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CalAmp Corp. (CAMP)
F1Q 2012 Earnings Call
June 30, 2011 4:30 p.m. ET
Stacy Fyfe - SRB
Michael Burdiek - President and Chief Executive Officer
Rick Vitelle - Chief Financial Officer
Mike Crawford - B. Riley & Co.
Aaron Martin - AIGH Investment Partners
John Nelson - State of Wisconsin Investment Board
Ilya Grozovsky - Morgan Joseph
Marc Robins - Catalyst Research
Previous Statements by CAMP
» CalAmp's CEO Discusses F4Q 2011 Results - Earnings Call Transcript
» CalAmp CEO Discusses Q3 2011 Results - Earnings Call Transcript
» CalAmp Corp. F4Q10 (Qtr End 05/31/10) Earnings Call Transcript
Following the presentation the conference will be opened for questions. (Operator instructions) Today’s conference is being recorded today, June 30, 2011. I would now like to turn the conference over to Stacey Fife from SRB. Please go ahead.
Thank you operator. Good afternoon everybody. Welcome to CalAmp’s fiscal 2012 first quarter results conference call. With us today are CalAmp’s President and Chief Executive Officer, Michael Burdiek and Chief Financial Officer, Rick Vitelle.
Before I turn the call over to management, please remember that our prepared remarks and responses to questions may contain forward-looking statements. Words such as may, will, expect, intend, plan, believe, seek, could, estimate, judgment, targeting, should, anticipate, goal and variations of these words and similar expressions are intended to identify forward-looking statements.
Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors including product demand, competitive pressures and pricing declines in the company’s satellite and wireless markets, the timing of customer approvals of new product designs, the length and extent of the global economic downturn that has and may continue to adversely affect the company’s business and other risks and uncertainties that are described in the company’s annual report on Form 10-K for fiscal 2011 as filed on April 28, 2011 with the Securities & Exchange Commission.
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 statements 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.
Thank you Stacey. Good afternoon and thank you for joining us today to discuss CalAmp’s fiscal 2012 fiscal first quarter results. I will begin by offering a few comments on the recent announcement regarding the CEO transition along with my thoughts on our business opportunities.
And then I’ll provide a review of the financial and operational highlights from this past quarter. Rick Vitelle will then discuss additional details about our financial results, balance sheet, working capital management and cash flow and I will wrap up with our business outlook and guidance along with some concluding remarks. This will be followed by a question and answer session.
On June 1st I was named CalAmp’s Chief Executive Officer, succeeding Rick Gold who will continue to serve the company as Vice Chairman of the board of directors. I am honored by this appointment and very much looking forward to my new role as CEO during one of the most exciting times in the company’s history.
The wireless technology adoption trends in fleet management, asset tracking, energy management, transportation security and public safety are extraordinarily favorable to CalAmp. We are one of very few companies in the world with the requisite core competencies to address the challenging performance, reliability and environmental requirements of these emerging applications.
In my new role I will be focusing my energies on the execution of our strategy to accelerate our rate of growth and to fully capitalize on the exciting market opportunities ahead of us. To that end the leadership team within CalAmp will rely on the following five tenets to lay the foundation for our future growth and profitability.
First we will focus our resources on those technologies, products and markets that offer the greatest revenue growth and profit potential and pare back investment in areas with limited prospects. Second, we will look for opportunities to move up the value chain to offer more services and integrated solutions to our customers. Third, we will work to leverage our domestic leadership position in attractive wireless datacom markets to exploit burgeoning international opportunities particularly in EMEA and Latin America.
Fourth, we will develop and leverage strategic partnerships and alliances to accelerate growth of our wireless datacom businesses globally. And finally, we will remain vigilant in managing our cost structure and working capital to maximize profitability and cash flow. Challenges remain but we have an outstanding management team and dedicated employees committed to success. I couldn’t be more confident in saying that the prospects for the company are very bright.
Now turning to CalAmp’s operational highlights, we’re off to a strong start in fiscal 2012. During the first quarter growth from both our wireless datacom and satellite businesses resulted in a 31% year over year increase in consolidated revenues and profitability improved over the previous quarter. We continued to see strong demand for our mobile resource management or MRM products and services from fleet management, vehicle finance, asset tracking and stolen vehicle recovery markets.
In addition, our wireless networks products performed well with significant contribution from an important project in the railroad sector that was initiated at the beginning of last fiscal year. And finally, an uptick in DVS demand resulted in first quarter satellite revenues more than doubling sequentially and increasing year over year.