Company Expects Total Revenue to Increase Approximately 30% Year Over
Year
SANTA ANA, Calif.--(BUSINESS WIRE)--Jul. 14, 2016--
Iteris,
Inc. (NASDAQ: ITI), the global leader in applied informatics for
transportation and agriculture, today announced preliminary revenue
results for the first quarter of fiscal 2017 that exceed analyst
expectations.
For the first quarter of fiscal 2017, ended June 30, 2016, Iteris
expects total revenue to be in the range of $23.5 to $24.5 million, an
increase of between 28% and 33% year over year. Iteris also expects to
report improved operating income for the first quarter.
Joe Bergera, President and CEO of Iteris, said, “We are pleased to
demonstrate continued strong acceleration across all our business
segments. Iteris is focused on two large end-markets with substantial
growth potential. Over the past few quarters, we have put in place a
strong foundation to capitalize on the powerful secular trends in both
our transportation and agriculture markets. We are pleased to see our
hard work manifest itself with significant growth across all of our
business segments and improved operating income.”
Iteris has not finalized its financial statement review process for the
first fiscal quarter of 2017. As a result, the information in this
release is preliminary and based upon the information available to
Iteris as of the date of this release. During the course of Iteris’
review process, items may be identified that would require Iteris to
make adjustments, which could be material. As a result, the preliminary
selected financial information above is forward-looking information and
subject to risks and uncertainties, including possible adjustments to
the preliminary unaudited financial information.
Fiscal 2017 First Quarter Earnings Conference Call
Iteris plans to report its final unaudited financial results for the
first quarter of fiscal 2017 and host a conference call and webcast on
August 4, 2016. The time and access details for the conference call and
webcast will be provided in advance of this date.
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, healthier 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," “should,” "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 our
projected financial results for the quarter ended June 30, 2016 and
future operating results. Such statements are not guarantees of future
performance and 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, our auditor’s review of our results of operations and
potential adjustments that may be required, as well as ability to
successfully develop, complete, introduce, market and gain broad
acceptance of our new and existing products, services and technologies;
the impact of government funding and budgetary issues, and potential
related scheduling and funding delays; the impact of product and service
offerings from competitors and such competitor’s patent coverage and
claims, and other competitive pressures; the deployment of traffic
signal system upgrades and synchronization of traffic lights; and the
impact of general economic, political, environment, and other
conditions.. Further information on Iteris, Inc., including additional
risk factors that may affect our forward-looking statements, is
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).
View source version on businesswire.com: http://www.businesswire.com/news/home/20160714006328/en/
Source: Iteris, Inc.
Investor Relations Contact:
MKR Group, Inc.
Todd Kehrli
323-205-4336
iti@mkr-group.com