StockSelector.com
  Research, Select, & Monitor Saturday, November 18, 2017 4:27:46 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Iteris Inc$5.60($.07)(1.23%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Iteris Reports Record Second Quarter Revenue of $25.2 Million
   Tuesday, November 07, 2017 4:05:06 PM ET

Iteris, Inc. (ITI ), the global leader in applied informatics for transportation and agriculture, today reported financial results for its fiscal second quarter ended September 30, 2017.

Fiscal Second Quarter 2018 Financial Highlights

-- Record total revenue of $25.2 million, up 5% year over year

-- Transportation Systems revenue of $13.1 million, up 6% year over year

-- Roadway Sensors revenue of $11.3 million, up 3% year over year

-- Agriculture and Weather Analytics revenue of $0.9 million, up 7% year over year

Fiscal First Half 2018 Financial Highlights

-- Record total revenue of $52.4 million, up 9% year over year

-- Transportation Systems revenue of $27.8 million, up 13% year over year

-- Roadway Sensors revenue of $22.5 million, up 5% year over year

-- Agriculture and Weather Analytics revenue of $2.1 million, up 18% year over year

Management commentary:

"We are encouraged to report continued growth across all of our business segments despite the unprecedented destruction that Hurricanes Harvey and Irma inflicted on two of our most strategic markets - Texas and Florida," said Joe Bergera, president and CEO. "During the quarter, we not only experienced a variety of project delays but we also redeployed field personnel to assist with emergency relief. The region’s recovery now seems well underway and we expect our business to normalize over the second half of our fiscal year."

"We are excited about our business outlook. Notwithstanding recent events, the fundamentals for both the smart transportation and digital agriculture markets remain positive. We will continue to improve execution across our traditional lines of business, while we also introduce business model innovations to enhance the long-term financial characteristics of our enterprise."

Fiscal Second Quarter 2018 Financial Results

Total revenues in the second quarter of fiscal 2018 increased 5% to a record $25.2 million, compared with $24.1 million in the same quarter a year ago. This growth was driven by a 6% increase in Transportation Systems, a 3% increase in Roadway Sensors, and to a lesser extent, a 7% increase in Agriculture and Weather Analytics revenues.

Operating expenses in the second quarter were $11.1 million, compared with $9.6 million in the same quarter a year ago. The increase was primarily due to increases in selling, general and administrative expenses as a result of planned headcount increases in general and administrative positions, as well as increases in the Transportation Systems and Roadway Sensors salesforce headcount, all of which resulted in higher salary and personnel-related costs.

Operating loss in the second quarter was $1.1 million, compared with an operating loss of approximately $185,000 in the same quarter a year ago. Net loss in the second quarter was approximately $984,000 or ($0.03) per share, compared with a net loss of approximately $40,000 or ($0.00) per share in the year-ago quarter.

Earnings Conference Call

Iteris will conduct a conference call today to discuss its fiscal second quarter 2018 results.

Date: Tuesday, November 7, 2017 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Toll-free dial-in number: 1-866-564-2842 International dial-in number: 1-323-794-2094 Conference ID: 2210377

To listen to the live or archived webcast of the earnings call or to view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through November 21, 2017. To access the replay dial information, please click here.

About Iteris, Inc.

Iteris is the global leader in applied informatics for transportation and agriculture, turning big data into big breakthrough solutions. We collect, aggregate and analyze data on traffic, roads, weather, water, soil and crops to generate precise informatics that lead to safer transportation and smarter farming. Municipalities, government agencies, crop science companies, farmers and agronomists around the world use our solutions to make roads safer and travel more efficient, as well as farmlands more sustainable, healthy and productive. Visit www.iteris.com for more information.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s anticipated potential revenue growth for the upcoming quarters, the impact of natural disasters to our business, and our future performance, growth, operating results, financial condition and prospects. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, the potential impact of natural disasters in our strategic markets; federal, state and local government budgetary issues, constraints and delays; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments and other competitive pressures; our ability to secure additional Transportation Systems consulting contracts and successfully complete such contracts on a timely basis; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing products and technologies the timing and successful completion of customer qualification of our products and the risks of non-qualification; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to successfully identify, complete and integrate acquisitions of products, technologies and companies; our ability to retain, integrate and incentivize our new management team and their ability to shape the strategic direction of the company and implement change; any softness in the real estate development market, and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities related to terrorist activity or armed conflict in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as 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).

                                                                                      ITERIS, INC.
                                                                     UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                     (in thousands)
 
                                                                                   September 30,                          March 31,
                                                                                            2017                                             2017
                                                                         ------------------------------------------       ------------------------------------------
                                                                                                                                                                     
ASSETS:
Cash                                                                                                             $ 14,922                                         $               18,201
Trade accounts receivable, net                                                                                     15,076                                                         14,299
Unbilled accounts receivable                                                                                        6,812                                                          6,456
Inventories                                                                                                         2,783                                                          2,250
Prepaid expenses and other current assets                                                        2,499                                       2,108
                                                                                              -------------------- ------                      -------------------- --------------------
   Total current assets                                                                                            42,092                                                         43,314
                                                                                                                                                                     
Property and equipment, net                                                                                         2,474                                                          2,064
Goodwill                                                                                                           15,150                                                         15,150
Intangible and other assets, net                                                                 2,679                                       1,817
                                                                                              -------------------- ------                      -------------------- --------------------
   Total assets                                                                                                  $ 62,395                                         $               62,345
                                                                                              ==================== ======                      ==================== ====================
                                                                                                                                                                     
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable and other current liabilities                                                                   $ 15,970                                         $               16,530
Deferred revenue                                                                                 4,662                                       4,049
                                                                                              -------------------- ------                      -------------------- --------------------
Total current liabilities                                                                                          20,632                                                         20,579
Long-term liabilities                                                                            1,581                                       1,542
                                                                                              -------------------- ------                      -------------------- --------------------
Total liabilities                                                                                                  22,213                                                         22,121
Stockholders’ equity                                                 40,182                                      40,224
                                                                                              -------------------- ------                      -------------------- --------------------
   Total liabilities and stockholders’ equity                                         $ 62,395                                         $               62,345
                                                                                              ==================== ======                      ==================== ====================
                                                                                                                                                                     
                                                                                                                                                                                         ITERIS, INC.
                                                                                                                                                                                    UNAUDITED CONSOLIDATED
                                                                                                                                                                                   STATEMENTS OF OPERATIONS
                                                                                                                                                                           (in thousands, except per share amounts)
                                                                                                                                                                                                           
                                                                                                                                                 Three Months Ended                                                                                                                                             Six Months Ended
                                                                                                                                                    September 30,                                                                                                                                                 September 30,
                                                                                       --------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     2017                                   2016                                                     2017                                       2016                        
                                                                                       ----------------------------------------------------                      -----------------------------------------------------------                      ------------------------------------------------                      ----------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                
Product revenues                                                                                              $ 11,702                                                                         $ 11,086                                                              $ 23,625                                                                         $            22,093
Service revenues                                                                             13,546                                     12,974                          28,806                                                25,893  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ----------------------------------------------------------------------
          Total revenues                                                                                        25,248                                                                           24,060                                                                52,431                                                                   47,986
Cost of product revenues                                                                                         6,278                                                                            6,196                                                                13,141                                                                                      12,150
Cost of service revenues                                                                      9,002                                      8,409                          19,417                                                16,972  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ----------------------------------------------------------------------
          Total cost of revenues                                                             15,280                                     14,605                          32,558                                                29,122  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ----------------------------------------------------------------------
Gross profit                                                                                                     9,968                                                                            9,455                                                                19,873                                                                                      18,864
                                                                                                                                                                                                                                                                                                                                                                
Operating expenses:
   Selling, general and administrative                                                                           9,153                                                                            7,858                                                                17,850                                                                                      15,663
   Research and development                                                                                      1,881                                                                            1,698                                                                 3,608                                                                                       3,308
                                                                                                                    33                                                            84                                                 66                                                                      169  
   Amortization of intangible assets                                                    
                                                                                       -------------------- ---------  --------------------                                                      ------ --------------------                                           ------ --------------------                                                             ---------- --------------------
    Total operating expenses                                                                 11,067                                      9,640                          21,524                                                19,140  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ----------------------------------------------------------------------
Operating loss                                                                                                  (1,099 )                                                                           (185 )                                                              (1,651 )                                                                                      (276 )
                                                                                                                                                                                                                                                                                                                                                                
Non-operating income (expense):
   Other income (expense), net                                                                                       2                                                                               (2 )                                                                  (5 )                                                                                        (6 )
   Interest income, net                                                                           3                                          4                               5                                                     5  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ------------------------------------------------- --------------------
Loss from continuing operations before income taxes                                                             (1,094 )                                                                           (183 )                                                              (1,651 )                                                                                      (277 )
Benefit for income taxes                                                                         33                                          8                              34                                                     7  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ------------------------------------------------- --------------------
Loss from continuing operations                                                                                 (1,061 )                                                                           (175 )                                                              (1,617 )                                                                                      (270 )
Gain on sale of discontinued operation, net of tax                                               77                                        135                             163                                                   191  
                                                                                       -------------------- -------------------------------                      -------------------------------------- --------------------                      -------------------- ------ --------------------                      ------------------------------------------------- --------------------
Net loss                                                                                                  $       (984 )                                                                       $    (40 )                                                            $ (1,454 )                                                                              $        (79 )
                                                                                       ==================== ===============================                      ====================================== ====================                      ==================== ====== ====================                      ================================================= ====================
                                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                                
Loss per share from continuing operations -                                                         (0.03 )                                                                          (0.01 )                                                               (0.05 )                                                                                     (0.01 )
     basic and diluted                                                                                    $
                                                                                       ==================== =========  ====================                                           ================  ====================                                           ====== ====================                                                      ================  ====================
Gain per share from sale of discontinued operation -                                                 0.00                                                          0.01                                               0.01                                                                     0.01  
                                                                                                            ===============================                                           ======================================                                           ====== ====================                                                      ======================================
     basic and diluted                                                                                    $   $      $                                         $
                                                                                       ==================== === ====== ==========================================
Net loss per share - basic and diluted                                                                        $  (0.03 )                                                            $             (0.00 )                                                            $  (0.04 )                                                                       $             (0.00 )
                                                                                       =============================== ====================                      ==================== ======================================                      ==================== ====== ====================                      ======================================================================
                                                                                                                                                                                                                                                                                                                                                                
Shares used in basic and diluted per share calculations                                      32,628                                     32,117                          32,567                                                32,085  
                                                                                       ==================== ===============================                      ==================== ======================================                      ==================== ====== ====================                      ======================================================================
                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                          ITERIS, INC.
                                                                                                                               UNAUDITED SEGMENT REPORTING DETAILS
                                                                                                                                         (in thousands)
                                                                                                                                                               
                                                                           Roadway                                        Transportation                                                Ag & Weather                                                            Iteris, Inc.
                                                                           Sensors                                            Systems                                                     Analytics
                                                                --------------------------                       -----------------------------                        ----------------------------------------------                        --------------------------------------------------
Three Months Ended September 30, 2017
Product revenues                                                                   $ 11,150                                         $        552                                         $      -                                                              $     11,702
Service revenues                                                     111                            12,542                           893                              13,546  
                                                                -------------------- ------                      -------------------- -----------                     -------------------- ------ --------------------                      -------------------- ---------- --------------------
     Total revenues                                                                $ 11,261                                         $     13,094                                         $    893                                                              $     25,248
                                                                                                                                                                                                                                                                  
Segment operating income (loss)                                                    $  2,790                                              $ 1,933                                         $ (2,236 )                                                            $      2,487
 Corporate and other income (expense), net                                                                                                                                                                                                                           (3,548 )
 Amortization of intangible assets                                                                                                                                                                                                                   (33 )
                                                                                                                                                                                                                                            -------------------- ---------- --------------------
Operating loss                                                                                                                                                                                                                                                 $     (1,094 )
                                                                                                                                                                                                                                            ==================== ========== ====================
                                                                                                                                                                                                                                                                  
                                                                           Roadway                                        Transportation                                                Ag & Weather                                                            Iteris, Inc.
                                                                           Sensors                                            Systems                                                     Analytics
                                                                --------------------------                       -----------------------------                        ----------------------------------------------                        --------------------------------------------------
Three Months Ended September 30, 2016
Product revenues                                                                   $ 10,833                                         $        253                                         $      -                                                              $     11,086
Service revenues                                                      62                            12,074                           838                              12,974  
                                                                -------------------- ------                      -------------------- -----------                     -------------------- ------ --------------------                      -------------------- ---------- --------------------
     Total revenues                                                                $ 10,895                                         $     12,327                                         $    838                                                              $     24,060
                                                                                                                                                                                                                                                                  
Segment operating income (loss)                                                    $  2,647                                              $ 2,549                                         $ (2,077 )                                                            $      3,119
 Corporate and other income (expense), net                                                                                                                                                                                                                           (3,218 )
 Amortization of intangible assets                                                                                                                                                                                                                   (84 )
                                                                                                                                                                                                                                            -------------------- ---------- --------------------
Operating loss                                                                                                                                                                                                                                                 $       (183 )
                                                                                                                                                                                                                                            ==================== ========== ====================
                                                                                                                                                                                                                                                                  
                                                                           Roadway                                        Transportation                                                Ag & Weather                                                            Iteris, Inc.
                                                                           Sensors                                            Systems                                                     Analytics
                                                                --------------------------                       -----------------------------                        ----------------------------------------------                        --------------------------------------------------
Six Months Ended September 30, 2017
Product revenues                                                                   $ 22,430                                         $      1,195                                         $      -                                                              $     23,625
Service revenues                                                     111                            26,626                         2,069                              28,806  
                                                                -------------------- ------                      -------------------- -----------                     -------------------- ------ --------------------                      -------------------- ---------- --------------------
     Total revenues                                                                $ 22,541                                         $     27,821                                         $  2,069                                                              $     52,431
                                                                                                                                                                                                                                                                  
Segment operating income (loss)                                                    $  5,337                                              $ 4,265                                         $ (4,068 )                                                            $      5,534
 Corporate and other income (expense), net                                                                                                                                                                                                                           (7,119 )
 Amortization of intangible assets                                                                                                                                                                                                                   (66 )
                                                                                                                                                                                                                                            -------------------- ---------- --------------------
Operating loss                                                                                                                                                                                                                                                 $     (1,651 )
                                                                                                                                                                                                                                            ==================== ========== ====================
                                                                                                                                                                                                                                                                  
                                                                           Roadway                                        Transportation                                                Ag & Weather                                                            Iteris, Inc.
                                                                           Sensors                                            Systems                                                     Analytics
                                                                --------------------------                       -----------------------------                        ----------------------------------------------                        --------------------------------------------------
Six Months Ended September 30, 2016
Product revenues                                                                   $ 21,437                                         $        656                                         $      -                                                              $     22,093
Service revenues                                                      62                            24,070                         1,761                              25,893  
                                                                -------------------- ------                      -------------------- -----------                     -------------------- ------ --------------------                      -------------------- ---------- --------------------
     Total revenues                                                                $ 21,499                                         $     24,726                                         $  1,761                                                              $     47,986
                                                                                                                                                                                                                                                                  
Segment operating income (loss)                                                    $  4,956                                              $ 4,894                                         $ (3,690 )                                                            $      6,160
 Corporate and other income (expense), net                                                                                                                                                                                                                           (6,268 )
 Amortization of intangible assets                                                                                                                                                                                                                  (169 )
                                                                                                                                                                                                                                            -------------------- ---------- --------------------
Operating loss                                                                                                                                                                                                                                                 $       (277 )
                                                                                                                                                                                                                                            ==================== ========== ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171107006601r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006601/en/

SOURCE: Iteris, Inc."> <Property FormalName="PrimaryTwitterHandle" Value="@Iteris

Investor Relations 
MKR Group, Inc. 
Todd Kehrli, 323-468-2300 
iti@mkr-group.com


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.