Calamp Corp. (CAMP) Approves $25M Buyback

CalAmp (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today announced that its Board of Directors has authorized a share repurchase program, under which the Company may repurchase up to $25 million of its outstanding common stock over the next 12 months.

"CalAmp is committed to maximizing shareholder value and we believe our recent acquisition of LoJack Corporation, along with the share repurchase program announced today, are positive steps towards this goal," said Michael Burdiek, CalAmp's President and Chief Executive Officer. "The Board of Directors believes CalAmp's current share price does not reflect the Company's long-term intrinsic value, and this repurchase plan underscores our confidence in our business prospects. Furthermore, our strong balance sheet and cash flow from operations give us the flexibility to continue to invest in the growth of our business."

Under the repurchase program, the Company may repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations. The extent to which CalAmp repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by CalAmp's management team. The Company has approximately 37 million shares of common stock outstanding at the present time. The repurchase program may be suspended or discontinued at any time. The Company expects to fund the repurchases with cash on hand.

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