Iteris, Inc. (NYSE Amex: ITI), a leader in providing intelligent traffic management information solutions, sees a revitalized and strengthened market for Intelligent Transportation Systems (ITS) after both the House and Senate last Friday approved legislation that includes the federal surface transportation reauthorization bill. The legislation provides for an estimated $105 billion in federal funding for highway, transit, safety, and related transportation programs through the end of September 2014. Among a number of top-line provisions, the legislation:
- Ensures ITS technologies are eligible for funding within every major formula program;
- Restores the ITS research program, increasing its funding from $50 million to $100 million per year;
- Creates a new $62.5 million per year Technology and Innovation Deployment program to accelerate the adoption of new transportation technologies;
- Establishes a performance management process to improve accountability in areas that include highway condition and performance, safety, congestion, air quality, and freight movement;
- Provides state governments with additional spending flexibility; and
- Streamlines the project delivery process
Important factors that may cause such a difference include, but are not limited to our ability to specify, develop, and complete our technologies in a timely manner; budget constraints and changing governmental priorities; the timing and successful completion of our contracts; the potential unforeseen impact of product and service offerings from competitors and other competitive or governmental pressures; the impact of Iteris of the passage of the surface transportation reauthorization bill and the risk that President Obama does not sign the full bill; and the general economic, political, and specific conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website ( www.sec.gov).