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Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we 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, it’s now my pleasure to turn the call over to CalAmp’s President and CEO Michael Burdiek. Go ahead Michael.Michael Burdiek Thank you Joe and good afternoon and thank you for joining us today to discuss CalAmp’s fiscal 2012 fourth quarter and full year results. I will begin today’s call with a review of our financial and operational highlights and Rick Vitelle will provide additional details about our financial results. I will wrap up with our business outlook and guidance for fiscal 2013 first quarter along with some concluding remarks. This will followed by question and answer session. Fiscal 2012 was a year of solid revenue growth and long awaited return into profitability. In our wireless datacom segment our revenue increased 26% year-over-year as we experienced growth in nearly every vertical market application we serve. And although the year-over-year revenue growth in our satellite segment was a more modest 10% we completed the transformation of our satellite business to a variable cost operation and broaden its product base to improve gross margins and drive positive cash flow all of which contributed to our strong fourth quarter results. Consolidated revenue for the fourth quarter was $37.6 million up 30% year-over-year with wireless datacom revenue increasing to $25.7 million and satellite revenue more than doubling to $12 million. At the bottom line fourth quarter per share earnings is $0.06 GAAP basis and $0.09 non-GAAP were at the high end of our original guidance. Consolidated revenue for the fourth quarter was at the highest level since the first quarter of fiscal 2008. For fiscal 2012 as a whole, consolidated revenue grew 21% year-over-year to $138.7 million with wireless datacom revenues increasing to a record $99.1 million and satellite revenue growing to $39.6 million. We generated operating cash flow of almost $5 million in the fiscal 2012 fourth quarter and more than $12 million for the year as a whole.
Strong positive cash flow throughout the year enabled us to pay down our debt by $9 million. And at the end of the year in a net cash position of $2.6 million, which is the first time in five years that we have had a positive net cash balance. Focused on deinvestments across all of our operations resulted in 24 new product introductions during fiscal 2012 and we expect these products to drive continued growth in market expansion. Total R&D investment in fiscal 2012 was $11.3 million, which more than $9 million was in our wireless datacom segment.Now but – I would like to review our operational highlights for the quarter. Our wireless datacom segment maintained a near-record revenue run rate in the fourth quarter with continued momentum across multiple markets compensating for the expected lowered revenue from our positive train control development project. We continue to experience strong demand for our MRM products and services, as well as increased demand for products targeting smart grid and oil and gas applications. Similar to recent past quarters, MRM applications accounted for approximately two thirds of total wireless datacom revenue with wireless networks applications accounting for one third. In MRM applications, we continue to see strong demand in market share gains for our products and solutions in a market that is estimated to be growing at about 20% per year. Sales to our core customers for fleet management, trailer tracking, stolen vehicle recovery and vehicle finance applications, we are very strong resulting in full year, year-over-year, excuse me, in full year-over-year revenue growth in these segments of 25%. We are seeing steady international market penetration particularly in Latin America and we were poised for further wins in Asia-Pacific and EMEA region. Read the rest of this transcript for free on seekingalpha.com