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 said, it’s now my pleasure to 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 2013 first quarter. 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 second quarter, along with some concluding remarks. This will be followed by a question-and-answer session. Our strong financial performance is the first quarter was attributable to continued execution of our business strategy, which resulted in significant growth in revenue and earnings. The wireless DataCom segment recorded impressive year-over-year revenue growth of 44% driven by strength in several of our core industry verticals. In our satellite business we were particularly pleased with the gross margin improvement to 15.8% and with this segment’s solid contribution to our bottom line. Consolidate revenue for the first quarter was $43.9 million, up 27% compared to the first quarter last year, with wireless DataCom revenue increasing to $31.6 million and satellite revenue of $12.2 million. We are in $0.14 on a GAAP basis and $0.18 non-GAAP. Both revenue and EPS results were well above our initial guidance. In the first quarter we generated operating cash flow of $3.2 million and we ended the quarter with $7.3 million in total cash. Now, I would like to review our operational highlights for the quarter. The wireless DataCom segment posted record revenue in the first quarter with continued momentum across multiple market verticals. We experienced strong demand for our MRM products and services, which accounted for nearly 70% of total wireless DataCom revenue. Wireless network applications accounted for the remaining 30% of wireless DataCom revenue with significant contributions from our rail transportation products.
In MRM applications, we are gaining market share for our products and solutions as we continue to exceed market rates of growth. As in recent quarters, we are experiencing strong customer demand for our core fleet management, trailer tracking, stolen vehicle recovery and vehicle finance offerings.We continue to focus on increasing our international market penetration, with the Navman Wireless supply agreement further expanding our global footprint. MRM revenue in the first quarter was much higher than we originally projected, primarily due to two large contract wins that have aggressive delivery timelines. The first of these involve initial volume shipments to equip the deliver fleet of a national soft drink company, while the second related to the commencement of shipments to equip the service fleet of a national telecom service provider. At the end of the first quarter, we had almost 1.5 million MRM devices and service with our customers that are supported by CalAmp’s PULS over the year device provisioning, monitoring and maintenance system, which is up from 1.3 million at the end of the fourth quarter. First quarter results for our MRM bundled solutions business were within range of our expectations. Our bundled network offerings for the vehicle finance and remote start markets had approximately 280,000 active subscribers on our network at the end of the first quarter compared to 265,000 subscribers at the end of the fourth quarter. This subscriber base provides a recurring revenue stream that currently represents about 10% of our wireless DataCom revenue. Read the rest of this transcript for free on seekingalpha.com