CalAmp Corp. (NASDAQ: CAMP) slipped to a loss in the first quarter of 2020 from a profit last year, due to non-recurring legal expenses and purchase accounting adjustments related to the recent acquisitions. However, the results exceeding analysts’ expectations. Further, the wireless communications company guided second-quarter earnings and revenue in line with the consensus’ view.
Net loss for the quarter was $8.69 million or $0.26 per share, compared to a profit of $8.51 million or $0.23 per share in the previous year quarter. Adjusted earnings plunged by 59% to $0.12 per share.
Revenue dropped by 6% to $89.1 million due to a decline in Telematics Systems product sales.
For the second quarter, the company expects revenues in the range of $89.5 million to $94.5 million and net loss in the range of $0.27 to $0.21 per share. Adjusted earnings are anticipated to be in the range of $0.08 to $0.14 per share. Adjusted EBITDA is projected to be in the range of $7.5 million to $11.5 million for the second quarter.
The second quarter outlook reflects revenue momentum across its Software-as-a-Service businesses combined with an increase in MRM Telematics sales due to customer LTE transitions.
For the first quarter, Software and Subscriptions Services revenue climbed by 38% driven by recent acquisitions coupled with CalAmp iOn fleet management and LoJack subscription services. However, Telematics Systems revenue decreased by 17% principally due to a decline in MRM Telematics and legacy LoJack SVR (Stolen Vehicle Recovery) product sales.
Worldwide subscribers increased to over 1.2 million with the recent acquisitions of Tracker Network (UK), Car Track (LoJack Mexico) and Synovia Solutions, further accelerating the transition to a global software and solutions provider.
Shares of CalAmp ended Thursday’s regular session up 2.46% at $10.40 on the Nasdaq. Following the earnings release, the stock jumped over 14% in the after-market session.
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