CalAmp Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 31, 2018; Provides Earnings Guidance for the Third Quarter of Fiscal 2019; Provides Tax Rate Guidance for the Full Year of Fiscal 2019
For the six months, the company reported revenues of revenues of $190,925,000 against $177,848,000 a year ago. Operating income was $3,675,000 against $1,804,000 a year ago. Income before income taxes and equity in net loss of affiliate was $9,900,000 against $12,911,000 a year ago. Net income was $7,657,000 against $9,579,000 a year ago. Diluted earnings per share were $0.21 against $0.27 per basic and diluted share a year ago. Adjusted EBITDA was $25,866,000 against $225,482,000 a year ago. Net cash provided by operating activities was $36,833,000 against $36,009,000 a year ago. Capital expenditures were $5,770,000 against $3,713,000 a year ago. Adjusted basis income before income taxes was $21,862,000 against $20,522,000 a year ago. Adjusted basis net income was $21,462,000 or $0.59 per diluted share against $19,972,000 or $0.56 per diluted share a year ago.
The company expects fiscal 2019 third quarter consolidated revenue in the range of $94 million to $99 million. At the bottom line, the company expects third quarter GAAP basis net income to be in the range of $0.07 to $0.13 per dilutive share, which includes the expected contribution of approximately $2.5 million from the receipt of a portion of the remaining installment of a legal settlement with LoJack's former supplier. The company also expects third quarter non-GAAP net income in the range of $0.29 to $0.35 per dilutive share and adjusted EBITDA in the range of $12 million to $16 million.
The company expects fiscal 2019 full year GAAP basis effective tax rate to approximate 14%, and the company do not anticipate cash basis taxes to fluctuate materially due to remaining federal net operating losses and other income tax credits.