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Iteris (ITI) Announces Quarterly Financial Results

Iteris, Inc., a leader in advanced traffic management technologies, today reported financial results for its fiscal quarter ending September 30, 2009. Net sales and revenues increased 1.6% over the preceding quarter, from $14.6 million to $14.9 million, primarily the result of a 20.5% increase in the sale of Roadway Sensors and a 30.5% increase in the sale of Vehicle Sensors. Growth was partially offset by a 16.9% decrease in Transportation Systems contract revenues. In addition, gross margins increased to 44.2%, compared to 38.1% for the preceding quarter, and compared to 41.3% in the same quarter of the prior fiscal year, although the current quarter total net sales and contract revenue figures represent a 22% decrease compared to the same quarter in the prior fiscal year. The gross margin increase was the result of a higher mix of Roadway and Vehicle Sensor net sales as a percent of total sales and contract revenues.

Iteris president and CEO, Abbas Mahaddes, commented on the figures, “I am encouraged by the sequential increase of sales in our sensor products and the increase of our overall profitability. Operational excellence, market acceptance of new products as well as margin improvement contributed to the increase in profitability. Iteris is a recognized leader in traffic management and we plan to expand our leadership position through aggressive innovation and an ongoing commitment to research and development and sales and marketing. I believe our financial strength and expanded cash position will allow us to execute our strategic plan and give us the ability to invest in R&D and other initiatives that we believe are necessary to position us for accelerated growth and market share expansion.”

Iteris is a leader in traffic management, focused on the development and application of advanced technologies to reduce traffic congestion, minimize the environmental impact of traffic congestion, and improve the safety of surface transportation systems infrastructure. The company combines outdoor image processing, traffic engineering, and information technology to offer a broad range of Intelligent Transportation Systems and driver safety solutions. Its VantageView software platform enables traffic managers to manage and see the company’s video detection assets remotely over a network connection. Web-based VantageView provides users with a street map display of the road network, allowing them to simply and intuitively click on locations and devices as needed.

Headquartered in Santa Ana, California, the company has offices throughout North America, Europe, and Asia. As of September 30, 2009, Iteris had no borrowings against its line of credit, and approximately $9.2 million in cash on hand.

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