Calamp Corp. (NASDAQ: CAMP) reported Q2 EPS of $0.31, $0.03 better than the analyst estimate of $0.28. Revenue for the quarter came in at $96 million versus the consensus estimate of $95.36 million.

"We experienced accelerating growth in our Software & Subscription Services (SaaS) business, while delivering record consolidated revenue, gross margin expansion and earnings at the upper end of our guidance range. We had stronger than expected growth in Network and OEM products revenue, driven by solid demand from our heavy equipment OEM customers," said Michael Burdiek, President and Chief Executive Officer. "Our pipeline for SaaS solutions is robust and we are energized by the range of strategic opportunities to expand SaaS offerings to existing customers as well as to deliver newer over the top services to our telematics device installed base."

Q2 2019 Financial & Business Highlights

• Consolidated revenue reached a new quarterly record of $96 million, up 7% year-over-year.
• Gross margin was 41.5%, up from 40.1% in the prior quarter.
• GAAP net loss of $0.9 million or a loss of $0.02 per diluted share due to a $2.0 million charge for the early retirement of debt.
• Adjusted basis net income of $11.0 million or $0.31 per diluted share.
• Telematics Systems revenue for the second quarter was $77.1 million driven by strong growth in Network and OEM products revenue, which was up 37% year-over-year.
• Software & Subscription Services revenue for the second quarter was $18.9 million or 20% of consolidated revenue. Revenue growth was driven by freight transport subscriber additions and our LoJack Italia business.
• Operating cash flow of $5.9 million, with Adjusted EBITDA of $13.7 million and Adjusted EBITDA margin of 14%.
• We executed arrangements with large U.S. dealership groups including Salinas Valley Ford to leverage the LoJack brand and deliver telematics technology solutions to empower dealerships in delivering advanced connected car services and driver safety features to customers.
• We announced a partnership with Premier Wireless Solutions (PWS) to provide telematics and IoT technologies coupled with data analysis to support a scooter-based, vehicle-sharing service that provides on-demand access to environmental friendly transportation alternatives in urban areas across the U.S.
• We partnered with Hello Tractor and Aeris to equip John Deere tractors with intelligent telematics and wireless connectivity to create an "Uber for tractors" to support small farmers requiring access to tractor and other rental equipment to spur economic growth in Nigeria and other developing regions.
• We completed a $230 million convertible debt issuance with a portion of the proceeds or approximately $54 million used to repurchase outstanding convertible notes due in May 2020 and another $15 million used to repurchase outstanding common stock.

For earnings history and earnings-related data on Calamp Corp. (CAMP) click here.