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California Amplifier (CAMP) Message Board

  • analyst_nott analyst_nott May 5, 2005 4:21 PM Flag

    Camp Earnings Announced Part 1

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    CalAmp Reports FY 2005 Fourth Quarter and Year-End Results; Company Achieves Record FY 2005 Revenue of $220 Million Driven by 61% Increase in the Fourth Quarter
    OXNARD, Calif.--(BUSINESS WIRE)--May 5, 2005--CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless solutions, today reported results for its fourth quarter and fiscal year ended February 28, 2005.

    Fourth Quarter and Fiscal Year 2005 Results

    Revenue for the fourth quarter of fiscal 2005 was $67.1 million, compared to $41.6 million for the fourth quarter of last year. Net income for the fiscal 2005 fourth quarter was $3.2 million or $0.14 per diluted share, compared to net income of $3.0 million, or $0.18 per diluted share for the fourth quarter of last year. The effective income tax rate was 36.1% in the latest quarter compared to negative 1.2% in the fourth quarter of last year.

    For the year ended February 28, 2005 revenue was $220.0 million, compared to $128.6 million in the prior year. Net income during fiscal 2005 was $8.1 million, or $0.36 per diluted share, versus net income of $5.7 million, or $0.37 per diluted share, in the comparable period last year. Net cash provided by operating activities for fiscal 2005 was $12.5 million, compared to $6.1 million in fiscal 2004.

    Fred Sturm, President and Chief Executive Officer, commented, "We are very pleased with our Products Division's performance, which generated over $60 million in revenues during the fourth quarter, up 19% on a sequential quarter basis and 50% year-over-year. Customer demand for satellite products was robust during the latest quarter, as we ramped up shipments of two new products introduced in the prior quarter to support our customers' multi-satellite and digital video recorder service offerings. It should be noted that the customer order rate for our satellite products slowed significantly in our fiscal 2006 first quarter, as our key customers began adjusting their inventory holding levels. We believe this is a temporary situation, and does not in our judgment represent a fundamental shift either in our market share or the DBS industry as a whole. We expect our satellite business to improve in the fiscal 2006 second quarter as our key customers reach their target inventory levels and resume normal ordering patterns."

    Mr. Sturm continued, "Our Solutions Division's revenue was $6.3 million for the fourth quarter. While the Solutions Division fourth quarter operating loss was $2.1 million, our initiatives to eliminate losses in this division are beginning to gain traction. We expect that the Solutions Division's operating loss in the fiscal 2006 first quarter will be reduced significantly. It is our goal to bring this business into operating profitability by the fourth quarter of fiscal 2006."

    Liquidity

    As of February 28, 2005, the Company had total cash and cash equivalents of $31 million, with $10.6 million in total outstanding debt. Compared to the same period last year, total cash and cash equivalents were higher by $8.2 million, with total outstanding debt higher by $0.7 million. The increase in cash was primarily due to cash flow from operations of $12.5 million.

    Business outlook

    Commenting on the Company's fiscal 2006 first quarter outlook, Mr. Sturm said, "Based on our current visibility, we estimate that fiscal 2006 first quarter revenues will be in the range of $42 to $48 million, and that earnings will be in the range of $0.06 to $0.10 per diluted share, excluding one-time charges related to the recently completed Skybility acquisition. Additionally, we anticipate that second quarter revenues will be up significantly from the first quarter, and we are targeting 10% to 15% revenue growth for the full fiscal 2006 reflecting growth in our core business as well as the contributions of our recent strategic acquisitions made to diversify our markets and customer base."
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    • CAL AMP CORP.
      CONSOLIDATED STATEMENTS OF OPERATIONS
      (Unaudited, in thousands except per share amounts)

      Three Months Ended Year Ended
      February 28, February 28,
      ------------------ -------------------
      2005 2004 2005 2004
      --------- -------- --------- ---------

      Revenues $ 67,137 $41,605 $220,027 $128,616

      Cost of revenues 54,683 35,179 178,649 110,950
      --------- -------- --------- ---------

      Gross profit 12,454 6,426 41,378 17,666

      Operating expenses:
      Research and development 2,130 1,427 8,320 5,363
      Selling 1,746 666 6,397 2,336
      General and administrative 3,089 1,320 11,499 3,880
      Intangible asset amortization 436 26 1,643 104
      In-process research and
      development - - 471 -
      --------- -------- --------- ---------
      7,401 3,439 28,330 11,683
      --------- -------- --------- ---------

      Operating income 5,053 2,987 13,048 5,983

      Non-operating income (expense),
      net 11 (49) (120) (243)
      --------- -------- --------- ---------

      Income before income taxes 5,064 2,938 12,928 5,740

      Income tax provision (1,830) 36 (4,852) (26)
      --------- -------- --------- ---------

      Net income $ 3,234 $ 2,974 $ 8,076 $ 5,714
      ========= ======== ========= =========

      Net income per share:
      Basic $ 0.14 $ 0.20 $ 0.38 $ 0.39
      Diluted $ 0.14 $ 0.18 $ 0.36 $ 0.37

      Shares used in per share
      calculations:
      Basic 22,438 14,885 21,460 14,791
      Diluted 23,101 16,179 22,193 15,390

      Business Segment Information (1)

      Three Months Ended Year Ended
      February 28, February 28,
      ------------------ -------------------
      2005 2004 2005 2004
      --------- -------- --------- ---------
      Revenue:
      Products Division $ 60,855 $41,605 $194,835 $128,616
      Solutions Division 6,282 - 25,192 -
      --------- -------- --------- ---------

      Total revenue $ 67,137 $41,605 $220,027 $128,616
      ========= ======== ========= =========

      Gross profit
      Products Division $ 11,259 $ 6,426 $ 35,765 $ 17,666
      Solutions Division 1,195 - 5,613 -
      --------- -------- --------- ---------

      Total gross profit $ 12,454 $ 6,426 $ 41,378 $ 17,666
      ========= ======== ========= =========

      Operating income (loss)
      Products Division $ 8,455 $ 3,591 $ 25,316 $ 8,112
      Solutions Division (2,080) - (8,051) -
      Corporate expenses (1,322) (604) (4,217) (2,129)
      --------- -------- --------- ---------

      Total operating incom

    • Vytek not profitable until Q4?
      Where is writeoff?
      Sold everything in Q4 nothing in Q1 but Q2 and beyaond will be great.

 
CAMP
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