
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