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CalAmp's CEO Discusses F3Q2012 Results - Earnings Call Transcript

Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

With that, I will now turn the call over to CalAmp’s President and CEO Michael Burdiek.

Michael Burdiek

Thank you, Joanne. Good afternoon and thank you for joining us today to discuss CalAmp’s fiscal 2012 third quarter results. I will begin today’s call with a review of our financial and operational highlights for this past quarter and Rick Vitelle will provide additional details about our financial results. I will then discuss our business outlook and guidance for the fiscal 2012 fourth quarter. We will then open the call to Q&A.

This quarter represents our third consecutive quarter of year-over-year revenue growth and our fourth consecutive quarter of increasing of net income. The fundamental driver for our revenue growth and improving profitability in the third quarter was our wireless datacom business segment.

As has been the case for the last several quarters, our mobile resource management or MRM business continued to experience significant growth, and this was complemented in the latest quarter by solid growth in our wireless networks, rail and energy markets.

Consolidated revenue for this quarter was $32.8 million, up 11% year over year, with wireless datacom revenue increasing by 22% to $25.9 million. GAAP net income of $0.06 and non-GAAP net income of $0.09 were at the high end of our most recent guidance. We generated strong operating cash flow of $2.1 million in the third quarter and $7.5 million through the first nine months of this fiscal year.

Our wireless datacom operations posted record revenue in the third quarter with MRM applications accounting for approximately two-thirds of total wireless datacom revenue and wireless networks applications accounting for one-third. This revenue split in our wireless datacom segment is consistent with recent prior quarters, excluding the patent sale revenue recognized within MRM in the second quarter of this year.

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