Press Release
Fiscal First Quarter 2018 Financial Highlights
-
Record total revenue of
$27.2 million , up 14% over Q1 a year ago -
Transportation Systems revenue increased 19% over Q1 a year ago to
$14.7 million -
Agriculture and Weather Analytics revenue increased 28% over Q1 a year
ago to
$1.2 million -
Roadway Sensors revenue increased 6% over Q1 a year ago to
$11.3 million
Management Commentary:
“We are pleased to start our new fiscal year with record revenue and
strong performance across all business segments,” said
“Our team is strengthening the solution portfolios we offer our end-customers, while also implementing important business model innovations that we believe will create long-term shareholder value. We are excited about the company’s continuing revenue growth, but are equally determined to create a highly scalable business model. We remain focused on effective cost management that will drive EBITA positive performance in the future.”
Fiscal First Quarter 2018 Financial Results
Total revenue in the first quarter of fiscal 2018 increased 14% to a
record
Operating expenses in the first quarter were
Operating loss in the first quarter was
Earnings Conference Call
Date:
Time:
Toll-free dial-in number: 1-888-298-3511
International
dial-in number: 1-719-457-2085
Conference ID: 9060735
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
A replay of the conference call will be available after
About
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 growth opportunities, the impact of the new management team, the impact and success of new product introductions and acquisitions, 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, federal, state and local government budgetary issues,
spending policy changes, 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 availability of
components used in the manufacture of certain of our products; 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
| ITERIS, INC. | ||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (in thousands) | ||||||
| June 30, | March 31, | |||||
| 2017 | 2017 | |||||
| ASSETS: | ||||||
| Cash | $ | 17,558 | $ | 18,201 | ||
| Trade accounts receivable, net | 17,410 | 14,299 | ||||
| Unbilled accounts receivable | 6,032 | 6,456 | ||||
| Inventories | 2,481 | 2,250 | ||||
| Prepaid expenses and other current assets | 2,670 | 2,108 | ||||
| Total current assets | 46,151 | 43,314 | ||||
| Property and equipment, net | 2,421 | 2,064 | ||||
| Goodwill | 15,150 | 15,150 | ||||
| Intangible and other assets, net | 1,986 | 1,817 | ||||
| Total assets | $ | 65,708 | $ | 62,345 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||
| Accounts payable and other current liabilities | $ | 19,551 | $ | 16,530 | ||
| Deferred revenue | 4,279 | 4,049 | ||||
| Total current liabilities | 23,830 | 20,579 | ||||
| Long-term liabilities | 1,516 | 1,542 | ||||
| Total liabilities | 25,346 | 22,121 | ||||
| Stockholders’ equity | 40,362 | 40,224 | ||||
| Total liabilities and stockholders’ equity | $ | 65,708 | $ | 62,345 | ||
| ITERIS, INC. | ||||||||
| UNAUDITED CONSOLIDATED | ||||||||
| STATEMENTS OF OPERATIONS | ||||||||
| (in thousands, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2017 | 2016 | |||||||
| Product revenues | $ | 11,923 | $ | 11,007 | ||||
| Service revenues | 15,260 | 12,920 | ||||||
| Total revenues | 27,183 | 23,927 | ||||||
| Cost of product revenues | 6,863 | 5,932 | ||||||
| Cost of service revenues | 10,415 | 8,586 | ||||||
| Total cost of revenues | 17,278 | 14,518 | ||||||
| Gross profit | 9,905 | 9,409 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 8,697 | 7,805 | ||||||
| Research and development | 1,727 | 1,610 | ||||||
| Amortization of intangible assets | 33 | 84 | ||||||
| Total operating expenses | 10,457 | 9,499 | ||||||
| Operating loss | (552 | ) | (90 | ) | ||||
| Non-operating (expense) income: | ||||||||
| Other (expense), net | (7 | ) | (4 | ) | ||||
| Interest income, net | 2 | 1 | ||||||
| Loss from continuing operations before income taxes | (557 | ) | (93 | ) | ||||
| (Expense) benefit for income taxes | 1 | (1 | ) | |||||
| Loss from continuing operations | (556 | ) | (94 | ) | ||||
| Gain on sale of discontinued operation, net of tax | 86 | 56 | ||||||
| Net loss | $ | (470 | ) | $ | (38 | ) | ||
|
Loss per share from continuing operations – basic and diluted |
$ |
(0.02 |
) |
(0.00 |
) |
|||
|
|
0.01 | 0.00 | ||||||
|
Gain per share from sale of discontinued operation – basic and diluted |
$ | $ | ||||||
| Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (0.00 | ) | ||
| Shares used in basic per share calculations | 32,506 | 32,052 | ||||||
| Shares used in diluted per share calculations | 32,506 | 32,052 | ||||||
| ITERIS, INC. | ||||||||||||||
| UNAUDITED SEGMENT REPORTING DETAILS | ||||||||||||||
| (in thousands) | ||||||||||||||
| Roadway | Transportation | Ag & Weather | ||||||||||||
| Sensors | Systems | Analytics | Iteris, Inc. | |||||||||||
| Three Months Ended June 30, 2017 | ||||||||||||||
| Product revenues | $ | 11,280 | $ | 643 | $ | - | $ | 11,923 | ||||||
| Service revenues | - | 14,084 | 1,176 | 15,260 | ||||||||||
| Total revenues | $ | 11,280 | $ | 14,727 | $ | 1,176 | $ | 27,183 | ||||||
| Segment operating income (loss) | $ | 2,547 | $ | 2,332 | $ | (1,832 | ) | $ | 3,047 | |||||
| Corporate and other income (expense), net | (3,566 | ) | ||||||||||||
| Amortization of intangible assets | (33 | ) | ||||||||||||
| Operating loss | $ | (552 | ) | |||||||||||
| Roadway | Transportation | Ag & Weather | ||||||||||||
| Sensors | Systems | Analytics | Iteris, Inc. | |||||||||||
| Three Months Ended June 30, 2016 | ||||||||||||||
| Product revenues | $ | 10,604 | $ | 403 | $ | - | $ | 11,007 | ||||||
| Service revenues | - | 11,998 | 922 | 12,920 | ||||||||||
| Total revenues | $ | 10,604 | $ | 12,401 | $ | 922 | $ | 23,927 | ||||||
| Segment operating income (loss) | $ | 2,309 | $ | 2,346 | $ | (1,614 | ) | $ | 3,041 | |||||
| Corporate and other income (expense), net | (3,047 | ) | ||||||||||||
| Amortization of intangible assets | (84 | ) | ||||||||||||
| Operating loss | $ | (90 | ) | |||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170807005795/en/
Source:
Investor Relations
MKR Group, Inc.
Todd Kehrli
323-468-2300
iti@mkr-group.com
