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.
Our MRM growth initiatives continue to drive momentum and we believe that our products are gaining share in a market that is estimated to be growing at approximately 20% a year.We also believe we are now the number one provider of mobile data devices to the domestic local fleet segment with our industry leading location monitoring unit or LMU product family. In addition, we are gaining traction in Latin America where we have developed tier-one cellular carrier channel partners to market our tracking products for the stolen vehicle recovery application. As has been the case with channel partners in the U.S., we believe, we are well positioned to establish our products as the standard platforms for our customers internationally, thereby generating predictable and growing revenue streams once integrated into customers end market solutions. In the emerging insurance segment, we believe our MRM business is competitively positioned with our recently introduced LMU 3000 product. We are currently working with a number of medium and large North American auto insurers to provide the hardware solutions to support their pay-as-you-drive and usage-based insurance initiatives. There are around 250 million insured vehicles in the United States alone. And while that may take some time before we see significant commercial deployments by key North American auto insurance companies, we believe we are well positioned to provide innovative hardware solutions for these deployments when they occur. In our Telemetric Systems business within MRM where we provide bundled solutions, including tracking hardware, hosted software applications and cellular data subscriptions, third quarter results were in line with expectations with healthy revenue from our vehicle finance segment and the seasonal ramp in our remote car start application with the onset of winter weather. Read the rest of this transcript for free on seekingalpha.com