CalAmp revenues up for fourth quarter
Oxnard-based CalAmp, owner of LoJack brand security devices, said revenue for the fourth quarter ended Feb. 28 jumped 22 percent.
CalAmp, which has made extensive investments in Internet of Things technologies, said LoJack contributed $27.8 million to fourth-quarter revenue, which totaled $86.1 million.
“As we close out fiscal 2017 we are pleased with the progress we have made,” said President and CEO Michael Burdiek.
Using generally accepted accounting rules, the company lost $3.5 million, or 10 cents per diluted share, compared to net income of $5.5 million, or 15 cents per diluted share, in the fiscal 2016 fourth quarter. The results were impacted by a charge of $6 million for a discontinued satellite operation.
Revenue for fiscal year 2017 was a record $351.1 million, an increase of 25 percent from fiscal 2016. The GAAP-basis net loss in fiscal 2017 was $7.2 million, or 20 cents per diluted share, compared to net income of $16.9 million, or 46 cents per diluted share, in fiscal 2016.