Revenue grew 7% to $96 million. Telematics Systems revenue increased by 4.1% year-over-year driven by strong growth in Network and OEM products revenue. Software & Subscription Services revenue jumped by 21% on its freight transport subscriber additions and its LoJack Italia business.
Looking ahead into the third quarter, CalAmp expects revenue in the range of $94 million to $99 million and adjusted EPS in the range of $0.29 to $0.35. GAAP earnings are anticipated to be in the range of $0.07 to $0.13 per share. Adjusted EBITDA is predicted to be $12 million to $16 million. The forecast includes the expected gain of about $2.5 million related to the legal settlement with a former LoJack supplier.
The company completed a $230 million convertible debt issuance with a portion of the proceeds or about $54 million used to repurchase outstanding convertible notes due in May 2020 and another $15 million used to repurchase outstanding common stock.
Shares of CalAmp ended Thursday’s regular session down 1.20% at $22.28 on the Nasdaq.