Iteris Reports Record Second Quarter Revenue Of $24.1 Million; Fiscal YTD EBITDA Positive Performance

Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today reported financial results for its fiscal second quarter ended September 30, 2016.

Fiscal Second Quarter 2017 Financial Highlights
  • Record total revenue of $24.1 million, up 17% year over year
  • Cash Flow Positive from Operations; Cash Balance $15.7 million
  • Transportation Systems revenue of $12.3 million, up 46% year over year
  • Agriculture and Weather Analytics (formerly known as Performance Analytics) revenue of $800,000, up 51% year over year
  • Improved earnings performance; GAAP net loss in the second quarter was $40,000, or ($0.00) per share, compared to a GAAP net loss of $395,000, or ($0.01) per share, in second quarter a year ago

Management commentary:

"We are pleased to deliver another quarter of record revenue results and significant improvement in operating income," said Joe Bergera, President and CEO. "Our continued acceleration is a function of business model enhancements and continuous innovation in our Transportation segments, as well as the realization of some efficiencies from our Agriculture and Weather business as it begins to achieve scale.

"We continue to see powerful, global trends in both our transportation and agriculture end-markets, and expect these trends to benefit Iteris long-term. To that end, we have concentrated for the last several quarters on establishing robust and defensible platforms for growth. We intend to remain highly disciplined in executing against our strategic plan."

Business Segment Reassignment

Beginning in the Company's first fiscal quarter of 2017, certain operations that were previously within its Agriculture and Weather Analytics segment (formerly known as Performance Analytics), specifically its performance measurement and information management solution iPeMS® and related traffic consulting services, were reassigned to the Transportation Systems segment to better align the Company's traffic analytics capabilities, resources and initiatives. Prior year segment information presented in the table below has been re-classified to reflect this change.

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