0001206774-13-004608.txt : 20131223 0001206774-13-004608.hdr.sgml : 20131223 20131223160818 ACCESSION NUMBER: 0001206774-13-004608 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20131218 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131223 DATE AS OF CHANGE: 20131223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CalAmp Corp. CENTRAL INDEX KEY: 0000730255 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 953647070 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12182 FILM NUMBER: 131294885 BUSINESS ADDRESS: STREET 1: 1401 N. RICE AVENUE CITY: OXNARD STATE: CA ZIP: 93030 BUSINESS PHONE: 8059879000 MAIL ADDRESS: STREET 1: 1401 N. RICE AVENUE CITY: OXNARD STATE: CA ZIP: 93030 FORMER COMPANY: FORMER CONFORMED NAME: CALIFORNIA AMPLIFIER INC DATE OF NAME CHANGE: 19920703 8-K 1 calamp_8k.htm CURRENT REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):       December 18, 2013

Exact Name of Registrant as      
       Specified in Its Charter:       CALAMP CORP.  

DELAWARE       0-12182       95-3647070
State or Other Jurisdiction of Commission   I.R.S. Employer
Incorporation or Organization File Number Identification No.

Address of Principal Executive Offices:         1401 N. Rice Avenue
    Oxnard, CA 93030
        
Registrant's Telephone Number, Including        
       Area Code:            (805)  987-9000
      
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))



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 December 23, 2013, CalAmp Corp. issued a press release announcing its financial results for the third quarter ended November 30, 2013. A copy of the press release is attached as Exhibit 99.1.

     A conference call with simultaneous webcast to discuss the financial results for the third quarter ended November 30, 2013 will be held today, December 23, 2013 at 4:30 p.m. Eastern Time. After the live webcast of the conference call, an audio replay will remain available until the next quarterly conference call in the Investor Relations section of CalAmp's website at www.calamp.com.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     On December 20, 2013, Amal M. Johnson was elected to the Registrant's Board of Directors, increasing the number of directors to seven. Ms. Johnson was not elected pursuant to any arrangement or understanding between her and any other persons. A copy of the press release announcing Ms. Johnson’s appointment to the Board is attached as Exhibit 99.2.

     Prior to the election of Ms. Johnson as a director, and in accordance with Article VI of the Registrant’s Amended and Restated Certificate of Incorporation, the size of the Registrant’s Board of Directors was increased from six to seven directors by a Board resolution adopted on December 20, 2013.

Item 8.01 Other Events.

     On December 18, 2013, the Company acquired Radio Satellite Integrators, Inc. (“RSI”) for a cash payment at closing of $6.5 million and future earn-out payments based on post-acquisition sales and gross profit performance in the aggregate estimated amount of $2.4 million that is payable quarterly over two years. RSI is a privately-held provider of fleet management solutions primarily to municipal government agencies supporting applications targeted at public works, waste management, transit and public safety. A copy of the press release announcing the RSI acquisition is attached as Exhibit 99.3.



Item 9.01. Financial Statements and Exhibits

     (c) Exhibits

        99.1         Press release of the Registrant dated December 23, 2013 announcing results of operations for the third quarter ended November 30, 2013.
 
       99.2        Press release of the Registrant dated December 23, 2013 announcing the election of Amal M. Johnson to the Board of Directors.
 
       99.3        Press release of the Registrant dated December 18, 2013 announcing the acquisition of Radio Satellite Integrators.

SIGNATURE

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.
 
December 23, 2013 By /s/ Richard Vitelle            
Date   Richard Vitelle
     Executive Vice President and CFO
    (Principal Financial Officer)


EX-99.1 2 exhibit99-1.htm PRESS RELEASE OF THE REGISTRANT DATED DECEMBER 23, 2013

Exhibit 99.1


FOR IMMEDIATE RELEASE

CalAmp Reports Fiscal 2014 Third Quarter Results

OXNARD, CA, December 23, 2013 -- CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today reported results for its third quarter ended November 30, 2013. Highlights for the quarter include:

  • Consolidated third quarter revenue of $63.5 million, up 43% compared to the third quarter last year with Wireless Datacom revenue up 37% over prior year third quarter to $49.7 million and Satellite revenue up 72% to $13.8 million.
  • Third quarter GAAP net income of $4.2 million, or $0.12 per diluted share, compared to $4.2 million, or $0.14 per diluted share, for the third quarter last year.
  • Adjusted Basis (non-GAAP) net income of $8.2 million, or $0.23 per diluted share, compared to $5.3 million, or $0.17 per diluted share, for the same period last year.
  • Net cash provided by operations for the third quarter of $5.6 million, and total cash balance at November 30, 2013 of $31.1 million.

Commenting on results in the latest quarter, Michael Burdiek, CalAmp's President and Chief Executive Officer said, “CalAmp is on-track for a very strong second half of fiscal 2014. During the third quarter, Wireless Datacom segment revenue increased 37% year-over-year. In addition, Satellite segment revenue improved 72% compared to the third quarter of last year. Within the Wireless Datacom segment, our Mobile Resource Management (MRM) products continued to experience strong demand from our fleet management and asset tracking customers. Meaningful contributions from the emerging auto insurance telematics vertical also helped drive growth in the quarter. Our Wireless Networks business, which comprises the remainder of our Wireless Datacom segment, benefitted from strength in the energy markets, while our expanding pipeline of opportunities from the acquired operations of Wireless Matrix are expected to support future growth and margin expansion. In our Satellite segment, the increase in revenue and improved margins helped further expand CalAmp’s consolidated cash flow and bottom-line profitability. Also during the quarter, our strong cash flow and growing cash balance allowed us to pay off our bank term loan.”

Mr. Burdiek continued, “Subsequent to the end of the third quarter, we announced the acquisition of Radio Satellite Integrators, Inc. (RSI), a privately-held provider of fleet management solutions primarily to municipal government agencies supporting applications targeted at public works, waste management, transit and public safety. This transaction improves CalAmp’s competitive position and growth prospects in the state and local government market by augmenting CalAmp’s current range of public safety solutions. Importantly, RSI’s SaaS-based high margin revenue is expected to be accretive to CalAmp’s overall margins and non-GAAP earnings per share for our coming fiscal year.”



CalAmp Reports Fiscal 2014 Third Quarter Results
December 23, 2013
Page 2 of 7

Fiscal 2014 Third Quarter Results
Total revenue for the fiscal 2014 third quarter was $63.5 million compared to $44.3 million for the third quarter of fiscal 2013, an increase of 43%. Wireless Datacom revenue increased to $49.7 million from $36.3 million in the same period last year, and Satellite revenue was $13.8 million compared to $8.0 million in the third quarter last year.

Consolidated gross profit for the fiscal 2014 third quarter was $21.0 million, an increase of $7.0 million over the same quarter last year, primarily attributable to higher revenue. The consolidated gross margin was 33.1% in the fiscal 2014 third quarter, up from 31.6% in the third quarter last year. The increase in consolidated gross margin is due primarily to the contribution of the higher margin Software-as-a-Service (SaaS) revenue from the Wireless Matrix acquisition and margin improvement in the Satellite segment.

GAAP net income for the fiscal 2014 third quarter was $4.2 million, or $0.12 per diluted share, compared to net income of $4.2 million, or $0.14 per diluted share, in the third quarter of last year. The lower GAAP earnings per share is due in part to the elimination of substantially all of the Company’s deferred income tax asset valuation allowance at the end of fiscal 2013, which caused the Company’s effective income tax rate to revert to a level that is much closer to full statutory tax rates beginning in fiscal 2014. Despite this, on a cash basis, the Company’s pretax income is still largely sheltered from taxation by net operating loss (NOL) carryforwards, and is expected to remain so for about the next two years.

Non-GAAP net income for the fiscal 2014 third quarter was $8.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $5.3 million, or $0.17 per diluted share, for the same quarter last year. Non-GAAP earnings exclude the impact of intangibles amortization and stock-based compensation expense, and includes an income tax provision for cash taxes paid or payable for the period. A reconciliation of the GAAP-basis pretax income to the non-GAAP net income and earnings per diluted share is provided in the table at the end of this press release.

Liquidity
As of November 30, 2013, the Company had total cash of $31.1 million and no bank debt outstanding. Net cash provided by operating activities during the third quarter was $5.6 million, and the unused borrowing capacity on the bank revolver as of the end of the third quarter was $15.0 million.

Business Outlook
Commenting on the Company's business outlook, Mr. Burdiek said, “Based on our current forecast, we anticipate that Wireless Datacom fourth quarter revenue will increase solidly on a sequential basis primarily driven by continued demand in our core market verticals, growing insurance telematics revenue and contribution from RSI. Due to normal quarterly fluctuations in demand from our DBS satellite customer, we currently expect Satellite fourth quarter revenues to be substantially lower on a sequential basis, more than offsetting the Wireless Datacom growth. As a result, we expect our fiscal 2014 fourth quarter consolidated revenue to be in the range of $60 to $63 million. At the bottom line, we expect fourth quarter GAAP basis net income in the range of $0.08 to $0.11 per diluted share, and non-GAAP net income in the range of $0.19 to $0.23 per diluted share.”

Conference Call and Webcast
A conference call and simultaneous webcast to discuss third quarter results and business outlook will be held today at 4:30 p.m. Eastern / 1:30 p.m. Pacific. CalAmp's President and CEO Michael Burdiek and CFO Rick Vitelle will host the conference call. Participants can dial into the live conference call by calling 1-877-407-0784 (1-201-689-8560 for international callers) and using the Conference ID # 13573343. An audio replay will be available through December 30, 2013 by calling 1-877-870-5176 or 1-858-384-5517 and entering the Conference ID # 13573343.



CalAmp Reports Fiscal 2014 Third Quarter Results
December 23, 2013
Page 3 of 7

Additionally, a live webcast of the call will be available on CalAmp's web site at www.calamp.com. Participants are encouraged to visit the web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. After the live webcast, a replay will remain available until the next quarterly conference call in the Investor Relations section of CalAmp's web site.

About CalAmp
CalAmp (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp’s extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex Machine-to-Machine (M2M) deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business critical data and desired intelligence from high-value remote assets. For more information, please visit www.calamp.com.

Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 involve known and unknown risks and uncertainties. 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 wireless and satellite markets, the timing of customer approvals of new product designs, intellectual property infringement claims, interruption or failure of our Internet-based systems used to wirelessly configure and communicate with the tracking and monitoring devices that we sell, and other risks or uncertainties that are described in our Annual Report on Form 10-K that was filed on April 25, 2013 with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained. We undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

AT CALAMP:       AT ADDO COMMUNICATIONS:
Garo Sarkissian Lasse Glassen
SVP, Corporate Development   (424) 238-6249
(805) 987-9000 lasseg@addocommunications.com



CalAmp Reports Fiscal 2014 Third Quarter Results
December 23, 2013
Page 4 of 7

CAL AMP CORP.
CONSOLIDATED INCOME STATEMENTS
(Unaudited, in thousands except per share amounts)

Three Months Ended Nine Months Ended
November 30, November 30,
      2013       2012       2013       2012
Revenues $       63,503 $       44,340 $       176,056 $       132,188
 
Cost of revenues   42,508 30,308 116,741 90,345
  
Gross profit 20,995 14,032 59,315 41,843
 
Operating expenses:
       Research and development 5,267 3,564 15,721 10,393
       Selling 4,920 2,982 14,789 8,963
       General and administrative 3,291 2,699 10,521 8,849
       Intangible asset amortization 1,485 475 4,618 1,267
14,963 9,720 45,649 29,472
Operating income 6,032 4,312 13,666 12,371
 
Non-operating expense, net (77 ) (138 ) (327 ) (330 )
 
Income before income taxes 5,955 4,174 13,339 12,041
 
Income tax provision (1,748 ) (19 ) (4,603 ) (45 )
 
Net income $ 4,207 $ 4,155 $ 8,736 $ 11,996
 
Earnings per share - basic and diluted
              Basic $ 0.12 $ 0.14 $ 0.25 $ 0.42
              Diluted $ 0.12 $ 0.14 $ 0.24 $ 0.40
Shares used in computing earnings per share:
              Basic 35,171 29,210 34,848 28,537
              Diluted 36,206 30,096 35,901 29,684

BUSINESS SEGMENT INFORMATION
(Unaudited, in thousands)

Three Months Ended Nine Months Ended
November 30, November 30,
      2013       2012       2013       2012
Revenues
       Wireless DataCom $       49,747 $       36,334 $       137,808 $       102,178
       Satellite   13,756 8,006 38,248 30,010
              Total revenues $ 63,503 $ 44,340 $ 176,056 $ 132,188
 
Gross profit
       Wireless DataCom $ 18,159 $ 12,612 $ 51,674 $ 36,786
       Satellite 2,836 1,420 7,641 5,057
              Total gross profit $ 20,995 $ 14,032 $ 59,315 $ 41,843
 
Operating income
       Wireless DataCom $ 5,026 $ 4,500 $ 11,706 $ 12,893
       Satellite 1,785 498 4,561 2,327
       Corporate expenses (779 ) (686 ) (2,601 ) (2,849 )
              Total operating income $ 6,032 $ 4,312 $ 13,666 $ 12,371

- more -



CalAmp Reports Fiscal 2014 Third Quarter Results
December 23, 2013
Page 5 of 7

CAL AMP CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands)

November 30, February 28,
2013 2013
Assets       (Unaudited)      
Current assets:
       Cash and cash equivalents $           31,108 $           63,101
       Accounts receivable, net 30,897 19,111
       Inventories 12,541 13,516
       Deferred income tax assets 6,363 6,400
       Prepaid expenses and other current assets 4,326 4,641
              Total current assets 85,235 106,769
Property, equipment and improvements, net 4,426 2,778
Deferred income tax assets, less current portion 30,184 34,616
Goodwill 18,304 1,112
Other intangible assets, net 25,667 4,603
Other assets 1,490 893
 
$ 165,306 $ 150,771
 
Liabilities and Stockholders' Equity
Current liabilities:
       Current portion of long-term debt $ 1,238 $ 2,261
       Accounts payable 17,005 11,871
       Accrued payroll and employee benefits 5,518 5,298
       Deferred revenue 6,699 6,410
       Other current liabilities 3,684 3,109
 
              Total current liabilities 34,144 28,949
 
Long-term debt 1,131 2,434
Other non-current liabilities 2,293 1,839
 
Stockholders' equity:
       Common stock 356 350
       Additional paid-in capital 203,815 202,368
       Accumulated deficit (76,368 ) (85,104 )
       Accumulated other comprehensive loss (65 ) (65 )
 
              Total stockholders' equity 127,738 117,549
 
$ 165,306 $ 150,771

- more -



CalAmp Reports Fiscal 2014 Third Quarter Results
December 23, 2013
Page 6 of 7

CAL AMP CORP.
CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited - In thousands)

Nine Months Ended
November 30,
      2013       2012
Cash flows from operating activities:
       Net income $        8,736 $        11,996
       Depreciation and amortization 5,967 1,995
       Stock-based compensation expense 2,129 2,292
       Amortization of debt issue costs and discount 194 248
       Deferred tax assets, net 4,469 -
       Changes in operating working capital (2,090 ) (5,723 )
       Other - 15
 
              Net cash provided by operating activities 19,405 10,823
 
Cash flows from investing activities:
       Capital expenditures (1,375 ) (1,396 )
       Navman Wireless asset purchase agreement - (1,000 )
       Wireless Matrix acquisition, net of cash acquired (46,837 ) -
       Collections on note receivable - 430
       Other - (8 )
 
              Net cash used in investing activities (48,212 ) (1,974 )
 
Cash flows from financing activities:
       Proceeds from bank term loan 5,000 -
       Debt repayments (7,510 ) (960 )
       Taxes paid related to net share settlement of vested equity awards (3,027 ) (2,551 )
       Proceeds from exercise of stock options and warrants 2,351 2,621
 
              Net cash used in financing activities (3,186 ) (890 )
 
Net change in cash and cash equivalents (31,993 ) 7,959
 
Cash and cash equivalents at beginning of period 63,101 5,601
 
Cash and cash equivalents at end of period $ 31,108 $ 13,560

- more -



CalAmp Reports Fiscal 2014 Third Quarter Results
December 23, 2013
Page 7 of 7

CAL AMP CORP.
NON-GAAP EARNINGS RECONCILIATION
(Unaudited)

"GAAP" refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. CalAmp believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to investors. The presentation of historical non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.

In this press release, CalAmp reports the non-GAAP financial measures of Adjusted Basis Net Income and Adjusted Basis Net Income Per Diluted Share. CalAmp uses these non-GAAP financial measures to enhance the investor's overall understanding of the financial performance and future prospects of CalAmp's core business activities. Specifically, CalAmp believes that a report of Adjusted Basis Net Income and Adjusted Basis Net Income Per Diluted Share provides consistency in its financial reporting and facilitates the comparison of results of core business operations between its current and past periods.

The reconciliation of the GAAP Basis Pretax Income to Adjusted Basis (non-GAAP) Net Income is as follows (in thousands except per share amounts):

Three Months Ended Nine Months Ended
November 30, November 30,
      2013       2012       2013       2012
GAAP basis pretax income $        5,955 $        4,174 $        13,339 $        12,041
 
Amortization of intangible assets 1,485 475 4,618 1,267
Stock-based compensation expense 808 620 2,129 2,292
Acquisition and integration expenses - - 637 -
Pretax income (non-GAAP basis) 8,248 5,269 20,723 15,600
 
Income tax provision (non-GAAP basis) (a) (82 ) (19 ) (146 ) (45 )
Adjusted Basis net income $ 8,166 $ 5,250 $ 20,577 $ 15,555
 
Adjusted Basis net income per diluted share $ 0.23 $ 0.17 $ 0.57 $ 0.52
 
Weighted average common shares outstanding
       on diluted basis 36,206 30,096 35,901 29,684

(a)       The non-GAAP income tax provision represents cash taxes paid for the period after giving effect to the utilization of net operating loss and tax credit carryforwards.

# # #


EX-99.2 3 exhibit99-2.htm PRESS RELEASE OF THE REGISTRANT DATED DECEMBER 23, 2013

Exhibit 99.2


FOR IMMEDIATE RELEASE

CalAmp Announces Appointment of
Amal Johnson to Board of Directors

OXNARD, CA – December 23, 2013 -- CalAmp (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today announced that a new independent director, Amal M. Johnson, has been appointed to the Company's Board of Directors. This appointment expands the Company's Board to seven members.

Albert J. “Bert” Moyer, CalAmp's Chairman of the Board, said, “I am pleased to have Amal join CalAmp's Board of Directors. She brings significant experience in application software, cloud computing and hosted services from the perspectives of both an executive and investor. I believe that her insight can accelerate our progress in positioning CalAmp as a leading provider of higher margin integrated hardware and software solutions in machine-to-machine communications. On behalf of my colleagues on the Board, we look forward to drawing on Amal’s wealth of expertise as we pursue our objectives to profitably grow CalAmp’s business.”

Ms. Johnson is currently the Executive Chairman of the Board of Author-IT Inc, a Software-as-a-Service (SaaS) private company that provides a platform for creating, maintaining, and distributing single-sourced technical content. She also serves on the boards of Intuitive Surgical, Inc. (Nasdaq:ISRG) and Mellanox Technologies, Ltd. (Nasdaq:MLNX), and she is a venture advisor to Illuminate Ventures, a VC firm. Ms. Johnson led MarketTools, a privately held SaaS company, as CEO from 2005 to 2008 and thereafter as Chairman until the company was acquired in January 2012. Prior to joining MarketTools, Ms. Johnson was a General Partner at Lightspeed Venture Partners, focusing on enterprise software and infrastructure, from 1999 to 2004. Previously, from 1994 to 1998, Ms. Johnson held executive management positions with Baan, an enterprise resource planning (ERP) software company, including President of Baan Supply Chain Solutions, President of Baan Americas, and President of Baan Affiliates. Prior to that, Ms. Johnson served as President of ASK Manufacturing Systems, a material requirements planning software company, from 1993 to 1994 and held executive positions at IBM from 1977 to 1993. Ms. Johnson holds a Bachelor of Arts in Mathematics from Montclair State University.



About CalAmp
CalAmp (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp's extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex machine-to-machine (M2M) deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business critical data and desired intelligence from high-value remote assets. For more information, please visit www.calamp.com.

#       #       #

AT THE COMPANY:       AT ADDO COMMUNICATIONS:
Garo Sarkissian Lasse Glassen
SVP, Corporate Development (424) 238-6249
(805) 987-9000 lasseg@addocommunications.com

2


EX-99.3 4 exhibit99-3.htm PRESS RELEASE OF THE REGISTRANT DATED DECEMBER 18, 2013

Exhibit 99.3


FOR IMMEDIATE RELEASE

CalAmp Acquires Radio Satellite Integrators to Expand its Mobile Resource
Management Solutions for Municipal Government Customers

OXNARD, CA, December 18, 2013 -- CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, announced today that it has acquired privately held Radio Satellite Integrators, Inc. (RSI), a Southern California-based provider of mobile resource management solutions to city and county government agencies. This transaction improves CalAmp’s competitive position and growth prospects in the state and local government market by augmenting CalAmp’s current range of public safety solutions.

RSI’s Software-as-a-Service (SaaS) solutions are utilized by a wide variety of fleet types including applications in public works, waste management, transit and public safety. On a trailing 12-month basis, RSI generated revenue of approximately $5 million and was profitable.

Consideration for the acquisition was $6.5 million in upfront cash and future earn-out payments based on post-acquisition sales and gross profit performance. The transaction is expected to be accretive to CalAmp's overall margins and non-GAAP earnings per share in the coming fiscal year.

Commenting on the acquisition of RSI, Michael Burdiek, President and Chief Executive Officer of CalAmp, said, “The acquisition of RSI improves CalAmp’s reach with municipal government customers with a vertically-focused mobile resource management SaaS offering. This acquisition increases our recurring revenue stream and enhances our growth prospects as city and county government agencies look to leverage the FirstNet broadband network for a range of voice, data, and video services.”

About CalAmp
CalAmp (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp’s extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex Machine-to-Machine (M2M) deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business critical data and desired intelligence from high-value remote assets. For more information, please visit www.calamp.com.



CalAmp Announces Acquisition of Radio Satellite Integrators, Inc.
December 18, 2013
Page 2 of 2

Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 involve known and unknown risks and uncertainties. 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 wireless and satellite markets, the timing of customer approvals of new product designs, intellectual property infringement claims, interruption or failure of our Internet-based systems used to wirelessly configure and communicate with the tracking and monitoring devices that we sell, and other risks or uncertainties that are described in our Annual Report on Form 10-K that was filed on April 25, 2013 with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained. We undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

AT CALAMP:       AT ADDO COMMUNICATIONS:
Garo Sarkissian Lasse Glassen
SVP, Corporate Development (424) 238-6249
(805) 987-9000 lasseg@addocommunications.com


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