Iteris, Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012
January 24, 2013 at 04:32 pm
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Iteris, Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company's total revenues decreased 6% to $14 million compared to $14.9 million in the year ago quarter. The decrease in revenues is primarily due to a 23% year-over-year decrease in Roadway Sensors net sales as a result of delays in customer orders and the effects of Hurricane Sandy. Net loss from continuing operations was $294,000 or $0.01 per basic and diluted share in the third quarter compared to income from continuing operations of $618,000 or $0.02 per basic and diluted share in the year ago quarter. Net income was $1.1 million or $0.03 per diluted share compared to $747,000 or $0.02 per diluted share in the year-ago quarter. Operating loss was $427,000 against operating income of $365,000 a year ago. Loss from continuing operations before income taxes was $414,000 against income from continuing operations before income taxes of $355,000 a year ago.
For the nine months, the company reported total revenues of $45,802,000 compared to $43,166,000 in the year ago quarter. Income from continuing operations was $845,000 or $0.03 per basic and diluted share compared to $882,000 or $0.03 per basic and diluted share in the year ago quarter. Net income was $2,323,000 or $0.07 per basic and diluted share compared to $2,154,000 or $0.06 per basic and diluted share in the year-ago quarter. Operating income was $1,313,000 against $1,657,000 a year ago. Income from continuing operations before income taxes was $1,320,000 against $1,597,000 a year ago.
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.