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Iteris Reports Fiscal Second Quarter 2013 Results

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 second quarter ended September 30, 2012.

Fiscal Q2 2013 Financial Highlights vs. Year-Ago Quarter

  • Total revenues increased 8% to $15.5 million
  • Transportation Systems revenues increased 13% to $7.5 million
  • Income from continuing operations increased to $550,000 or $0.02 per share, compared to $108,000 or $0.00 per share

“The increase in total revenues is largely the result of continued penetration within the fast-growing areas of the intelligent traffic management market by our Transportation Systems and iPerform segments,” said Abbas Mohaddes, president and CEO of Iteris. “With total backlog at a record $41.2 million, we are encouraged about the prospect of continued growth.

“In addition to revenue growth, we experienced improved profitability and a strengthened balance sheet,” continued Mohaddes. “On a sequential basis, total liabilities decreased by nearly $500,000 and our cash position remains strong, increasing by $1.4 million to $20 million.

“During the quarter, we continued development of our IterisPeMS™ (iPeMS) performance measurement and management software solution that provides world-class traffic data analytics, prediction and visualization capabilities on a single software platform,” continued Mohaddes. “We expect this higher-margin solution to gain traction as the need for data analytics increases and the market for performance-based software solutions, like iPeMS, expands from its current public-sector orientation into commercial traffic markets – an area of investment for Iteris. iPeMS is a key component of our growth strategy along with international expansion of our sensors products and traveler information systems/511.

“In summation, we continue to believe we are focused on the right areas within the intelligent traffic management market, and our investment in these fast-growing segments will create significant opportunities for growth and expand shareholder value.”

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