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Iteris Reports First Quarter Revenue Growth Of 17% To $16.3 Million

Stocks in this article: ITI

Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management information solutions, reported financial results for its fiscal first quarter ended June 30, 2012.

Fiscal Q1 2013 Financial Highlights vs. Same Year-Ago Quarter

  • Total revenues increased 17% to $16.3 million
  • Transportation Systems revenues up 19% to $8.3 million
  • Operating income increased to $903,000 from $298,000
  • Net income increased to $676,000 or $0.02 per share, compared to net income of $97,000 or $0.00 per share
  • Total bank debt reduced to zero compared to $2.5 million

“The momentum we established in 2012 has carried into the first quarter of fiscal 2013, demonstrated by our year-over-year double-digit revenue growth and strong sequential growth,” said Abbas Mohaddes, president and CEO of Iteris. “In fact, the first quarter’s results represented our fifth quarter of sequential revenue growth and the fourth consecutive quarter of double-digit year-over-year revenue growth.

“These results support our belief that we are focusing on the right segments within the Intelligent Traffic Management market and our strategy to address these fast growing segments is sound. This belief was further supported by our signing of $10.7 million in contract awards during the quarter. Equally important, our operating income improved substantially both year-over-year and sequentially.”

Fiscal Q1 2013 Financial Results

Total revenues for the fiscal first quarter of 2013 increased 17% to $16.3 million, compared to $13.9 million in the year-ago quarter and was primarily attributed to a 19% increase in Transportation Systems revenues and to a lesser extent, a 4% increase in Roadway Sensors net sales. Organic growth represented 12% of the increase in total revenues. Approximately 5% of the increase in total revenues was attributable to the acquisition of Berkeley Transportation Systems (BTS) in November 2011.

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