Calamp Corporation (CAMP) swung to a net loss for the quarter ended Feb. 28, 2017. The company has made a net loss of $3.49 million, or $ 0.10 a share in the quarter, against a net profit of $5.51 million, or $0.15 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $9.85 million, or $0.28 a share compared with $11.74 million or $0.32 a share, a year ago.
Revenue during the quarter grew 21.63 percent to $86.13 million from $70.81 million in the previous year period. Gross margin for the quarter expanded 263 basis points over the previous year period to 41.55 percent. Operating margin for the quarter stood at negative 2.69 percent as compared to a positive 6.40 percent for the previous year period.
Operating loss for the quarter was $2.32 million, compared with an operating income of $4.53 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $12.83 million compared with $13.69 million in the prior year period. At the same time, adjusted EBITDA margin contracted 444 basis points in the quarter to 14.90 percent from 19.34 percent in the last year period.
Michael Burdiek, CalAmp's president and chief executive officer, said, "As we close out fiscal 2017, we are pleased with the progress we have made on a number of financial and business objectives, which have helped set the stage for long-term growth and profitability. We completed the integration of LoJack, expanded our product and service offerings, and made significant progress with international expansion. In addition, we are pleased that fourth quarter revenue from MRM telematics products grew for the second consecutive quarter, reaching the highest revenue level in over a year."
For the first-quarter, Calamp Corporation expects revenue to be in the range of $84 million to $90 million. The company projects diluted earnings per share to be in the range of $0.01 to $0.09. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.24 to $0.32.
Operating cash flow drops significantlyCalamp Corporation has generated cash of $25.80 million from operating activities during the year, down 45.58 percent or $21.60 million, when compared with the last year. The company has spent $45.59 million cash to meet investing activities during the year as against cash outgo of $90.67 million in the last year.
The company has spent $25.82 million cash to carry out financing activities during the year as against cash inflow of $148.48 million in the last year period.
Cash and cash equivalents stood at $93.71 million as on Feb. 28, 2017, down 32.77 percent or $45.68 million from $139.39 million on Feb. 29, 2016.
Working capital drops significantly
Calamp Corporation has witnessed a decline in the working capital over the last year. It stood at $130.08 million as at Feb. 28, 2017, down 47.80 percent or $119.12 million from $249.20 million on Feb. 29, 2016. Current ratio was at 2.70 as on Feb. 28, 2017, down from 6.03 on Feb. 29, 2016.
Debt moves upCalamp Corporation has witnessed an increase in total debt over the last one year. It stood at $146.83 million as on Feb. 28, 2017, up 5.03 percent or $7.03 million from $139.80 million on Feb. 29, 2016. Total debt was 36.02 percent of total assets as on Feb. 28, 2017, compared with 36.37 percent on Feb. 29, 2016. Debt to equity ratio was at 0.90 as on Feb. 28, 2017, up from 0.74 as on Feb. 29, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
