CalAmp Reports Fiscal Third-Quarter Results
Friday, December 21, 2018 | Comments

CalAmp reported its financial results for its fiscal 2019 third quarter ended Nov. 30.

For the quarter, the company reported consolidated revenue of $88.5 million, down 6 percent year over year, because of supply chain execution challenges. Gross margin was 41.1 percent, up from 40.8 percent in the prior year.

The company reported a GAAP net loss of $500,000 because of a $1.2 million restructuring charge for vacant offices, severance and employee related costs. Operating cash flow is $11.3 million.

“Our software and subscription services (SaaS) business continued to perform well as our SaaS revenue increased 25 percent year-over-year,” said Michael Burdiek, president and CEO. “We continue to focus on accelerating our efforts towards a more comprehensive recurring revenue model. Although we were disappointed in the short-term execution around our supply chain diversification efforts as previously announced, we are taking steps to address our operational challenges. As we look to the future, we believe we can capitalize on our SaaS pipeline and achieve our long-term growth targets.”

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