January 28, 2023
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CalAmp reports $1.5 million loss in net income for third quarter


Oxnard wireless parts maker CalAmp ended the third quarter with a $1.5 million loss in net income, or a 4 cent loss per diluted share, compared to $3.9 million in net income last year, or 11 cents per share.

CalAmp was impacted by a legal expense that was $1.6 million more than the comparable period last year and foreign currency exchange rate losses of $600,000, the company said in a news release.

“Mobile Resource Management (MRM) telematics product sales reached the highest level of the last four quarters,” President and CEO Michael Burdiek said in a news release. “We are optimistic about our near-term growth as visibility has improved markedly from earlier in the year when macro factors negatively impacted demand for fleet telematics products in the U.S.”

CalAmp posted revenue of $83.4 million in the third quarter, an increase from $74.7 million last year.

Looking ahead to the fourth quarter, CalAmp expects its per-share earnings to range from 25 cents to 31 cents and revenue in the range of $84 million to $89 million.

CalAmp also announced that its Executive Vice President and Chief Financial Officer Rick Vitelle plans to retire from the company after 16 years of service. He will remain as CFO until his successor is found.

CalAmp shares have fallen more than 20 percent since the beginning of the year and dropped about 10 percent over the past two days, ending Dec. 22 at $14.31.

• Contact Alex Kacik at akacik@pacbiztimes.com.