Internet of Things provider CalAmp, which has operations in Oxnard, announced a decline in revenues for its fiscal year 2018 first quarter, ended May 31, and net losses flat to the previous first quarter at $2.7 million.
Revenues fell 3 percent to $88.1 million, primarily as a factor of the closing of the company’s satellite business in August. Software and subscription revenue gained 6 percent to $16.1 million.
A tax-related charge of $6.1 million, or 11 cents per diluted share, also impacted the bottom line, as a result of a patent infringement case.
“We built on the momentum from last quarter and grew our core telematics and subscription revenues as we continued to expand our technology leadership,” President and CEO Michael Burdiek said in a news release. “We see additional opportunities from large customers as we invest in our core technologies and expand our strategic partnerships with IoT industry leaders.”
For the second quarter, the company expects revenue to reach $86 million to $91 million for net income of 32 to 38 cents per share.
CalAmp ended the quarter with cash and cash equivalents of $109.2 million, with $84.7 million in current liabilities. Shares ended June 27 at $19.25, down 1.9 percent.
• Contact Marissa Nall at [email protected]