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8-K - CURRENT REPORT - CalAmp Corp. | calamp3191092-8k.htm |
Exhibit 99.1
CalAmp Announces
Court Ruling in
Omega Patent Infringement Case
IRVINE, CA, April 11, 2017 -- CalAmp (NASDAQ: CAMP), a leading provider of Internet of Things (IoT) enablement solutions, announced today that last week the U.S. District Court for the Middle District of Florida entered judgment against CalAmp in the patent infringement lawsuit filed in December 2013 by Omega Patents LLC, (Omega), a non-practicing entity. The judgment comes more than a year after the trial ended in a jury verdict, which the company previously announced in a press release in March of 2016.
On April 5, 2017, the trial court judge awarded Omega trebled damages in the aggregate amount of $8.9 million plus attorneys fees in an amount to be determined, but denied Omegas request for an injunction. CalAmp recorded a reserve of $2.9 million in February 2016 at the time of the jury verdict, and recorded an additional reserve of $6.0 million in its financial statements for the year ended February 28, 2017 as a result of the judges award of trebled damages. The $6.0 million charge will impact fiscal 2017 GAAP-basis results of operations by $0.11 per diluted share but will not impact fiscal 2017 non-GAAP earnings per share or Adjusted EBITDA. The Company is scheduled to announce its fiscal 2017 fourth quarter and full year results on April 18.
CalAmps position has always been, and remains, that it does not infringe Omegas patents and that Omegas patents are invalid. CalAmp intends to challenge the judgment through all appropriate motions with the trial court, an appeal at the Court of Appeals for the Federal Circuit if necessary, and the ongoing ex parte reexaminations of Omegas patents at the U.S. Patent and Trademark Office.
About
CalAmp
CalAmp (NASDAQ:
CAMP) is a pure-play pioneer in the connected vehicle and broader
Industrial IoT marketplace. The company's extensive portfolio of
intelligent communications
devices, robust and scalable
telematics cloud services, and targeted software applications streamline
otherwise complex IoT deployments. These solutions enable customers to
optimize their operations by collecting, monitoring and efficiently reporting
business-critical data and desired intelligence from
high-value mobile and remote assets. CalAmp is
headquartered in Irvine, California and has been publicly traded since 1983. For
more information, please visit www.calamp.com.
AT CALAMP: | ||
Garo Sarkissian | Nadine Traboulsi | |
SVP, Corporate Development | Vice President, Corporate Marketing | |
(949) 600-5600 | (949) 600-5642 | |
ntraboulsi@calamp.com |