CalAmp Q2 2016 revenue record $69.8 millionStaff writer ▼ | October 2, 2015
CalAmp reported results for its 2016 second quarter ended August 31, 2015. Total revenue was a record $69.8 million compared to $59.2 million for Q2 2015.
CalAmp Wireless Datacom revenue increased to $61.8 million
Consolidated gross profit for the fiscal 2016 second quarter was $25.3 million, an increase of $4.8 million over the same quarter last year, primarily attributable to higher Wireless Datacom revenue. Consolidated gross margin was 36.2% in the fiscal 2016 second quarter, compared to 34.6% in the second quarter last year.
GAAP net income for the fiscal 2016 second quarter was $3.5 million, or $0.10 per diluted share, compared to net income of $3.3 million, or $0.09 per diluted share, in the second quarter of last year.
Although the company's GAAP-basis effective tax rate of 37.0% in the latest quarter approximates the combined US federal and state statutory tax rate, the company's pretax income is still largely sheltered from taxation by net operating loss and research and development tax credit carryforwards, and is expected to remain so for the next several years.
Non-GAAP net income for the fiscal 2016 second quarter was $9.8 million, or $0.27 per diluted share, compared to non-GAAP earnings of $7.5 million, or $0.21 per diluted share, for the second quarter last year.
As of August 31, 2015, the company had total cash and marketable securities of $217.7 million and total debt outstanding of $136.7 million.
Net cash provided by operating activities was $12.4 million during the second quarter and $28.8 million for the first six months of fiscal 2016, up from $16.1 million for the first six months of fiscal 2015.
The unused borrowing capacity on CalAmp's bank revolver at quarter-end was $15 million.
Commenting on the company's business outlook, Michael Burdiek, CalAmp's president and chief executive officer said, "Looking at our fiscal 2016 third quarter, we expect to achieve consolidated revenue in the range of $71 to $76 million. We expect our Wireless Datacom and Satellite segment revenues in the third quarter to be solidly higher on both a sequential quarter and year-over-year basis.
"At the bottom line, we expect third quarter GAAP-basis net income in the range of $0.08 to $0.12 per diluted share and non-GAAP net income in the range of $0.26 to $0.30 per diluted share." ■