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Iteris Reports Fiscal Third Quarter 2013 Results

Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management information solutions, reported financial results for its fiscal third quarter ended December 31, 2012. Total revenues for the fiscal third quarter decreased 6% to $14.0 million compared to $14.9 million in the same year-ago quarter. Net income in the fiscal third quarter was $1.1 million or $0.03 per share, compared to $747,000 or $0.02 per share in the year-ago quarter. Loss from continuing operations was $294,000 or $(0.01) per share in the fiscal third quarter, compared to income from continuing operations of $618,000 or $0.02 per share in the year-ago quarter.

Fiscal Q3 2013 Highlights

  • Selected to provide on-call services for two five-year Federal Highway Administration (FHWA) contracts valued at up to $67.6 million and $12.6 million, respectively.
  • Recorded a $1.4 million after-tax gain as a result of deferred payments and earn-outs from the sale of the Vehicle Sensors segment. Gross proceeds of $1.8 million were collected, bringing the company’s cash position to $19.7 million as of December 31, 2012.
  • Total backlog was $38.0 million which included Transportation Systems backlog of $31.5 million, iPerform backlog of $3.3 million, and Roadway Sensors backlog of $3.2 million. This compares to total backlog of $32.9 million in the same year-ago quarter and $41.2 million in the previous quarter.
  • Signed $4.9 million in new Transportation Systems contracts, bringing total backlog to $31.5 million compared to $29.7 million in the same year-ago quarter.

Fiscal Q3 2013 Financial Results

The decrease in revenues, as noted above, in the fiscal third quarter was primarily due to a 23% decline in Roadway Sensors net sales as a result of delays in customer orders and the effects of Hurricane Sandy.

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