CalAmp reported results for its fiscal 2017 third quarter ended Nov. 30. Revenue for the third quarter was $83.4 million, an increase of 12 percent from the third quarter of fiscal 2016. The quarter included revenue of $29.9 million from LoJack products and services, which was slightly lower than expected, as anticipated orders from two large international licensees were received late in the quarter and could not be fulfilled until early in the fourth quarter.CCW 2017 Expected to Draw 3,000 Mission-Critical Professionals
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Gross profit for the third quarter of fiscal 2017 was $35.1 million, an increase of $8.5 million over the same quarter last year. Gross margin was 42 percent in the fiscal 2017 third quarter, up from 36 percent in the third quarter of fiscal 2016.
The GAAP-basis net loss in the third quarter of fiscal 2017 was $1.5 million compared with net income of $3.9 million in the fiscal 2016 third quarter. The third quarter earnings were impacted by higher legal expenses of about $1.6 million over the comparable period last year and foreign currency exchange rate losses of $600,000.
"In the latest quarter, mobile resource management (MRM) telematics product sales reached the highest level of the last four quarters,” said Michael Burdiek, CalAmp's president and CEO. “We are optimistic about our near-term growth as visibility has improved markedly from earlier in the year when macro factors negatively impacted demand for fleet telematics products in the U.S. As we look ahead, we see a number of catalysts on the horizon to drive near and long-term growth for our novel portfolio of connected vehicle telematics solutions."
As of Nov. 30, the company had total cash and marketable securities of $101 million and total debt outstanding of $145 million, the carrying amount of the company's 1.625 percent convertible notes in the face amount of $172.5 million. Net cash provided by operating activities was $500,000 during the third quarter of fiscal 2017.
Revenue from international customers reached a record of 28.5 percent of consolidated quarterly revenues. MRM telematics product sales reached the highest level of the past four quarters with fleet and connected car device revenue at record levels.
The outlook for the fourth quarter ending Feb. 28 is consolidated revenue in the range of $84 million to $89 million.
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