At the bottom line, we generated steady improvement over the course of fiscal 2011 and returned CalAmp to profitability. GAAP basis net income in the fourth quarter was $303,000 or $0.01 per diluted share. Excluding the impact of amortization of intangible assets and stock-based compensation expense, our adjusted basis or non-GAAP net income was $668,000 or $0.02 per diluted share. I refer you to our fourth quarter earnings press release issued today for a detailed reconciliation of the GAAP and non-GAAP basis financial results.
Looking at our cash flow and balance sheet, net cash provided by operating activities during the three and 12 month periods ended February 28th 2011was $51,000 and $857,000 respectively. Our net debt at the end of the fourth quarter was $7.7 million, up slightly compared to the net debt of $7.4 million at the end of the third quarter.
Now let’s take a closer look at the Satellite business. Fourth quarter revenue was softer than expected. During the quarter, we began the initial production ramp of a new product as well as a production ramp of one older product that is experiencing renewed demand. However, these ramps do not begin until late in the quarter. Consequently, we’ve recorded fourth quarter Satellite revenue of only $5.6 million, which was sequentially lower by $2.8 million and was down substantially from $18.7 million in the fourth quarter of fiscal 2010. We expect that volume shipments of these two products should drive significantly higher Satellite revenue during our fiscal 2012 first quarter.
In addition, we’re on track with the plans we discussed last quarter to enhance the operational flexibility and cost structure of our Satellite business. We’re transitioning the Satellite business to a more variable cost model with more functions performed by our manufacturing partners in Asia. This will allow us to reduce our fixed overhead costs and lower our breakeven point while also improving our ability to respond to rapid shifts in demand. We expect to complete this transition during the second quarter of fiscal 2012.Read the rest of this transcript for free on seekingalpha.com