Disclosure for CalAmp Corp.
I, Mike Crawford, certify that this report reflects my personal beliefs about this company and that no portion of my compensation was, is or will be directly or indirectly related to the specific recommendations or views discussed in this report.
- B. Riley & Co., LLC does and seeks to do business with companies covered in its research reports
- A portion of this analyst’s compensation is based on the investment banking activities of B. Riley & Co., LLC.
- B. Riley & Co., LLC makes a market in the securities of the company covered in this report.
- This company currently is, or within the past 12 months was, a client of B. Riley & Co., LLC. The services provided were Investment Banking Services.
- B. Riley & Co., LLC, or any of its affiliates, has received compensation for investment banking services from this company in the past 12 months.
- B. Riley & Co., LLC, or any of its affiliates, has managed or co-managed a public offering of securities for this company in the past 12 months.
 |
| Ratings Distribution as of September 5, 2010 |
|
% with Investment Banking Relationships |
|
| Rating |
Number of Companies |
Percent of Total |
|
Rating |
Number of Companies |
Percent of Total |
|
| Buy |
82 |
75.9% |
|
Buy |
3 |
100.0% |
| Neutral |
25 |
23.1% |
|
Neutral |
0 |
0.0% |
| Sell |
1 |
0.9% |
|
Sell |
0 |
0.0% |
|
Total |
108 |
100% |
|
Total |
3 |
100% |
Explanation of B. Riley & Co. LLC’s Rating System
- Buy: We generally expect "Buy" rated stocks to materially outperform both the S&P 500 and Russell 2000 as well as other stocks in their sector. Further, we believe that the potential reward relative to the potential risk is particularly attractive.
- Neutral: We generally believe "Neutral" rated stocks will perform roughly in line with the S&P 500 and Russell 2000 over the intermediate and long term.
- Sell: We generally expect "Sell" rated stocks to materially underperform both the S&P 500 and Russell 2000 as well as other stocks in their sector. Further, we believe that the potential reward relative to the potential risk is particularly unattractive.
Risks and Considerations
- Competition - The industry is highly competitive, and many of the company's competitors have greater resources.
- Financial Results - Timing of customer orders is unpredictable and can cause variance with expectations and our model.
- Industry Change - The industry is subject to rapid technological change.
- Manufacturer/Supplier Dependency - The company relies on a few key manufacturers/suppliers. This lack of diversification could create interruptions in the company's supply of products and a corresponding loss of revenues.
- General Industry - The company could miss our estimates and/or their financial guidance.
- Major Customers - The company is dependent on its major customers, the loss of any may have an adverse material effect on results.
- Spectrum Availability - The availability of radio frequencies may restrict the growth of the wireless communications industry and demand for the company's products and services.
- Intellectual Property - The company may not be able to adequately protect its intellectual property, and its competitors may offer similar products and services that would harm its competitive position.
- Litigation - The company may be subject to infringement claims that may disrupt the conduct of its business and affect profitability.
- See the Company's SEC filings, particularly its 10-K filing, for a discussion of further potential risks.
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