Key Developments: CalAmp Corp (CAMP.O)
13.25USD
19 Jun 2013
$-0.02 (-0.15%)
$13.27
$13.25
$13.40
$13.14
155,970
269,088
$13.98
$6.49
Latest Key Developments (Source: Significant Developments)
CalAmp Corp Announces Management Changes
CalAmp Corp announced that pending Board of Directors changes that are scheduled to become effective at the Company's Annual Meeting on July 25, 2013. Albert J. Bert Moyer has been appointed the new Chairman of the Board to be effective upon his re-election as a director at the 2013 Annual Meeting, succeeding Frank Perna, Jr. in that capacity. Mr. Perna will also stand for re-election to the Board at the 2013 Annual Meeting. Full Article
CalAmp Corp Issues Q1 2014 Guidance In Line With Analysts' Estimates
CalAmp Corp announced that for the first quarter of 2014, it expects consolidated revenue in the range of $50 to $54 million, GAAP-basis net income in the range of $0.01 to $0.05 per diluted share and non-GAAP net income in the range of $0.11 to $0.15 per diluted share (EPS). The Company also expect that its first quarter GAAP-basis operating results will be impacted by transaction and integration expenses of approximately $0.6 million arising from the Wireless Matrix acquisition. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $52 million and EPS of $0.14 for the first quarter of 2014. Full Article
CalAmp Corp Completes Wireless Matrix Corporation Acquisition
CalAmp Corp announced that it has completed the previously announced acquisition of the operations of Wireless Matrix Corporation. The purchase price was $52.9 million paid in cash at closing. The assets acquired by CalAmp included cash of approximately $6 million. CalAmp funded the purchase price primarily from the net proceeds of its recent equity offering of approximately $45 million. CalAmp expects to record acquisition related expenses of $0.3 million in the fiscal 2013 fourth quarter. The Company also expects the transaction will be accretive to non-GAAP earnings per share in fiscal 2014 and beyond as it significantly improves CalAmp's competitive positioning and growth prospects. Full Article
CalAmp Corp Announces Closing Of Common Stock Offering
CalAmp Corp announced the closing of an underwritten public offering of 5,175,000 shares of its common stock at $9.25 per share. The aggregate amount of common shares sold reflects the exercise in full by the underwriters of their option to purchase up to 675,000 additional shares of common stock to cover over-allotments. The Company received net proceeds of approximately $45 million, after deducting underwriting discounts and estimated offering expenses. CalAmp intends to use the net proceeds from the offering to fund a portion of the purchase price for its previously announced pending acquisition of the operations of Wireless Matrix Corporation. Canaccord Genuity Inc. and B. Riley & Co., LLC acted as joint book-running managers for the offering. Craig-Hallum Capital Group LLC, Northland Securities, Inc. and First Analysis Securities Corporation acted as co-managers for the offering. Full Article
CalAmp Corp Announces Pricing Of Common Stock Offering
CalAmp Corp announced the pricing of an underwritten public offering of 4,500,000 shares of its common stock at $9.25 per share. The underwriters have a 30-day option to purchase, at the same price per share as the underwriters paid for the initial shares, an additional 675,000 shares to cover over-allotments, if any. The offering is expected to close on February 20, 2013, subject to customary closing conditions. The Company expects to receive net proceeds of $39.0 million, after deducting underwriting discounts and estimated offering expenses, assuming no exercise of the underwriters' over-allotment option. CalAmp intends to use the net proceeds from the offering to fund a portion of the purchase price for its previously announced pending acquisition of the operations of Wireless Matrix Corporation. Canaccord Genuity Inc. and B. Riley & Co., LLC are acting as joint book-running managers for the offering. Craig-Hallum Capital Group LLC, Northland Securities, Inc. and First Analysis Securities Corporation are acting as co-managers for the offering. Full Article
CalAmp Corp Announces Proposed Public Offering Of Common Stock
CalAmp Corp announced that it plans to offer and sell 4,200,000 shares of its common stock in an underwritten public offering. CalAmp also plans to grant the underwriters a 30-day option to purchase up to an additional 630,000 shares to cover over-allotments, if any. CalAmp expects to use the net proceeds from this offering to fund a portion of the purchase price for its previously announced acquisition of the operations of Wireless Matrix Corporation. If the acquisition is not completed, CalAmp intends to use the net proceeds from this offering to pay transaction expenses, to repay outstanding indebtedness and for other general corporate purposes. Canaccord Genuity Inc. and B. Riley & Co., LLC are acting as joint book-running managers for the offering. Craig Hallum Capital Group LLC, Northland Securities, Inc. and First Analysis Securities Corporation are acting as co-managers for the offering. Full Article
CalAmp Corp to Enable Wireless Solution for Pepco Holdings, Inc.
CalAmp Corp announced that it has been selected by Pepco Holdings, Inc. (PHI), one of the Mid-Atlantic's energy delivery companies, to supply expanded bandwidth wireless data communications devices as part of their wide-area network. The CalAmp private network solution will provide the secure high-speed wireless data communications link between PHI's equipment and the core communications infrastructure to help ensure timely and reliable delivery of business critical data throughout their network. Full Article
New Hampshire Electric Cooperative Selects CalAmp Corp to Supply Wireless Communications Network
CalAmp Corp announced that it has been selected by the New Hampshire Electric Cooperative (NHEC) to supply the utility with wireless communications hardware for its wide-area Smart Meter advanced metering infrastructure (AMI). NHEC is a member-owned and controlled electric distributor serving approximately 83,000 members in 115 towns and cities across 9 of the 10 counties in New Hampshire over more than 5,500 miles of energized line. The NHEC Smart Meter AMI project will result in more accurate and timely meter readings, providing members better information about their energy usage while facilitating operational efficiencies for NHEC. Full Article
CalAmp Corp Announces Definitive Agreement To Acquire Operations Of Wireless Matrix Corporation
CalAmp Corp announced that it has signed a definitive agreement to acquire the operations of Wireless Matrix Corporation, a Herndon-Virginia-based wireless data communications solutions company. CalAmp expects to leverage Wireless Matrix's mobile workforce management and asset tracking applications for customers in its core verticals, while also expanding its turnkey offerings to address new markets. The definitive agreement provides that CalAmp will acquire the U.S subsidiary of Wireless Matrix, which conducts all of their operations, for a cash payment of $53 million. As part of the assets to be acquired, CalAmp expects to receive cash in the estimated amount of $5 million. CalAmp plans to fund the purchase from the proceeds of an equity offering of approximately $35 million, bank debt and on-hand cash. The transaction is expected to be completed in March 2013. Full Article
CalAmp Corp Issues Q4 2013 Guidance; Revenue Guidance In Line With Analysts' Estimates
CalAmp Corp announced that for the fourth quarter of 2013, it expects consolidated revenue in the range of $44 to $48 million and non-GAAP net income in the range of $0.14 to $0.18 per diluted share and GAAP basis net income in the range of $0.11 to $0.15 per diluted share before the effect of the aforementioned income tax benefit. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $46 million for the fourth quarter of 2013. Full Article
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