CalAmp Is Priced For Perfection
Sean McKee • 26 Comments
Sean McKee • 26 Comments
CalAmp: A Must Own Stock In M2M
Long Only • 17 Comments
Long Only • 17 Comments
Yesterday, 5:35 PM
Tue, Jun. 28, 4:14 PM
- CalAmp (NASDAQ:CAMP) beat expectations on top and bottom lines in its fiscal Q1 results though it warned of some softness ahead due to continuing macro concerns.
- Shares are currently 0.6% lower after hours.
- The company swung to a net loss on a GAAP basis, though gross profits increased 48%.
- Revenue got a boost of $27.9M from its acquisition of LoJack. Revenue breakout: Wireless DataCom, $82.8M (up 43.1%); Satellite, $8.4M (up 10.4%).
- The board has also announced a $25M 12-month buyback plan.
- The company is "cautious" on guidance due to softer than expected demand for MRM telematics. It expects Q2 revenues of $90M-$95M (light of an expected $96.5M) and EBITDA of $12M-$16M (in line).
- Conference call to come at 4:30 p.m. ET.
- Press Release
Tue, Jun. 28, 4:03 PM
Mon, Jun. 27, 5:35 PM
Wed, Apr. 20, 12:45 PM
Wed, Apr. 20, 9:15 AM
Tue, Apr. 19, 5:39 PM
Tue, Apr. 19, 4:58 PM
- CalAmp (NASDAQ:CAMP) has cratered, losing 10.3% in the late session, after its fiscal Q4 revenues missed expectations and EPS arrived in line.
- EBITDA of $13.7M rose 11% Y/Y and beat an expected $13.3M.
- Revenue by segment: Wireless Datacom, $58.9M (down 2.6%); Satellite, $11.91M (up 36.8%).
- For fiscal Q1, the company's guiding to consolidate revenue (excluding Satellite, which it expects to treat as discontinued) of $77M-$85M, and revenue from "our key heavy equipment OEM customer" to fall to a more normalized $7M-$8M, along with a sequential drop of about $2M from the company's Solar OEM customer.
- Wireless Datacom revenue is expected to be substantially higher; adjusted basis net income from continuing operations is seen at $0.18-$0.24 a share (vs. $0.26 consensus) and EBITDA of $10M-$13M, in line.
- Conference call link
- Press Release
- Now read CalAmp Cruising Through The $20 Level, And It's Definitely Deserved »
Tue, Apr. 19, 4:02 PM
Mon, Apr. 18, 5:35 PM
Tue, Mar. 22, 12:41 PM
Mon, Mar. 21, 5:40 PM
Mon, Mar. 21, 4:39 PM
- CalAmp's (NASDAQ:CAMP) $134M ($6.45/share) purchase of well-known vehicle-tracking equipment and service provider LoJack (NASDAQ:LOJN) is now official. The company indicated last week a deal was close, following a successful tender offer.
- CalAmp also says it now expects to report FQ4 (February quarter) revenue of $71M, below prior guidance of $73M-$78M and a $75.9M consensus. EPS guidance is now at $0.32, at the high end of a prior $0.28-$0.32 range and a $0.30 consensus.
- CEO Michael Burdiek: "[FQ4] revenue was lower than expected, primarily due to MRM product supply constraints and the slow responsiveness of a supply chain partner following the Chinese New Year. This situation was exacerbated by irregular order flow for MRM products following the year-end holidays. These factors prevented us from fulfilling approximately $3.5 million in product orders in the quarter. We expect to fulfill the majority of this past due backlog in [FQ1]."
- Preliminary FQ1 guidance is for revenue of $86M-$94M. That's officially above a $75M consensus, but includes ten weeks of LoJack sales. Satellite revenue is expected to drop by $3M Q/Q; datacom revenue from a key heavy equipment OEM client (Caterpillar) "is expected to settle into a normalized quarterly run rate in the range of between $7 to $8 million, down somewhat from an exceptionally strong [FQ4]."
- CalAmp is down 6.3% after hours to $18.01. FQ4 results are expected on April 19.
Tue, Mar. 15, 10:06 AM
- Six weeks after announcing it's buying vehicle tracking hardware and service provider LoJack (LOJN -0.2%) for $134M ($6.45/share) in cash, CalAmp (CAMP -1.6%) says it has finished a tender offer that (together with shares already owned) has left it owning 80.2% of LoJack's common stock.
- CalAmp is launching a subsequent offer period to allow remaining LoJack holders to tender their shares. It expires at the end of Thursday. If CalAmp owns more than 90% of LoJack shares following the subsequent offer, or following the exercising of a top-up share-purchase option, the company will carry out a "short-form merger" with LoJack without the need for a LoJack shareholder vote.
- LoJack trades just a penny below CalAmp's buyout price.
Mon, Feb. 1, 4:05 PM
- CalAmp (NASDAQ:CAMP) is acquiring LoJack (NASDAQ:LOJN) for $0.95/share more than what it originally offered to acquire the company for in December.
- The all-cash deal is expected to close in CalAmp's FQ1 (ends in May). With LoJack's help, CalAmp forecasts FY17 (ends Feb. '17) revenue of more than $400M. LoJack is expected to contribute $0.15-$0.25 to FY17 EPS.
- CalAmp: "By combining with LoJack, we expect to enhance our ability to deliver novel connected vehicle telematics technologies and applications to our global customers. Moreover, we believe that LoJack's considerable relationships, particularly in the U.S. auto dealer channel, as well as in the commercial space with heavy equipment providers and their international licensee footprint, will create new opportunities for growth and strengthen our competitive position."
- Update (4:49PM ET): The post has been updated to provide more details about the acquisition. LoJack is up 18.3% after hours to $6.34 ($0.11 below CalAmp's buyout price).
Dec. 23, 2015, 6:17 PM
- Down in after hours trading yesterday after beating FQ3 estimates and offering subdued FQ4 guidane, CalAmp (NASDAQ:CAMP) rallied above $20 today, and closed within a dollar of a 52-week high of $21.82. Shares are officially down 4.1% after hours today, but with no news having arrived, the decline might be due to an aberrant trade or quote.
- Canaccord's Mike Walkley hiked his target for the telematics and fleet-management hardware, software, and services provider by $1 to $27 today, while reiterating a Buy. Walkley: "We believe CalAmp’s Wireless DataCom business is well positioned to drive strong F2016 and F2017 sales and earnings growth driven by ramping sales to Caterpillar, growing insurance telematics sales, ramping international sales, a growing product portfolio, an increasing list of new customer opportunities, and anticipated steady growth of higher-margin recurring revenue sales."
- He adds CalAmp's proposed acquisition of LoJack (still being weighed by LoJack) "would be immediately accretive to margins and adjusted EBITDA and offer additional synergies with CalAmp’s OB2, SmartDriverClub, and Crashboxx telematics solutions and initiatives."
- On the earnings call (transcript) CEO Michael Buridek stated CalAmp's telematics shipments to Caterpillar were sharply higher Q/Q and Y/Y in FQ3, and are expected to remain strong in FQ4 and FY17. He added SaaS revenue rose 11% Y/Y, and that software subscriptions grew by 3K Q/Q to 490K.
- Buridek on the LoJack (NASDAQ:LOJN) offer: "We believe the combination of LoJack’s world renowned brand and strong auto dealership distribution channel, coupled with CalAmp’s leading portfolio of wireless connectivity devices, software, services, and applications would create a market leader that is well-positioned to drive the broad adoption of vehicle telematics technologies and applications worldwide ... We are committed to completing this transaction." LoJack rose 2.5% today to $5.32, leaving it $0.18 below CalAmp's offer price.
- CalAmp's earnings/guidance, details