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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) 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.
CalAmp (CAMP) reported its second quarter fiscal 2021 results, revealing consolidated revenue of $83.5 million, a 4.1% sequential increase but a 10.4% decrease year-over-year. The decline was driven by lower Telematics Systems revenue, impacted by COVID-19. Software & Subscription Services revenue rose 20.2% sequentially to $33.7 million, accounting for 40.3% of total revenue. Net loss was $9.5 million, or $0.28 per share. The company maintains a cautious outlook due to ongoing pandemic effects, with no quarterly guidance provided.
CalAmp (Nasdaq: CAMP) announced that its Bus Guardian solution won the 2020 IoT Evolution Community Impact Award for effectively aiding schools during the COVID-19 pandemic. Developed by Synovia Solutions, Bus Guardian utilizes IoT technology to facilitate accurate contact tracing and hygiene verification for school buses, ensuring safer student transportation. CEO Jeff Gardner emphasized the importance of this technology for managing pandemic challenges. The award recognizes the solution's significant impact on community safety amid the pandemic.
CalAmp (Nasdaq: CAMP) was awarded the 2020 OCTANe High Tech Award for Best Consumer Technology Innovation for its Here Comes The Bus® school bus tracking solution. This service is utilized by over 350 districts across North America, providing real-time notifications to more than 2 million users. The app has gained accolades for its innovative response during the pandemic, assisting with meal and homework deliveries. CEO Jeff Gardner emphasized the company's dedication to safety and innovation, marking the recognition as a significant achievement in a competitive consumer technology landscape.
CalAmp (Nasdaq: CAMP) announced a partnership between its subsidiary LoJack Italia and Maldarizzi Automotive to enhance vehicle safety for 12,000 customers in southern Italy. Vehicles sold by Maldarizzi will feature LoJack Connect, which offers real-time diagnostics and alerts for maintenance issues, improving overall road safety. The collaboration aims to provide timely crash response, maintenance reminders, and stolen vehicle assistance. This agreement was highlighted during the 'Automotive Dealer Day Digital Edition' webinar held on September 16-17, 2020, focusing on reducing traffic accidents in Italy.
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