UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): | ||
Exact Name of Registrant as Specified in Its Charter: |
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Commission File Number |
I.R.S. Employer Identification No. |
Address of Principal Executive Offices: | ||
Registrant’s Telephone Number, Including Area Code: | ||
Former Name or Former Address, if Changed Since Last Report: | Not applicable |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14.a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. | Results of Operations and Financial Condition |
The information set forth in Exhibit 99.1 of this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information set forth in Exhibit 99.1 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
On November 12, 2021, CalAmp Corp. issued a press release providing a business update for its third fiscal quarter ending November 30, 2021. A copy of the press release is attached as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
99.1 | Press release of the Registrant dated November 12, 2021 providing a business update for the third quarter ending November 30, 2021. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized.
CALAMP CORP. | ||||||
November 12, 2021 | By: | /s/ Kurtis Binder | ||||
Date | Kurtis Binder | |||||
Executive Vice President and CFO | ||||||
(Principal Financial Officer) |
Exhibit 99.1
CalAmp Provides Business Update for the Fiscal 2022 Third Quarter ending November 30, 2021
IRVINE, CA, November 12, 2021 CalAmp (Nasdaq: CAMP), a connected intelligence company helping businesses and people track, monitor and recover vital assets with real-time visibility and insights, today provided a business update and outlook on supply chain constraints as well as the Companys progress transitioning telematics device customers to software subscription-based contracts.
Jeff Gardner, CalAmps president and chief executive officer, commented, During our last quarter conference call on September 23, 2021, we indicated that we expected to ship approximately 20% more devices in the back half of our fiscal year than in the first half based on anticipated allocations from our key component suppliers. However, the supply chain shortages for these components have become more pronounced than originally anticipated, thereby lowering our shipment expectations for the second half. We now expect total revenues for the fiscal 2022 third quarter ending November 30, 2021 to decline sequentially by approximately 10% due to reduced shipments in telematics products combined with the anticipated lower revenues in our software and subscription services business as a result of the completion of a large retrofit project last quarter. Although supply chain challenges are impacting the industry and our business in the short-term, customer demand remains strong and we continue to make notable progress transitioning several larger telematics device customers to a subscription-based model. Our focus remains on enhancing the long-term value of our business by converting a higher percentage of our telematics device revenue to software subscription arrangements, which should provide increased visibility and predictability in our future results.
CalAmp will be announcing its fiscal 2022 third quarter financial results on Tuesday, December 21, 2021 and hosting a conference call and webcast, with more dial-in details forthcoming in a future release.
About CalAmp
CalAmp (Nasdaq: CAMP) is a connected intelligence company that helps people and businesses work smarter. We partner with transportation and logistics, industrial equipment, government and automotive industries to deliver insights that enable businesses to make the right decisions. Our applications, cloud platform and smart devices allow them to track, monitor and recover their vital assets with real-time visibility that reduces costs, maximizes productivity and improves safety. Headquartered in Irvine, California, CalAmp has been publicly traded since 1983. We have nearly one million software and services subscribers and over 20 million products installed worldwide. For more information, visit calamp.com, or LinkedIn, Facebook, Twitter, YouTube or CalAmp Blog.
Forward-Looking Statements
This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning CalAmp. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as such as may, will, expect, intend, plan, potential, believe, seek, could, estimate, judgment, targeting, should, anticipate, predict project, aim, goal, and similar words, phrases or expressions. These forward-looking statements are based on managements current expectations and beliefs, as well as assumptions made by, and information currently available to, management, current market trends and market conditions, and involve risks and uncertainties, many of which are outside of our control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect future results include any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the recent coronavirus (COVID-19) pandemic; disruptions in sales, operations, relationships with customers, suppliers, employees, and consumers given our sale of LoJack North America operations; our ability to successfully and timely accomplish our transformation to a SaaS solutions provider; our transition out of the automotive vehicle financing business; competitive pressures; pricing declines; demand for our telematics products and services; rates of growth in our target markets; prolonged disruptions of our contract manufacturers
CalAmp Supply Chain Impact to Fiscal 2022 Third Quarter Financial Results
Page 2 of 2
facilities or other significant operations; force majeure or force-majeure-like events at our contract manufacturers facilities including component shortages; the ongoing diversification of our global supply chain; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to improve gross margin; cost-containment measures; legislative, trade, tariff, and regulatory actions; integration, unexpected charges or expenses in connection with acquisitions; the impact of legal proceedings and compliance risks; implementation of our new ERP system; the impact on our business and reputation from information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product and warranty and indemnification claims; our ability to sell to new types of customers and to keep pace with technological advances; market acceptance of the end products into which our products are designed; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive, and regulatory nature. More information on these risks and other potential factors that could affect our financial results is included in our filings with the U.S. Securities and Exchange Commission (SEC), including in the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings, which you may obtain for free at the SECs website at http://www.sec.gov. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, which speak as of their respective dates except as required by law.
CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian, iOn Vision, CrashBoxx and associated logos are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or the EU. Spireon acquired the LoJack® North America Stolen Vehicle Recovery (SVR) business from CalAmp and holds an exclusive license to the LoJack mark in the United States and Canada. Any other trademarks or trade names mentioned are the property of their respective owners.
AT CALAMP: | AT SHELTON GROUP: | |
Kurtis Binder | Leanne K. Sievers | |
EVP & CFO | (949) 224.3874 | |
ir@calamp.com | sheltonir@sheltongroup.com |
Document and Entity Information |
Nov. 12, 2021 |
---|---|
Cover [Abstract] | |
Entity Incorporation State Country Code | DE |
Entity Address, State or Province | CA |
Amendment Flag | false |
Entity Central Index Key | 0000730255 |
Document Type | 8-K |
Document Period End Date | Nov. 12, 2021 |
Entity Registrant Name | CALAMP CORP. |
Entity File Number | 0-12182 |
Entity Tax Identification Number | 95-3647070 |
Entity Address, Address Line One | 15635 Alton Parkway |
Entity Address, Address Line Two | Suite 250 |
Entity Address, City or Town | Irvine |
Entity Address, Postal Zip Code | 92618 |
City Area Code | (949) |
Local Phone Number | 600-5600 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common stock, $0.01 per share |
Trading Symbol | CAMP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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