CalAmp revenues soared during the first quarter of fiscal year 2017 but the company lost $2.7 million as the Oxnard-based wireless parts maker completed its acquisition of LoJack, CalAmp reported June 28.
Revenues shot up 39 percent during the quarter from $65.4 million in 2016 to $91.1 million during the same period in fiscal 2017.
On Feb. 1, CalAmp completed its hostile takeover of Canton, Mass.-based LoJack, which makes theft recovery systems for cars, trucks and construction equipment.
CalAmp recorded charges of $9.3 million related to the acquisition during the first quarter. The company recorded a net loss of $2.7 million, or 7 cents per share. As of May 31, the company had $118 million in cash and $141 million in debt.
“We executed on a number of key business initiatives that set the foundation for long-term revenue growth,” said CEO Michael Burdiek in a news release. “The integration of LoJack is going smoothly and we are realizing revenue synergies earlier than expected.”
CalAmp also announced a plan to buy back $25 million worth of the company’s 37 million outstanding shares over the next year. Shares of the company initially leaped on the news in after-hours trading June 28, briefly surging from CalAmp’s close of $14.09 to $14.30. As of 3:48 p.m., shares settled in after-hours trading to $14.10.
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