- Q4 revenue up 22% year-over-year; FY 2017 revenue up 25% year-over-year
- Record fiscal 2017 international revenue at
$91 million , up 90% year-over-year - Q4 gross margin was 41.6%, up from 38.9% in the prior year
Revenue for the fiscal 2017 fourth quarter was
Gross profit for the fourth quarter of fiscal 2017 was
The GAAP-basis net loss in the fourth quarter of fiscal 2017 was
Adjusted EBITDA for the fourth quarter of fiscal 2017 was
Revenue for fiscal year 2017 was a record
Gross profit for fiscal 2017 was
The GAAP-basis net loss in fiscal 2017 was
Adjusted EBITDA for fiscal 2017 was
As of
During fiscal 2017, the company purchased and retired 1.8 million shares of its common stock at an aggregate cost of
Business and Financial Highlights
- Fiscal 2017 international revenue was up 90% year-over-year to
$91 million , from$48 million in the prior year. - Fiscal 2017 recurring revenue was
$59.4 million , up 39% year-over-year. - In Q4 MRM telematics product sales grew 4% sequentially and 13% year-over-year, reaching the highest revenue level of the past five quarters.
- In
January 2017 ,CalAmp announced the nationwide availability of the firstLoJack -branded telematics services, LotSmart and SureDrive, a significant milestone in the evolution of this venerable Stolen Vehicle Recovery brand. - In
March 2017 , the company also announced the availability of AssetOutlook™, developed onCalAmp’s Telematics Cloud service platform as a customized solution for the construction industry to enhance equipment management, improve operating efficiency and help prevent unauthorized use and theft.
Business Outlook
The outlook for the fiscal 2018 first quarter ending
- Consolidated revenue in the range of
$84 to$90 million . - GAAP basis net income in the range of
$0.01 to$0.09 per diluted share and non-GAAP net income in the range of$0.24 to$0.32 per diluted share. - Adjusted EBITDA in the range of
$11 to$14 million .
Conference Call and Webcast
About
Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, 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. The forward-looking statements in this press release address a variety of subjects, including the outlook for our fiscal 2018 first quarter operating results. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including global economic conditions, competitive pressures and pricing declines, intellectual property infringement claims, and other risks or uncertainties that are described in our filings with the
Non-GAAP Financial Measures
“GAAP” refers to financial information presented in accordance with
In this press release,
CAL AMP CORP. |
||||||||||||
CONSOLIDATED INCOME STATEMENTS |
||||||||||||
(Unaudited – in thousands except per share amounts) |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
|
|
|
|
|||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||
Revenues |
$ |
86,126 |
$ |
70,807 |
$ |
351,102 |
$ |
280,719 |
||||
Cost of revenues |
50,339 |
43,251 |
207,750 |
177,760 |
||||||||
Gross profit |
35,787 |
27,556 |
143,352 |
102,959 |
||||||||
Operating expenses: |
||||||||||||
Research and development |
4,732 |
5,122 |
22,005 |
19,803 |
||||||||
Selling |
12,235 |
6,060 |
49,044 |
23,380 |
||||||||
General and administrative |
17,282 |
10,180 |
55,901 |
25,065 |
||||||||
Intangible asset amortization |
3,858 |
1,664 |
15,061 |
6,626 |
||||||||
38,107 |
23,026 |
142,011 |
74,874 |
|||||||||
Operating income (loss) |
(2,320) |
4,530 |
1,341 |
28,085 |
||||||||
Non-operating income (expense): |
||||||||||||
Investment income |
582 |
1,448 |
1,691 |
1,871 |
||||||||
Interest expense |
(2,519) |
(2,415) |
(9,896) |
(7,595) |
||||||||
Other income (expense) |
73 |
3 |
(101) |
(20) |
||||||||
(1,864) |
(964) |
(8,306) |
(5,744) |
|||||||||
Income (loss) before income taxes and equity in net loss of affiliate |
(4,184) |
3,566 |
(6,965) |
22,341 |
||||||||
Income tax benefit (provision) |
978 |
2,443 |
1,098 |
(4,572) |
||||||||
Income (loss) before equity in net loss of affiliate |
(3,206) |
6,009 |
(5,867) |
17,769 |
||||||||
Equity in net loss of affiliate |
(280) |
(503) |
(1,284) |
(829) |
||||||||
Net income (loss) |
$ |
(3,486) |
$ |
5,506 |
$ |
(7,151) |
$ |
16,940 |
||||
Earnings (loss) per share: |
||||||||||||
Basic |
$ |
(0.10) |
$ |
0.15 |
$ |
(0.20) |
$ |
0.46 |
||||
Diluted |
$ |
(0.10) |
$ |
0.15 |
$ |
(0.20) |
$ |
0.46 |
||||
Shares used in computing earnings (loss) per share: |
||||||||||||
Basic |
35,066 |
36,607 |
35,917 |
36,448 |
||||||||
Diluted |
35,066 |
37,082 |
35,917 |
36,950 |
||||||||
BUSINESS SEGMENT INFORMATION |
||||||||||||
(Unaudited, in thousands) |
||||||||||||
Three Months Ended |
Year Ended |
|||||||||||
|
|
|
|
|||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||
Revenues |
||||||||||||
Wireless DataCom |
$ |
86,126 |
$ |
58,900 |
$ |
336,033 |
$ |
241,387 |
||||
Satellite |
– |
11,907 |
15,069 |
39,332 |
||||||||
Total revenues |
$ |
86,126 |
$ |
70,807 |
$ |
351,102 |
$ |
280,719 |
||||
Gross profit |
||||||||||||
Wireless DataCom |
$ |
35,787 |
$ |
23,874 |
$ |
139,623 |
$ |
91,976 |
||||
Satellite |
– |
3,682 |
3,729 |
10,983 |
||||||||
Total gross profit |
$ |
35,787 |
$ |
27,556 |
$ |
143,352 |
$ |
102,959 |
||||
Operating income (loss) |
||||||||||||
Wireless DataCom |
$ |
(1,088) |
$ |
5,112 |
$ |
8,155 |
$ |
26,501 |
||||
Satellite |
– |
2,453 |
1,547 |
8,064 |
||||||||
Corporate expenses |
(1,232) |
(3,035) |
(8,361) |
(6,480) |
||||||||
Total operating income (loss) |
$ |
(2,320) |
$ |
4,530 |
$ |
1,341 |
$ |
28,085 |
CAL AMP CORP. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited – in thousands) |
|||||||
|
|
||||||
2017 |
2016 |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
93,706 |
$ |
139,388 |
|||
Short-term marketable securities |
6,722 |
88,718 |
|||||
Accounts receivable, net |
67,403 |
49,432 |
|||||
Inventories |
29,279 |
16,731 |
|||||
Prepaid expenses and other current assets |
9,595 |
4,498 |
|||||
Total current assets |
206,705 |
298,767 |
|||||
Property, equipment and improvements, net |
21,162 |
11,225 |
|||||
Deferred income tax assets |
27,039 |
30,213 |
|||||
|
72,980 |
16,508 |
|||||
Other intangible assets, net |
67,223 |
17,010 |
|||||
Other assets |
12,565 |
10,640 |
|||||
$ |
407,674 |
$ |
384,363 |
||||
Liabilities and Stockholders’ Equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
30,266 |
$ |
24,938 |
|||
Accrued payroll and employee benefits |
7,955 |
6,814 |
|||||
Deferred revenue |
14,662 |
9,438 |
|||||
Other current liabilities |
23,740 |
8,375 |
|||||
Total current liabilities |
76,623 |
49,565 |
|||||
1.625% convertible senior unsecured notes |
146,827 |
139,800 |
|||||
Other non-current liabilities |
20,229 |
5,551 |
|||||
Stockholders’ equity: |
|||||||
Common stock |
353 |
367 |
|||||
Additional paid-in capital |
211,187 |
229,159 |
|||||
Accumulated deficit |
(47,004) |
(39,853) |
|||||
Accumulated other comprehensive loss |
(541) |
(226) |
|||||
Total stockholders’ equity |
163,995 |
189,447 |
|||||
$ |
407,674 |
$ |
384,363 |
CAL AMP CORP. |
||||||||
CONSOLIDATED CASH FLOW STATEMENTS |
||||||||
(Unaudited – in thousands) |
||||||||
Year Ended |
||||||||
|
|
|||||||
2017 |
2016 |
|||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ |
(7,151) |
$ |
16,940 |
||||
Depreciation expense |
8,408 |
3,582 |
||||||
Intangible assets amortization expense |
15,061 |
6,626 |
||||||
Stock-based compensation expense |
7,833 |
5,854 |
||||||
Amortization of convertible debt issue costs and discount |
7,027 |
5,201 |
||||||
Deferred tax assets, net |
(2,270) |
4,122 |
||||||
Gain on investment in |
– |
(1,416) |
||||||
Equity in net loss of affiliate |
1,284 |
829 |
||||||
Impairment of internal use software |
1,364 |
– |
||||||
Changes in operating working capital |
(5,728) |
5,728 |
||||||
Other |
(32) |
(66) |
||||||
Net cash provided by operating activities |
25,796 |
47,400 |
||||||
Cash flows from investing activities: |
||||||||
Proceeds from maturities of marketable securities |
114,426 |
71,991 |
||||||
Purchases of marketable securities |
(32,430) |
(150,532) |
||||||
Capital expenditures |
(7,962) |
(4,317) |
||||||
Acquisition of Crashboxx |
– |
(1,500) |
||||||
Acquisition of |
(116,982) |
(4,050) |
||||||
Advances to unconsolidated subsidiary |
(2,636) |
(2,156) |
||||||
Other |
(2) |
(110) |
||||||
Net cash used in investing activities |
(45,586) |
(90,674) |
||||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of convertible notes |
– |
172,500 |
||||||
Payments of debt issuance costs |
– |
(5,291) |
||||||
Purchase of convertible note hedges |
– |
(31,343) |
||||||
Proceeds from issuance of warrants |
– |
15,991 |
||||||
Payment of acquisition-related note and contingent consideration |
– |
(2,037) |
||||||
Repurchases of common stock |
(25,000) |
– |
||||||
Taxes paid related to net share settlement of vested equity awards |
(1,780) |
(2,625) |
||||||
Proceeds from exercise of stock options |
961 |
1,283 |
||||||
Net cash provided (used) by financing activities |
(25,819) |
148,478 |
||||||
Effect of exchange rate changes on cash |
(73) |
– |
||||||
Net change in cash and cash equivalents |
(45,682) |
105,204 |
||||||
Cash and cash equivalents at beginning of period |
139,388 |
34,184 |
||||||
Cash and cash equivalents at end of period |
$ |
93,706 |
$ |
139,388 |
CAL AMP CORP. |
||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO GAAP |
||||||||||||||
(Unaudited) |
||||||||||||||
“GAAP” refers to financial information presented in accordance with |
||||||||||||||
In this press release, |
||||||||||||||
The reconciliation of GAAP basis net income (loss) to Adjusted basis (non-GAAP) net income is as follows (in thousands except per share amounts): |
||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||
|
|
|
|
|||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||
GAAP basis net income (loss) |
$ |
(3,486) |
$ |
5,506 |
$ |
(7,151) |
$ |
16,940 |
||||||
Intangible assets amortization expense |
3,858 |
1,664 |
15,061 |
6,626 |
||||||||||
Stock-based compensation expense |
2,164 |
1,643 |
7,833 |
5,854 |
||||||||||
Non-cash interest expense from amortization of debt discount |
1,601 |
1,507 |
6,232 |
4,613 |
||||||||||
GAAP basis income tax provision (benefit) |
(978) |
(2,443) |
(1,098) |
4,572 |
||||||||||
Equity in net loss of affiliate |
280 |
503 |
1,284 |
829 |
||||||||||
Acquisition and integration expenses |
344 |
1,980 |
4,513 |
1,980 |
||||||||||
Non-cash cost of sales and depreciation on markup of |
||||||||||||||
LoJack inventory and fixed assets |
206 |
– |
5,073 |
– |
||||||||||
Legal arbitration expenses for |
292 |
– |
1,948 |
– |
||||||||||
Litigation provision |
6,026 |
2,900 |
6,026 |
2,900 |
||||||||||
Gain on investment in |
– |
(1,364) |
– |
(1,416) |
||||||||||
Adjusted basis income before income taxes |
10,307 |
11,896 |
39,721 |
42,898 |
||||||||||
Income tax provision, non-GAAP basis (a) |
(455) |
(155) |
(1,164) |
(499) |
||||||||||
Adjusted basis net income |
$ |
9,852 |
$ |
11,741 |
$ |
38,557 |
$ |
42,399 |
||||||
Adjusted basis net income per diluted share |
$ |
0.28 |
$ |
0.32 |
$ |
1.06 |
$ |
1.15 |
||||||
Weighted average common shares outstanding on diluted basis |
35,577 |
37,082 |
36,397 |
36,950 |
||||||||||
(a) |
The non-GAAP income tax provision represents cash taxes paid or payable for the period after giving effect to the utilization of net operating loss and tax credit carryforwards. |
|||||||||||||
The reconciliation of GAAP basis net income (loss) to Adjusted EBITDA, and the calculation of Adjusted EBITDA margin, are as follows (dollars in thousands): |
||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||
|
|
|
|
|||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||
GAAP basis net income (loss) |
$ |
(3,486) |
$ |
5,506 |
$ |
(7,151) |
$ |
16,940 |
||||||
Investment income |
(582) |
(1,448) |
(1,691) |
(1,871) |
||||||||||
Interest expense |
2,519 |
2,415 |
9,896 |
7,595 |
||||||||||
GAAP basis income tax provision (benefit) |
(978) |
(2,443) |
(1,098) |
4,572 |
||||||||||
Depreciation expense |
2,374 |
974 |
8,408 |
3,582 |
||||||||||
Intangible assets amortization expense |
3,858 |
1,664 |
15,061 |
6,626 |
||||||||||
Stock-based compensation expense |
2,164 |
1,643 |
7,833 |
5,854 |
||||||||||
Equity in net loss of affiliate |
280 |
503 |
1,284 |
829 |
||||||||||
Acquisition and integration expenses |
344 |
1,980 |
4,513 |
1,980 |
||||||||||
Non-cash cost of sales on markup of |
20 |
– |
4,339 |
– |
||||||||||
Legal arbitration expenses for |
292 |
– |
1,948 |
– |
||||||||||
Litigation provision |
6,026 |
2,900 |
6,026 |
2,900 |
||||||||||
Adjusted EBITDA |
$ |
12,831 |
$ |
13,694 |
$ |
49,368 |
$ |
49,007 |
||||||
Revenue |
$ |
86,126 |
$ |
70,807 |
$ |
351,102 |
$ |
280,719 |
||||||
Adjusted EBITDA margin |
14.9% |
19.3% |
14.1% |
17.5% |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calamp-reports-fourth-quarter-and-fiscal-year-2017-financial-results-300441308.html
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