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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 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.
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.
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