CalAmp reported results for its 2016 third quarter ended November 30, 2015. Total revenue was a record $74.7 million compared to $63.2 million for Q3 2015.
Article continues below
Wireless Datacom revenue increased to $62.8 million from $54.6 million in the same period last year, while Satellite revenue was $11.8 million in the third quarter compared to $8.6 million in the comparable quarter last year.
Consolidated gross profit for the fiscal 2016 third quarter was $26.6 million, an increase of $4.5 million over the same quarter last year, attributable to both higher Wireless Datacom and Satellite revenues. Consolidated gross margin was 35.6% in the fiscal 2016 third quarter, compared to 35.0% in the third quarter last year.
GAAP net income for the fiscal 2016 third quarter was $3.9 million, or $0.11 per diluted share, which was flat in comparison to the third quarter of last year.
Although the company's GAAP-basis effective tax rate of 38.3% 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 third quarter was $11.4 million, or $0.31 per diluted share, compared to non-GAAP earnings of $9.2 million, or $0.25 per diluted share, for the third quarter last year.
Non-GAAP net income excludes the impact of intangibles amortization expense, stock-based compensation, non-cash interest expense in the form of debt discount amortization and the non-operational equity in net loss of affiliate, and includes an income tax provision for cash taxes paid or payable for the period.
As of November 30, 2015, the company had total cash and marketable securities of $223 million and total debt outstanding of $138 million. Net cash provided by operating activities was $9.1 million during the third quarter and $37.9 million for the first nine months of fiscal 2016, up from $21.5 million for the first nine months of fiscal 2015.
The unused borrowing capacity on CalAmp's bank revolver at quarter-end was $15 million. ■