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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 the release date for its fiscal 2021 second quarter results, set for September 24, 2020, after the market closes. Following this, a conference call will be held at 4:30 PM ET to discuss the financial results, accessible via the company's website. A replay of the call will be available for 90 days. With over 20 million products installed worldwide and 1.3 million software subscribers, CalAmp continues to be a pioneer in the mobile connected economy.
CalAmp (Nasdaq: CAMP) announced significant upgrades to its Synovia Solutions fleet intelligence platform, enhancing its mobile application capabilities. The new features allow fleet operators to clock in/out and conduct trip inspections remotely, addressing customer needs due to COVID-19. The upgrades aim to streamline operations and improve safety by incorporating COVID-19 hygiene checks and wellness validation. Synovia serves over 1,000 fleet customers and has achieved a user-friendly app rating of 4.7 stars on the Apple App Store, enhancing its value proposition in the mobile connected economy.
CalAmp (Nasdaq: CAMP) announced the appointment of Kirsten Wolberg to its Board of Directors on August 26, 2020. Wolberg, currently serving as chief technology & operations officer at DocuSign, brings over 20 years of experience from companies like PayPal and Salesforce. Her expertise in technology management is seen as vital for CalAmp's corporate transformation and growth strategy. Both the Chair and CEO expressed confidence in her ability to contribute valuable insights to enhance shareholder value.
CalAmp (Nasdaq: CAMP) appointed Amal M. Johnson as Chair of its Board of Directors, marking a significant leadership change as she replaces A.J. "Bert" Moyer. Johnson has served on the board for nearly seven years and is the first female Chair in the company's 39-year history. CEO Jeff Gardner expressed confidence in her ability to guide the company through growth and innovation, while Moyer commended her extensive experience in technology sectors. Johnson aims to drive continued growth and customer transformation in the mobile connected economy.
CalAmp (Nasdaq: CAMP), a leader in mobile IoT technology, will participate in two virtual financial conferences. The Jefferies Industrials Conference is scheduled for August 6, 2020, featuring a fireside chat with Jeff Gardner, President and CEO, at 10:15 a.m. PT. The Canaccord Genuity Annual Growth Conference follows on August 12, 2020, with discussions by Gardner and CFO Kurt Binder at 11:00 a.m. PT. Live webcasts and archives will be available on the CalAmp website.
CalAmp (Nasdaq: CAMP) has officially appointed Jeff Gardner as its president and CEO, effective immediately, following his interim role since March 25, 2020. The board expressed confidence in Gardner's leadership during a pivotal transition toward becoming a SaaS solutions provider. Gardner emphasized the company's strong position to capitalize on its competitive advantages and the commitment of its talented team. CalAmp remains focused on innovating and meeting customer needs as it navigates current market conditions.
LoJack, a brand of CalAmp (Nasdaq: CAMP), reported a significant 15% increase in auto theft recoveries in April 2020 compared to the same month in 2019. May 2020 continued this upward trend, showing an 11% increase over the previous year. Key states such as California, Colorado, and Washington State saw recovery increases of 35%, 20%, and 25%, respectively. The company emphasizes the need for vehicle protection during the pandemic and offers innovative solutions like the LoJack Stolen Vehicle Recovery System, which boasts a recovery rate exceeding 90% and has helped recover over $1 billion worth of vehicles in the U.S.
CalAmp (CAMP) reported first-quarter results for fiscal year 2021, revealing consolidated revenue of $80.2 million, a 10% decline year-over-year, primarily driven by reduced Telematics Systems revenue due to COVID-19. Software & Subscription Services revenue rose 10% to $28.0 million, comprising 35% of total revenue. A net loss of $14.4 million, or $0.42 per share, was recorded, alongside a non-GAAP net income of $0.6 million.
The company announced strategic shifts, including exiting the automotive financing sector to improve gross margins.
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