CalAmp Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2015; Provides Earnings Guidance for the Fourth Quarter of 2016 and Provides Effective Income Tax Rate Guidance for the Fiscal Year 2016
For the nine months, the company's revenues were $209.912 million against $181.416 million a year ago. Operating income was $23.555 million against $16.092 million a year ago. Income before income taxes and equity in net loss of affiliate was $18.775 million against $15.967 million a year ago. Net income was $11.434 million or $0.31 per diluted share compared to $9.992 million or $0.27 per diluted share a year ago. Net cash provided by operating activities was $37.871 million against $21.457 million a year ago. Capital expenditures were $3.388 million against $4.890 million a year ago. Adjusted net income was $30.710 million or $0.84 per diluted share compared to $23.601 million or $0.65 per diluted share a year ago. Pretax income (non-GAAP basis) was $31.054 million against $23.843 million a year ago. Adjusted EBITDA was $35.313 million against $25.994 million a year ago.
Looking at fiscal 2016 fourth quarter, the company expects to achieve consolidated revenue in the range of $73 to $78 million. At the bottom line, the company expects fourth quarter GAAP-basis net income in the range of $0.09 to $0.13 per diluted share and non-GAAP net income in the range of $0.28 to $0.32 per diluted share. Non-GAAP tax rate in the fourth quarter is expected to be about 1.5%.
As a result of the recent congressional action to extend and make permanent the federal R&D tax credit program, GAAP basis effective income tax rate for fiscal 2016 as a whole is expected to be approximately 35% due to R&D tax credit in the estimated amount of $600,000 that will be realizable in the fourth quarter.