Press Release
Severe Weather Disrupted Operations in Strategic Markets
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 –
“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
Operating expenses in the second quarter were
Operating loss in the second quarter was
Earnings Conference Call
Date:
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
A replay of the conference call will be available after
About
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
|
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. | ||||||||||||
| 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. | ||||||||||||
| 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. | ||||||||||||
| 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. | ||||||||||||
| 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 | ) | ||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006601/en/
Source:
Investor Relations
MKR Group, Inc.
Todd Kehrli,
323-468-2300
iti@mkr-group.com
