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CalAmp Corp (NAS:CAMP)
Piotroski F-Score
6 (As of Today)

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CalAmp Corp has an F-score of 6 indicating the company's financial situation is typical for a stable company.

CAMP' s 10-Year Piotroski F-Score Range
Min: 2   Max: 8
Current: 6

2
8

During the past 13 years, the highest Piotroski F-Score of CalAmp Corp was 8. The lowest was 2. And the median was 5.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Aug14) TTM:Last Year (Aug13) TTM:
Net Income was 4.207 + 3.067 + 2.693 + 3.278 = $13.2 Mil.
Cash Flow from Operations was 5.595 + 3.411 + 7.332 + 8.46 = $24.8 Mil.
Revenue was 63.503 + 59.847 + 58.981 + 59.21 = $241.5 Mil.
Gross Profit was 20.995 + 20.616 + 20.219 + 20.496 = $82.3 Mil.
Average Total Assets from the begining of this year (Aug13)
to the end of this year (Aug14) was
(165.866 + 165.306 + 179.265 + 181.491 + 190.828) / 5 = $176.5512 Mil.
Total Assets at the begining of this year (Aug13) was $165.9 Mil.
Long-Term Debt was $0.2 Mil.
Total Current Assets was $107.1 Mil.
Total Current Liabilities was $47.7 Mil.
Net Income was 4.155 + 32.63 + 1.685 + 2.844 = $41.3 Mil.

Revenue was 44.34 + 48.391 + 53.746 + 58.807 = $205.3 Mil.
Gross Profit was 14.032 + 15.05 + 18.481 + 19.839 = $67.4 Mil.
Average Total Assets from the begining of last year (Aug12)
to the end of last year (Aug13) was
(68.538 + 72.582 + 150.771 + 160.394 + 165.866) / 5 = $123.6302 Mil.
Total Assets at the begining of last year (Aug12) was $68.5 Mil.
Long-Term Debt was $4.7 Mil.
Total Current Assets was $83.0 Mil.
Total Current Liabilities was $37.4 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

CalAmp Corp's current net income (TTM) was 13.2. ==> Positive ==> Score 1.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

CalAmp Corp's current cash flow from operations (TTM) was 24.8. ==> Positive ==> Score 1.

Q3. Change in Return on Assets

Compare this year’s return on assets (1) to last year’s return on assets.

Score 1 if it’s higher, 0 if it’s lower.

ROA (This Year)=Net Income (TTM)/Total Assets at the Beginning of This Year (Aug13)
=13.245/165.866
=0.07985362

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Aug12)
=41.314/68.538
=0.60278969

CalAmp Corp's return on assets of this year was 0.07985362. CalAmp Corp's return on assets of last year was 0.60278969. ==> Last year is higher ==> Score 0.

Q4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

CalAmp Corp's current net income (TTM) was 13.2. CalAmp Corp's current cash flow from operations (TTM) was 24.8. ==> 24.8 > 13.2 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by average total assets) to last year’s gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Aug14)=Long-Term Debt/Average Total Assets from Aug13 to Aug14
=0.238/176.5512
=0.00134805

Gearing (Last Year: Aug13)=Long-Term Debt/Average Total Assets from Aug12 to Aug13
=4.689/123.6302
=0.03792763

CalAmp Corp's gearing of this year was 0.00134805. CalAmp Corp's gearing of last year was 0.03792763. ==> This year is lower or equal to last year. ==> Score 1.

Q6. Change in Working Capital (Liquidity)

Compare this year’s current ratio (current assets divided by current liabilities) to last year’s current ratio.

Score 1 if this year'’s current ratio is higher, 0 if it’s lower

Current Ratio (This Year: Aug14)=Total Current Assets/Total Current Liabilities
=107.121/47.706
=2.24544083

Current Ratio (Last Year: Aug13)=Total Current Assets/Total Current Liabilities
=83.002/37.398
=2.2194235

CalAmp Corp's current ratio of this year was 2.24544083. CalAmp Corp's current ratio of last year was 2.2194235. ==> This year's current ratio is higher. ==> Score 1.

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

CalAmp Corp's number of shares in issue this year was 36.5. CalAmp Corp's number of shares in issue last year was 35.8. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Q8. Change in Gross Margin

Compare this year’s gross margin (gross profit divided by sales) to last year’s.

Score 1 if this year’s gross margin is higher, 0 if it’s lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=82.326/241.541
=0.34083655

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=67.402/205.284
=0.32833538

CalAmp Corp's gross margin of this year was 0.34083655. CalAmp Corp's gross margin of last year was 0.32833538. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year’s asset turnover ratio.

Score 1 if this year’s asset turnover ratio is higher, 0 if it’s lower

Asset Turnover (This Year)=Revenue (TTM)/Total Assets at the Beginning of This Year (Aug13)
=241.541/165.866
=1.45624179

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Aug12)
=205.284/68.538
=2.99518515

CalAmp Corp's asset turnover of this year was 1.45624179. CalAmp Corp's asset turnover of last year was 2.99518515. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+0+1+1+1+0+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CalAmp Corp has an F-score of 6 indicating the company's financial situation is typical for a stable company.


Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

CalAmp Corp Annual Data

Feb05Feb06Feb07Feb08Feb09Feb10Feb11Feb12Feb13Feb14
Q1 1100000111
Q2 1110111111
Q3 1000111110
Q4 1111111101
Q5 1100100111
Q6 1100011110
Q7 0010000000
Q8 1100101111
Q9 1000111110
F-score 8631656875

CalAmp Corp Quarterly Data

May12Aug12Nov12Feb13May13Aug13Nov13Feb14May14Aug14
Q1 1111111111
Q2 1111111111
Q3 1111111000
Q4 1110000111
Q5 1001111111
Q6 1111111011
Q7 0000000000
Q8 1111111111
Q9 1111110000
F-score 8777776566
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