CalAmp Corp.
 (CAMP)

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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).
    | Mon, Feb. 1, 4:05 PM
  • 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, 6:17 PM
  • Dec. 23, 2015, 5:44 PM
    | Dec. 23, 2015, 5:44 PM | 32 Comments
  • 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, 6:48 PM
  • 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.
    | Dec. 10, 2015, 7:55 AM | 1 Comment
  • 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. 5, 2015, 3:14 PM | 6 Comments
  • Oct. 1, 2015, 5:35 PM
    | 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, 5:34 PM
  • 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.
    | Oct. 1, 2015, 2:07 PM | 2 Comments
  • Jul. 1, 2015, 11:19 AM
    • CalAmp (NASDAQ:CAMP) is recovering the losses seen in a late-June selloff after posting in-line FQ1 results and guiding for FY16 (ends Feb. '16) revenue guidance of $280M-$290M, favorable at the midpoint to a $282.8M consensus. FQ2 guidance is for revenue of $66M-$70M and EPS of $0.24-$0.28, in-line with a consensus of $68.1M and $0.26.
    • Segment performance: Wireless datacom revenue (related to M2M/telematics products and services) rose 21% Y/Y in FQ1 to $57.8M, fueled by both mobile resource management (MRM) and wireless networking product growth. Satellite revenue fell 31% to $7.7M. Datacom revenue is expected to rise Q/Q in FQ2; satellite revenue is expected to be roughly flat before rising in the second half of FY16.
    • Financials: Gross margin rose 50 bps Q/Q and 170 bps Y/Y to 36%. GAAP operating expenses rose by $900K Y/Y to $16.5M - sales spend totaled $5.5M, R&D $4.6M, G&A $4.8M, and amortization costs $1.6M. Following the closing of a $172.5M convertible offering (net proceeds of $152M), CalAmp ended FQ1 with $209M in cash/marketable securities, and $135M in debt.
    • M2M hardware/software/services peer Sierra Wireless (NASDAQ:SWIR) is also doing well today.
    • FQ1 results, PR
    | Jul. 1, 2015, 11:19 AM | 7 Comments
  • May 15, 2015, 5:38 PM
    | May 15, 2015, 5:38 PM | 12 Comments
  • Apr. 29, 2015, 5:36 PM
    • CalAmp (NASDAQ:CAMP) plans to sell $125M worth of convertible senior notes due 2020. Initial purchasers are expected to have an $18.75M overallotment option.
    • Proceeds are expected to be used for "general corporate purposes, which may include acquisitions, strategic transactions and working capital."
    • CalAmp had $44.4M in cash/marketable securities at the end of February, and less than $1M in debt. Shares have fallen to $19.96 AH.
    | Apr. 29, 2015, 5:36 PM
  • Apr. 24, 2015, 3:17 PM
    • Today's notable tech gainers include Chinese microblogging leader Weibo (WB +9.4%), VoIP/4G signaling infrastructure provider Sonus (SONS +5.9%), Chinese mobile game publisher Sky-mobi (MOBI +7.2%), Chinese auto site Bitauto (BITA +5.6%), and cloud e-mail encryption software provider Zix (ZIXI +3.2%). The Nasdaq is up 0.7%.
    • Notable decliners include set-top/pay-TV infrastructure provider Arris (ARRS -4.5%), M2M/fleet management hardware and software provider CalAmp (CAMP -6.6%), and optical component vendor NeoPhotonics (NPTN -5.9%).
    • Weibo, Sky-mobi, and Bitauto are taking part in a fresh Chinese tech rally. Weibo, also up strongly on Wednesday, is now up 21% from Tuesday's close. Zix is up 11% since posting Q1 results and reiterating its full-year sales guidance on Tuesday; a 14.7% Y/Y Q1 increase in orders to $14.3M is going over well. Sonus' gains come two days after the company posted Q1 results that were slightly better than the guidance provided in its March 24 warning.
    • Arris is giving back some of the huge Thursday gains seen on account of its $2.1B deal to buy set-top rival Pace (and take advantage of its lower tax rates); Synergy Research estimates Arris/Pace will have a combined 17% global video infrastructure share (nearly even with Cisco's 18%), and a  set-top share of ~30%. CalAmp is returning some of the huge Wednesday gains seen due to its FQ4 beat and solid FY16 guidance.
    • Previously covered: Chip stocks (a lot of them), Amazon, Microsoft, 3D Systems, Unisys, Silicon Motion, Rackspace, Netgear, AMSC, Verisign, Acacia, Infosys, Juniper, Ubiquiti, Maxwell, Synaptics, HomeAway, Gigamon
    | Apr. 24, 2015, 3:17 PM
  • Apr. 22, 2015, 12:45 PM
    | Apr. 22, 2015, 12:45 PM
  • Apr. 21, 2015, 5:37 PM
    | Apr. 21, 2015, 5:37 PM
  • Apr. 21, 2015, 5:20 PM
    • CalAmp (NASDAQ:CAMP) is guiding for FQ1 revenue of $63M-$67M, below a $67.4M consensus. However, it also expects wireless datacom revenue (87% of total FQ4 revenue) to grow "at or above" a mid-teens clip in FY16 (ends Feb. '16), with further margin expansion. The consensus for total FY16 revenue growth is at 14.3%.
    • FQ1 EPS guidance of $0.24-$0.28 is in-line with a $0.26 consensus. Wireless datacom revenue is expected to be up significantly Y/Y but down modestly Q/Q due to shipment timings for a major heavy equipment OEM customer; shipments are expected to pick up in future quarters. Satellite revenue is expected to be soft in the first half of FY16, and grow in the second half as a key client transitions to next-gen products.
    • Wireless datacom revenue rose 23% Y/Y in FQ4 to $60.5M, a pickup from FQ3's 10% growth and driving the FQ4 beat. Satellite revenue fell 18% to $8.7M. Strong demand for mobile resource management (MRM) and fleet management products drove the wireless growth.
    • Gross margin rose to 35.5% from FQ3's 35% and the year-ago period's 34.4%. Thanks to lower R&D spend, operating expenses fell by $200K Y/Y to $15.7M.
    • Shares have jumped to $18.30 AH.
    • FQ4 results, PR
    | Apr. 21, 2015, 5:20 PM | 6 Comments
Company Description
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.