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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
Dec. 23, 2015, 5:44 PM
Dec. 22, 2015, 6:48 PM
- With shares having risen 25% since the company posted an FQ2 beat in early October, CalAmp (NASDAQ:CAMP) is seeing profit-taking after beating FQ3 estimates and issuing FQ4 guidance that's slightly below consensus at the midpoints.
- Top-line performance: Wireless datacom revenue rose 15% Y/Y to $62.8M, after having risen 23% in FQ2. Strong shipments to CalAmp's biggest heavy equipment industry client lifted sales, as did demand for its mobile resource management (MRM) and wireless network offerings. Satellite revenue rose 37% to $11.8M, a reversal from FQ2's 11% decline. Datacom revenue is expected to rise Q/Q in FQ4; satellite revenue is expected to drop slightly.
- Financials: Gross margin was 35.6%, -60 bps Q/Q but +60 bps Y/Y. GAAP operating expenses rose 15% Y/Y to $18M. CalAmp ended FQ3 with $223M in cash, and $138M in debt.
- Shares have dropped to $18.72 after hours.
- CalAmp's earnings/guidance, earnings release
Dec. 22, 2015, 4:04 PM
Dec. 21, 2015, 5:35 PM
Dec. 10, 2015, 9:36 AM
- In addition to announcing a bid for vehicle tracking system/service provider LoJack, CalAmp (NASDAQ:CAMP) states it now expects FQ3 (Nov. quarter) revenue of $74M-$75M and EPS of $0.29-$0.31 vs. prior guidance of $71M-$76M and $0.26-$0.30. Consensus is at $73.7M and $0.29.
- FY16 (ends Feb. '16) revenue guidance has been narrowed to $282M-$288M from $281M-$289M. Consensus is at $285.6M.
- FQ3 results will arrive after the Dec. 22 close. Shares have jumped above $19 in response to the LoJack bid and guidance revision.
Dec. 10, 2015, 7:55 AM
- CalAmp (NASDAQ:CAMP) says it has made an offer to acquire LoJack (NASDAQ:LOJN) for $5.50/share in cash, a 58% premium over LOJN's closing price yesterday in a deal valued at ~$113M.
- CAMP CEO Michael Burdiek says his company has attempted to engage in talks with LOJN on a deal for nearly two years and has made three all-cash offers that were rejected.
- Burdiek says a combination "would create a market leader that is well-positioned to drive the broad adoption of vehicle telematics technologies and applications worldwide."
- CAMP +2.7% premarket, LOJN halted.
Nov. 3, 2015, 12:59 PM
- John Warwick, until last year the COO of ultracapacitor maker Maxwell Technologies, has been named CalAmp's (CAMP +1.5%) SVP of operations. He'll be in charge of "supply chain management, supply planning, manufacturing, distribution, and quality," and report to CEO Michael Burdiek.
- In addition to Maxwell, Warwick has worked at Emulex, Lantronix, and Western Digital. CalAmp's executive bio page lists five other SVPs - three product GMs, and marketing/business development SVP, and a corporate development SVP.
Oct. 5, 2015, 3:14 PM
- The Nasdaq is up 1.5% as equity markets display a renewed appetite for risk, and a large number of tech companies are posting 5%+ gains.
- Major gainers include 3D printer makers 3D Systems (DDD +6.8%), Stratasys (SSYS +7.3%), and ExOne (XONE +10.4%), solar microinverter maker Enphase (ENPH +10.7%) and rival SolarEdge (SEDG +6.1%), car-buying site TrueCar (TRUE +10%), defense IT firm Kratos (KTOS +9.5%), online ad software firm Marin Software (MRIN +8.3%), and CDN owner Limelight (LLNW +8.9%).
- Others: IP licensing firm Acacia (ACTG +7.2%), application delivery controller/security hardware vendor A10 Networks (ATEN +8.3%), travel deal site Travelzoo (TZOO +7.5%), home automation tech provider Control4 (CTRL +8.5%), M2M/telematics hardware and services firm CalAmp (CAMP +6.1%), online video hosting platform Brightcove (BCOV +6%).
- 3D printing stocks, hit hard in 2014 and 2015, are reversing the big losses seen last Tuesday. Travelzoo's gains follow last Thursday's CEO change announcement. CalAmp is now up 24% since beating FQ2 estimates and providing in-line FQ3 guidance on Oct. 1.
- Previously covered: Twitter, Cisco, Rackspace, Micron, SunEdison, Vivint, Juniper, CEVA, Knowles, Yandex/Qiwi
Oct. 1, 2015, 5:35 PM
Oct. 1, 2015, 5:34 PM
- With expectations fairly low going into its FQ2 report, CalAmp (NASDAQ:CAMP) has jumped to $17.05 after hours after beating estimates with the help of a 23% Y/Y increase in wireless datacom revenue to $61.8M - growth slightly improved from FQ1's 21% - and offering in-line FQ3 and FY16 guidance.
- Datacom sales benefited from strong demand for CalAmp's mobile resource management (MRM) hardware and software offerings from fleet-management and asset-tracking clients, as well as for its wireless networking products. Satellite revenue fell 11% Y/Y to $8M. However, both datacom and satellite sales are expected to be "solidly higher" Q/Q and Y/Y in FQQ3.
- Financials: Gross margin rose 20 bps Q/Q and 160 bps Y/Y to 36.2%. GAAP operating expenses rose 12% Y/Y to $17.4M. CalAmp ended FQ2 with $217.7M in cash/marketable investments, and $136.7M in debt.
- CalAmp's results/guidance, PR
Oct. 1, 2015, 4:05 PM
- CalAmp (NASDAQ:CAMP): FQ2 EPS of $0.27 beats by $0.01.
- Revenue of $69.8M (+17.9% Y/Y) beats by $1.84M.
- Expects FQ3 revenue of $71M-$76M and EPS of $0.26-$0.30 vs. a consensus of $73.1M and $0.28.
- Expects FY16 (ends Feb. '16) revenue of $281M-$289M vs. a $283.4M consensus.
- Shares unchanged after hours for now.
- Update (4:10PM ET): CalAmp is now up 6.5% after hours.
Oct. 1, 2015, 2:07 PM
- CalAmp (NASDAQ:CAMP) is seeing steep losses ahead of this afternoon's FQ2 report. 549K shares have been traded thus far, topping a 3-month daily average of 449K.
- The M2M/telematics hardware and software provider is down 16% YTD, and trading for 12x an FY17 (ends Feb. '17) EPS consensus of $1.26.
Sep. 30, 2015, 5:35 PM
Aug. 20, 2015, 11:17 AM
- Toyota Industrial Equipment will use CalAmp's (CAMP -0.9%) tracking devices and cloud-based service enablement offerings to power a fleet management system that "tracks and reports operating behavior of forklifts and forklift operators communicating over public cellular networks."
- CalAmp states its products will be installed on Toyota's production line, and enable "electronic hour meter collection and monitoring, fault code reporting, impact detection and alerting, fleet utilization and optimization, and asset tracking with GPS." The company adds it "developed compatibility with Toyota's on-board communication protocol in order to decode and act on messages coming directly from the forklift's electronic control module."
- CalAmp's wireless datacom revenue rose 21% Y/Y in FQ1 (the April quarter) to $57.8M, more than offsetting a 31% drop in satellite revenue to $7.7M.
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