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CalAmp CEO Discusses F2Q2011 Results - Earnings Call Transcript

Looking at our cash flow and balance sheet, during the second quarter of fiscal 2011, cash provided by operating activities was $0.4 million and our net debt position was $8.1 million, unchanged from the first quarter.

Moving on to our Satellite business, revenues of $11.4 million were up 15% compared to the same period last year, and up 8% compared to the first quarter. The gross margin percentage for Satellite products improved to 10% in the second quarter, but remained below longer term historical levels, due in large part to the lower revenue run rate resulting in lower absorption of manufacturing overhead costs.

As we’ve discussed in previous calls, over the past year we worked closely with our Direct Broadcast Satellite, or DBS, customers to develop several next generation products. These next generation products are important for our Satellite business because we believe they will increase our addressable portion of the market and also improve our gross margins.

During this past quarter, we made progress in the ongoing qualification process for these products and have begun low volume manufacturing of one product. However, the introduction of these new products is not happening as rapidly as we had expected with delays partly due to technical issues, but primarily due to changes in the timing of our customers’ plans. As a result, we do not expect our Satellite segment revenue to show the level of growth we had previously expected in the third and fourth quarters. We are continuing to work closely with our customers and to support them as they launch these new products.

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