IRVINE, Calif., April 11, 2017 /PRNewswire/ -- CalAmp
(NASDAQ: CAMP), a leading provider of Internet of Things (IoT)
enablement solutions, announced today that last week the U.S.
District Court for the Middle District of Florida entered judgment against CalAmp in the
patent infringement lawsuit filed in December 2013 by Omega Patents LLC, ("Omega"), a
non-practicing entity. The judgment comes more than a year
after the trial ended in a jury verdict, which the company
previously announced in a press release in March of 2016.
On April 5, 2017, the trial court
judge awarded Omega trebled damages in the aggregate amount of
$8.9 million plus attorneys' fees in
an amount to be determined, but denied Omega's request for an
injunction. CalAmp recorded a reserve of $2.9 million in February
2016 at the time of the jury verdict, and recorded an
additional reserve of $6.0 million in
its financial statements for the year ended February 28, 2017 as a result of the judge's
award of trebled damages. The $6.0
million charge will impact fiscal 2017 GAAP-basis results of
operations by $0.11 per diluted share
but will not impact fiscal 2017 non-GAAP earnings per share or
Adjusted EBITDA. The Company is scheduled to announce its
fiscal 2017 fourth quarter and full year results on April 18.
CalAmp's position has always been, and remains, that it does not
infringe Omega's patents and that Omega's patents are
invalid. CalAmp intends to challenge the judgment
through all appropriate motions with the trial court, an appeal at
the Court of Appeals for the Federal Circuit if necessary, and the
ongoing ex parte reexaminations of Omega's patents at the U.S.
Patent and Trademark Office.
About CalAmp
CalAmp (NASDAQ: CAMP) is a pure-play pioneer in the connected
vehicle and broader Industrial IoT marketplace. The company's
extensive portfolio of intelligent communications devices, robust
and scalable telematics cloud services, and targeted software
applications streamline otherwise complex IoT deployments. These
solutions enable customers to optimize their operations by
collecting, monitoring and efficiently reporting business-critical
data and desired intelligence from high-value mobile and remote
assets. CalAmp is headquartered in Irvine, California and has been publicly
traded since 1983. For more information, please visit
www.calamp.com.
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SOURCE CalAmp