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Iteris Reports Fiscal Fourth Quarter And 2012 Financial Results

Iteris, Inc. (NYSE Amex: ITI), a leader in providing intelligent traffic management information solutions, reported financial results for its fiscal fourth quarter and year ended March 31, 2012.

Fiscal Q4 2012 Financial Highlights vs. Same Year-Ago Quarter

  • Total net sales and contract revenues up 12% to $15.2 million
  • Contract revenues up 27% to $8.8 million
  • Net income totaled $358,000 or $0.01 per share vs. net income of $480,000 or $0.01 per share
  • Total term debt of $634,000 vs. $3.0 million

Fiscal 2012 Financial Highlights vs. Fiscal 2011

  • Total net sales and contract revenues up 12% to $58.4 million
  • Contract revenues up 29% to $30.7 million
  • Net income totaled $2.5 million or $0.07 per share vs. a net loss of $5.2 million or $(0.15) per share
  • Cash of $18.7 million vs. $11.8 million

Fiscal Q4 2012 Financial Results

Net sales and contract revenues for the fourth quarter of fiscal 2012 increased 12% to $15.2 million, compared to $13.6 million in the same year-ago quarter due to a 27% increase in Transportation Systems contract revenues. The company grew organic net sales and contract revenues by 8% compared to the year-ago quarter, with the remaining growth provided by the acquisition of Berkeley Transportation Systems (BTS) in November 2011.

As a result of a sales mix more heavily weighted toward Transportation Systems contract revenues, gross margin in the fourth quarter decreased to 37.6% or $5.7 million, compared to 44.4% or $6.1 million in the year-ago quarter.

Operating expenses decreased 2% to $5.4 million in the fourth quarter, compared to $5.5 million in the year-ago quarter.

Operating income in the fourth fiscal quarter was $360,000, compared to operating income of $593,000 in the year-ago quarter. Net income was $358,000 or $0.01 per diluted share in the fourth quarter, compared to net income of $480,000 or $0.01 per diluted share in the year-ago quarter.

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