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CalAmp Corp. (CAMP) announced its financial results on Thursday for the second quarter of fiscal 2010 ended August 31, 2009.
Total revenue for the fiscal 2010 second quarter was $23.9 million compared to $23.3 million for the second quarter of fiscal 2009. The non-GAAP net loss for the fiscal 2010 second quarter was $2.3 million, or $0.09 loss per diluted share, compared to non-GAAP net loss of $0.6 million, or $0.02 loss per diluted share, for the same period last year. This missed analysts' estimates by a penny.
Rick Gold, President and CEO of CalAmp, commented in a conference call, "I am pleased by our ability to continue growing revenue and generating operating cash flow in this challenging economic environment. Top line growth was driven by the continued ramp of unit volumes in our satellite products business and the continued rebound of our wireless datacom business. With two sequential quarters of revenue growth and a solid outlook for the remainder of FY10, we believe that the recovery of our business is well underway."
He continued, "Our satellite business has entered into a period of accelerated growth that is driven by customer demand. We expect revenue in this segment to increase sharply in the second half of FY10. We have added a second shift at our main assembly plant to increase production capacity, and we are working closely with key suppliers in an effort to achieve a smooth ramp in volume to meet the increased demand."
Mr. Gold noted, "Our next generation of satellite products under development remain on track . We expect initial shipments of these products to begin in last FY10 with material contributions to revenue in Q1 of FY10."
He explained, "Our wireless datacom business began to recover in Q2 after a challenging second half in FY09. Our pipeline of new business opportunities continues to grow, and we made significant progress in Q2 towards developing key channel partners in our target markets."
Mr. Gold continued, "In our public safety business, we are beginning to see signs of federal earmark and stimulus funding flowing into city and county goverments. Although, this has not yet had a meaningful impact on our business, we are hopeful that this will help drive a recovery in this business in the second half of this year."
He added, "Our Aercept(TM) Mobile Asset Tracking and Mobile Resource Management businesses are beginning to pick up as the broader economy and credit markets improve."
Mr. Gold concluded, "The critical mass that we have developed, along with our broad technology platforms and focus on middle-market customers, gives us a competitive advantage that most other players in our market can't offer. I believe that we are well on our way to achieve our goal of returning the Company to sustainable profitability by the end of the fiscal year."
The Company expect to see third quarter consolidated revenues increase significantly on a sequential quarter basis and be in the range of $29 to $32 million. Non-GAAP net income in the third quarter is expected in the range of $(0.04) to breakeven. The Company expects further growth in the fiscal 2010 fourth quarter with consolidated revenues in the $34 to $38 million range and GAAP-basis profitability.
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