CalAmp Announces Preliminary Fiscal 2008 Fourth Quarter Results
April 22 2008 - 4:01PM
Business Wire
CalAmp Corp. (Nasdaq: CAMP), a leading provider of wireless
products, services and solutions, today announced preliminary
financial results for its fiscal 2008 fourth quarter ended February
28, 2008. The Company expects to report consolidated revenues of
approximately $29.8 million for the fourth quarter, which is within
the previously provided revenues guidance range of $29 to $33
million. The Company also expects to report a fourth quarter
GAAP-basis loss from continuing operations in the range of ($0.35)
to ($0.39) per diluted share compared to earlier guidance of
($0.06) to ($0.10). These preliminary fourth quarter financial
results are subject to final adjustments. The GAAP basis loss from
continuing operations was impacted primarily by a fourth quarter
non-cash goodwill impairment charge of approximately $5.5 million
pretax that resulted from the completion of the second phase of the
impairment test. The Company had initiated an impairment test in
the third quarter, but had not finalized its calculations of the
actual charge. The fourth quarter also includes the previously
reported pretax charge of $1.0 million for expenses associated with
the departure of the Company�s former CEO. The Adjusted Basis
(non-GAAP) loss from continuing operations for the fourth quarter
is expected to be ($0.09) to ($0.12) per diluted share compared to
previous guidance of ($0.01) to ($0.05). The Adjusted Basis
(non-GAAP) loss from continuing operations excludes net of tax
amounts for the preliminary fourth quarter goodwill impairment
charge ($5,062,000), amortization of intangible assets ($944,000)
and stock-based compensation ($465,000). Commenting on the
Company's preliminary fourth quarter results, Rick Gold, CalAmp�s
President and Chief Executive Officer, said, �Despite the fact that
the preliminary fourth quarter loss was greater than our original
projections, our revenue was within the guidance range and we
generated positive operating cash flow during the quarter. We ended
the fourth quarter with a cash balance of $6.6 million, which is an
increase of $1.5 million on a sequential quarter basis. We also
finalized an amendment of our credit agreement with our lenders. As
a result we can now move forward into Fiscal 2009 with enhanced
financial flexibility as we execute our strategy to return CalAmp
to profitability.� CalAmp expects to release final results for the
Company's fiscal 2008 full year and fourth quarter after close of
market on May 8, 2008. About CalAmp Corp. CalAmp is a leading
provider of mission-critical high value wireless communications
solutions that enable anytime/anywhere access. CalAmp�s Wireless
DataCom Division services the public safety, industrial monitoring
and controls, and mobile resource management market segments with
wireless solutions built on communications technology platforms
that include proprietary licensed narrowband, standards-based
unlicensed broadband and cellular networks. CalAmp�s Satellite
Division supplies outdoor customer premise equipment to the U.S.
Direct Broadcast Satellite (DBS) market. For additional
information, please visit www.calamp.com Forward-Looking Statements
Statements in this press release that are not historical in nature
are forward-looking statements, which involve known and unknown
risks and uncertainties. Words such as "may," "will," "expect,"
"intend," "plan," "believe," "seek," "could," "estimate,"
"judgment," "targeting," "should," "anticipate," "goal" and
variations of these words and similar expressions, are intended to
identify forward-looking statements. Actual results could differ
materially from those implied by such forward-looking statements.
Although the Company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be attained.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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