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CalAmp Profit Plummets

The wireless company is off 14% after hours.


(CAMP) - Get CalAmp Corp. Report

second-quarter profit declined to roughly one-third of earnings in the year-ago quarter because of waning demand for direct broadcast satellite (DBS) products, the company said late Thursday.

After hours, investors recently sent the shares plummeting 14%, or $1.11, to $6.83. Shares closed the regular session up 10.4%.

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For the quarter ended Aug. 31, the wireless equipment maker earned $1.2 million, or 5 cents a share, compared with $3.7 million, or 16 cents a share, a year ago.

Sales at CalAmp were $57.9 million, flat compared with the year-ago quarter.

Analysts polled by Thomson First Call forecast second-quarter earnings of 7 cents a share on revenue of $56 million.

The Oxnard, Calif.-based company said that consolidated gross margin for the quarter was 24% vs. 23% a year ago.

CalAmp forecast third-quarter earnings of 4 cents to 8 cents a share on sales of $59 million to $65 million.