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CalAmp Corp. Message Board

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  • huikh2r huikh2r May 5, 2005 4:39 PM Flag

    Camp Earnings Announced Part 1

    Thanks for posting it.

    Revenue up big, gross profit almost doubled. This is really a good sign. I expect a 10-20% gap up tomorrow morning.


    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

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    • I need to listen to the CC, but there definitely is a "disconnect" here between the company and the stock price. CAMP continues to be profitable and it looks like they will earn in the range of 45-50 cents a share this year (minimum). But the lumpiness of earnings clearly is not a good thing and Vytek plainly is bad news, with gross margins now under 20% (yikes!). And DBS gross margins just can't seem to crack 20%. It's unclear to me how they handled the goodwill impairment issue. Goodwill seems to have dropped by $8MM, but no charge was taken. Can an accountant please explain that to me? On the other hand, they have net cash of $1 a share and that will definitely grow in the coming year. The problem here is that investors just don't seem to like management. I mean, to have a profitable company with a very healthy balance sheet to be trading at less than book value and less than 2x sales is beyond absurd. So we are getting a forward PE of 10, BFD. That's nuts. On the other hand, when you have a CEO that basically refuses to buy his own company's stock and inspires very little confidence, you are going to have valuation problems. But this has got to be one of the most extreme examples of a valuation "disconnect" I have seen in quite some time. There really is no point in owning shares of a company that no matter how decent it is performing, no one else seems to be interested in owning it.

18.08-0.64(-3.42%)Nov 24 4:00 PMEST