Press Release
Roadway Sensors Segment Rebounds from Prior Quarter Weather Disruptions
Fiscal Third Quarter 2018 Financial Highlights
-
Total revenue of
$26.0 million , up 15% year over year -
Transportation Systems revenue of
$13.6 million , up 14% year over year -
Roadway Sensors revenue of
$11.0 million , up 18% year over year -
Agriculture and Weather Analytics revenue of
$1.4 million , up 2% year over year
Management commentary:
“We are pleased to report record third quarter total revenue results
reflecting solid growth in all business segments and positive market
fundamentals,” said
“As anticipated, our Roadway Sensors segment activity in
Fiscal Third Quarter 2018 Financial Results
Total revenues in the third quarter of fiscal 2018 increased 15% to a
record
Operating expenses in the third quarter were
Operating loss in the third quarter was
Earnings Conference Call
Date:
Time:
Toll-free dial-in number:
1-800-263-0877
International dial-in number: 1-323-794-2094
Conference
ID: 3213732
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 and join the conversation on Twitter,
LinkedIn
and
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,
constraints and delays; the timing and amount of government funds
allocated to overall transportation infrastructure projects and the
transportation industry; the potential impact of the recently extended
Federal Highway Bill on the Intelligent Transportation industry and the
expected benefits to
|
ITERIS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||||
| December 31, | March 31, | |||||||
| 2017 | 2017 | |||||||
| ASSETS: | ||||||||
| Cash | $ | 16,803 | $ | 18,201 | ||||
| Trade accounts receivable, net | 13,645 | 14,299 | ||||||
| Unbilled accounts receivable | 7,175 | 6,456 | ||||||
| Inventories | 2,972 | 2,250 | ||||||
| Prepaid expenses and other current assets | 1,452 | 2,108 | ||||||
| Total current assets | 42,047 | 43,314 | ||||||
| Property and equipment, net | 2,444 | 2,064 | ||||||
| Deferred income taxes | 652 | - | ||||||
| Goodwill | 15,150 | 15,150 | ||||||
| Intangible and other assets, net | 3,374 | 1,817 | ||||||
| Total assets | $ | 63,667 | $ | 62,345 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||
| Accounts payable and other current liabilities | $ | 16,827 | $ | 16,530 | ||||
| Deferred revenue | 4,654 | 4,049 | ||||||
| Total current liabilities | 21,481 | 20,579 | ||||||
| Long-term liabilities | 841 | 1,542 | ||||||
| Total liabilities | 22,322 | 22,121 | ||||||
| Stockholders’ equity | 41,345 | 40,224 | ||||||
| Total liabilities and stockholders’ equity | $ | 63,667 | $ | 62,345 | ||||
|
ITERIS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) |
|||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
| Product revenues | $ | 11,995 | $ | 10,046 | $ | 35,620 | $ | 32,139 | |||||||||||||||
| Service revenues | 14,031 | 12,645 | 42,837 | 38,539 | |||||||||||||||||||
| Total revenues | 26,026 | 22,691 | 78,457 | 70,678 | |||||||||||||||||||
| Cost of product revenues | 7,299 | 5,581 | 20,438 | 17,731 | |||||||||||||||||||
| Cost of service revenues | 8,784 | 8,490 | 28,203 | 25,463 | |||||||||||||||||||
| Total cost of revenues | 16,083 | 14,071 | 48,641 | 43,194 | |||||||||||||||||||
| Gross profit | 9,943 | 8,620 | 29,816 | 27,484 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Selling, general and administrative | 9,098 | 8,035 | 26,948 | 23,698 | |||||||||||||||||||
| Research and development | 1,946 | 1,979 | 5,554 | 5,287 | |||||||||||||||||||
| 18 | 80 | 84 | 248 | ||||||||||||||||||||
| Amortization of intangible assets | |||||||||||||||||||||||
| Total operating expenses | 11,062 | 10,094 | 32,586 | 29,233 | |||||||||||||||||||
| Operating loss | (1,119 | ) | (1,474 | ) | (2,770 | ) | (1,749 | ) | |||||||||||||||
| Non-operating income (expense): | |||||||||||||||||||||||
| Other income (expense), net | (9 | ) | (1 | ) | (14 | ) | (7 | ) | |||||||||||||||
| Interest income, net | 3 | 4 | 8 | 9 | |||||||||||||||||||
| Loss from continuing operations before income taxes | (1,125 | ) | (1,471 | ) | (2,776 | ) | (1,747 | ) | |||||||||||||||
| Benefit for income taxes | 1,373 | 4 | 1,407 | 11 | |||||||||||||||||||
| Income (loss) from continuing operations | 248 | (1,467 | ) | (1,369 | ) | (1,736 | ) | ||||||||||||||||
| Gain on sale of discontinued operation, net of tax | 95 | 87 | 258 | 278 | |||||||||||||||||||
| Net income (loss) | $ | 343 | $ | (1,380 | ) | $ | (1,111 | ) | $ | (1,458 | ) | ||||||||||||
| Income (loss) per share from continuing operations – | 0.01 | (0.05 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||||
| basic and diluted | $ | $ | $ | $ | |||||||||||||||||||
| Gain per share from sale of discontinued operation – | 0.00 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||
| basic and diluted | $ | $ | $ | $ | |||||||||||||||||||
| Net income (loss) per share - basic and diluted | $ | 0.01 | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.04 | ) | ||||||||||||
| Shares used in basic per share calculations | 32,877 | 32,205 | 32,670 | 32,125 | |||||||||||||||||||
| Shares used in diluted per share calculations | 34,258 | 32,205 | 32,670 | 32,125 | |||||||||||||||||||
|
ITERIS, INC. UNAUDITED SEGMENT REPORTING DETAILS (in thousands) |
|||||||||||||||||||
|
Roadway |
Transportation |
Ag & Weather |
Iteris, Inc. | ||||||||||||||||
| Three Months Ended December 31, 2017 | |||||||||||||||||||
| Product revenues | $ | 11,008 | $ | 987 | $ | - | $ | 11,995 | |||||||||||
| Service revenues | 34 | 12,584 | 1,413 | 14,031 | |||||||||||||||
| Total revenues | $ | 11,042 | $ | 13,571 | $ | 1,413 | $ | 26,026 | |||||||||||
| Segment operating income (loss) | $ | 2,048 | $ | 2,207 | $ | (1,815 | ) | $ | 2,440 | ||||||||||
| Corporate and other income (expense), net | (3,541 | ) | |||||||||||||||||
| Amortization of intangible assets | (18 | ) | |||||||||||||||||
| Operating loss | $ | (1,119 | ) | ||||||||||||||||
|
Roadway |
Transportation |
Ag & Weather |
Iteris, Inc. | ||||||||||||||||
| Three Months Ended December 31, 2016 | |||||||||||||||||||
| Product revenues | $ | 9,377 | $ | 669 | $ | - | $ | 10,046 | |||||||||||
| Service revenues | 20 | 11,244 | 1,381 | 12,645 | |||||||||||||||
| Total revenues | $ | 9,397 | $ | 11,913 | $ | 1,381 | $ | 22,691 | |||||||||||
| Segment operating income (loss) | $ | 1,940 | $ | 1,920 | $ | (1,892 | ) | $ | 1,968 | ||||||||||
| Corporate and other income (expense), net | (3,362 | ) | |||||||||||||||||
| Amortization of intangible assets | (80 | ) | |||||||||||||||||
| Operating loss | $ | (1,474 | ) | ||||||||||||||||
|
Roadway |
Transportation |
Ag & Weather |
Iteris, Inc. | ||||||||||||||||
| Nine Months Ended December 31, 2017 | |||||||||||||||||||
| Product revenues | $ | 33,438 | $ | 2,182 | $ | - | $ | 35,620 | |||||||||||
| Service revenues | 145 | 39,210 | 3,482 | 42,837 | |||||||||||||||
| Total revenues | $ | 33,583 | $ | 41,392 | $ | 3,482 | $ | 78,457 | |||||||||||
| Segment operating income (loss) | $ | 7,384 | $ | 6,472 | $ | (5,882 | ) | $ | 7,974 | ||||||||||
| Corporate and other income (expense), net | (10,660 | ) | |||||||||||||||||
| Amortization of intangible assets | (84 | ) | |||||||||||||||||
| Operating loss | $ | (2,770 | ) | ||||||||||||||||
|
Roadway |
Transportation |
Ag & Weather |
Iteris, Inc. | ||||||||||||||||
| Nine Months Ended December 31, 2016 | |||||||||||||||||||
| Product revenues | $ | 30,815 | $ | 1,324 | $ | - | $ | 32,139 | |||||||||||
| Service revenues | 82 | 35,314 | 3,143 | 38,539 | |||||||||||||||
| Total revenues | $ | 30,897 | $ | 36,638 | $ | 3,143 | $ | 70,678 | |||||||||||
| Segment operating income (loss) | $ | 6,897 | $ | 6,813 | $ | (5,582 | ) | $ | 8,128 | ||||||||||
| Corporate and other income (expense), net | (9,629 | ) | |||||||||||||||||
| Amortization of intangible assets | (248 | ) | |||||||||||||||||
| Operating loss | $ | (1,749 | ) | ||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20180207005491/en/
Source:
Investor Relations
MKR Group, Inc.
Todd Kehrli,
323-468-2300
iti@mkr-group.com
