Iteris, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013
January 29, 2014 at 02:35 am IST
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Iteris, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2013. For the quarter, the company reported that total revenues were $16,548,000 compared to $13,994,000 for the same period of last year. Operating income was $309,000 compared to operating loss of $427,000 for the same period of last year. Income from continuing operations before income taxes was $314,000 compared to a loss of $414,000 for the same period of last year. Income from continuing operations was $228,000 or $0.01 per basic and diluted share compared to a loss of $294,000 or $0.01 per basic and diluted share for the same period of last year. Net income was $238,000 or $0.01 per basic and diluted share compared to $1,097,000 or $0.03 per basic and diluted share for the same period of last year. Total revenues increased 18% to the same quarter a year ago. The increase was attributed to a 45% increase in Roadway Sensors revenues, and to a lesser extent, a 6% increase in Transportation Systems revenues. This was partially offset by an 8% decrease in iPerform revenues. The significant increase in Roadway Sensors Revenue was primarily due to the success of various growth initiatives developed earlier in the year, increases in the company's international sales, OEM distributed products, and the timing of customer orders in the prior year. iPerform revenue decline of 8% was primarily due to delays in contract awards with certain public agencies. Sequentially, total revenue declined 3% primarily due to seasonality, as the third quarter generally represents smallest quarter in fiscal year.
For the nine months, total revenues were $50,605,000 compared to $45,802,000 for the same period of last year. Operating income was $1,980,000 compared to $1,313,000 for the same period of last year. Income from continuing operations before income taxes was $1,986,000 compared to $1,320,000 for the same period of last year. Income from continuing operations was $1,319,000 or $0.04 per basic and diluted share compared to $845,000 or $0.03 per basic and diluted share for the same period of last year. Net income was $1,359,000 or $0.04 per basic and diluted share compared to $2,323,000 or $0.07 per basic and diluted share for the same period of last year.
Iteris, Inc. is a provider of smart mobility infrastructure management solutions. It offers solutions for public and private sectors customers located in North America, which includes traveler information systems, transportation performance measurement software, traffic analytics software, transportation operations software, transportation-related data sets, advanced sensing devices, managed services, traffic engineering services, and mobility consulting services. It offers a range of software solutions, such as ClearGuide, ClearRoute, Commercial Vehicle Operations, TrafficCarma, VantageLive! and VantageARGUS CV. It offers advanced intersection detection and other fixed traffic sensors that comprises of its two sensor families: Vantage and BlueTOAD. The Vantage family of sensors includes Vantage Apex, Vantage Next, VantagePegasus, VantageRadius, Vantage Vector, PedTrax, P-Series products, and others. The BlueTOAD family of sensors includes BlueTOAD Spectra and BlueTOAD Spectra CV.