Wireless and microwave communications equipment manufacturer California Amplifier
All in all, that's a pretty substantial turnaround for CalAmp, which spent most of 2001 recovering from a one-two punch. First, its wireless Internet market -- led by a proposed deployment by Sprint
And they had been. CalAmp shares didn't trade for nearly three months while the company cleaned up the mess and made the necessary restatements of its results. CalAmp has tried to wipe most of the evidence of this sordid past from the record. A look at its press release on its web site shows stories going back as far as July 2001 -- after the company resumed trading.
It's been a long climb back, but with the capital markets opening up ever so slightly, CalAmp's position as a leading provider of customer premises for microwave is paying off. According to the company's conference call, accessed courtesy of CCBN, CalAmp's acquisition of Vytek adds a "substantial customer base," including Hewlett Packard
Most impressive, however, is the improvement of the company's cash position by more than $2 million, along with a substantial decrease in long-term debt from $12.5 million to $9.8 million. As always, we'll withhold final judgment on the quarter until we see the cash flow statement. And frankly, I'm not convinced that the capital telecommunications spending market is out of the woods.
But there should be no doubt that wireless Internet 802.11(b) adoption and demand at the consumer level has been one of the few bright spots. That's CalAmp's sweet spot, and it isn't so unreasonable to expect its renaissance to continue.