Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Today's Top SOA Links


Iteris Reports Fiscal Third Quarter 2013 Results

Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic management information solutions, reported financial results for its fiscal third quarter ended December 31, 2012. Total revenues for the fiscal third quarter decreased 6% to $14.0 million compared to $14.9 million in the same year-ago quarter. Net income in the fiscal third quarter was $1.1 million or $0.03 per share, compared to $747,000 or $0.02 per share in the year-ago quarter. Loss from continuing operations was $294,000 or $(0.01) per share in the fiscal third quarter, compared to income from continuing operations of $618,000 or $0.02 per share in the year-ago quarter.

Fiscal Q3 2013 Highlights

  • Selected to provide on-call services for two five-year Federal Highway Administration (FHWA) contracts valued at up to $67.6 million and $12.6 million, respectively.
  • Recorded a $1.4 million after-tax gain as a result of deferred payments and earn-outs from the sale of the Vehicle Sensors segment. Gross proceeds of $1.8 million were collected, bringing the company’s cash position to $19.7 million as of December 31, 2012.
  • Total backlog was $38.0 million which included Transportation Systems backlog of $31.5 million, iPerform backlog of $3.3 million, and Roadway Sensors backlog of $3.2 million. This compares to total backlog of $32.9 million in the same year-ago quarter and $41.2 million in the previous quarter.
  • Signed $4.9 million in new Transportation Systems contracts, bringing total backlog to $31.5 million compared to $29.7 million in the same year-ago quarter.

Fiscal Q3 2013 Financial Results

The decrease in revenues, as noted above, in the fiscal third quarter was primarily due to a 23% decline in Roadway Sensors net sales as a result of delays in customer orders and the effects of Hurricane Sandy.

Gross margin in the fiscal third quarter was 36.8% compared to 36.7% in the year-ago quarter. Gross margin was impacted in both the fiscal third quarter and year-ago quarter by a shift in mix toward Transportation Systems and iPerform contract revenues, which typically provide a lower margin than the company’s product revenues.

Operating expenses increased 9% to $5.6 million in the fiscal third quarter from $5.1 million in the year-ago quarter. The increase was primarily due to a $133,000 charge associated with the change in fair value of contingent acquisition consideration, whereas in the year-ago quarter, the company reported a $281,000 benefit.

The company recorded a loss from continuing operations of $294,000 or $(0.01) per share in the fiscal third quarter, compared to income from continuing operations of $618,000 or $0.02 per share in the year-ago quarter.

Net income in the fiscal third quarter was $1.1 million or $0.03 per share, compared to $747,000 or $0.02 per share in the year-ago quarter. The fiscal third quarter included an after-tax gain of $1.4 million related to deferred payments and earn-outs from the sale of the company’s Vehicle Sensors segment in July 2011.

During the fiscal third quarter, Iteris repurchased approximately 388,000 shares of its common stock, bringing the total to approximately 1,430,000 since the company initiated its $3 million share repurchase program in August 2011, which has since expired, and a $3 million share repurchase program initiated in August 2012. As of December 31, 2012, the company repurchased approximately $2.1 million shares through these programs.

Management Commentary

“In the third fiscal quarter we experienced a decline in Roadway Sensors revenues primarily due to the delay of certain orders and East Coast shipping disturbances resulting from Hurricane Sandy,” said Abbas Mohaddes, president and CEO of Iteris. “While I am disappointed with the financial results of this segment and the consequential impact to our overall results for the quarter, we remain encouraged by our $3.2 million Roadway Sensors backlog and we received strong bookings in the early part of our fourth quarter. We continue to believe there is strong demand for our core Roadway Sensors products as well as our innovative solutions like Vantage Vector™ and the recently released SmartCycle™ and SmartSpan™.

Transportation Systems contract revenues were flat year-over-year primarily due to the timing of a key contract in the prior year period. However, this segment is well-positioned to capitalize on the recently passed Federal Highway Bill, as demonstrated by our selection by the FHWA, and we expect several task orders to be awarded over the next few fiscal quarters.

“As we have discussed previously,” continued Mohaddes, “the government and commercial markets for real-time, actionable traffic and weather information analytics are expanding rapidly. We are participating in this emerging market by investing in people, products, and services within our iPerform segment, and are encouraged by the $3.3 million backlog. While our near-term focus remains on delivering our IterisPeMS performance measurement and management software to public agencies, we are planning for iPerform to pursue commercial opportunities in the media and automotive sectors, offering both data services and analytics.

“In spite of the challenging third quarter, our overall business outlook remains strong as we continue to strengthen our foundation with software-based traffic management solutions,” concluded Mohaddes. “We are committed to further expanding our sales, marketing, and research and development teams, particularly within iPerform, and anticipate announcing further developments in the coming quarters. Both the public and commercial markets are much in need of our traffic data services and analytics, and we believe our investments in this area will build shareholder value.”

Conference Call

Iteris will conduct a conference call later today (January 24, 2013) at 4:30 p.m. ET (1:30 p.m. PT) to discuss its fiscal third quarter results. Iteris’ CEO Abbas Mohaddes and CFO Jim Miele will host the call, followed by a question-and-answer period. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

Date: Thursday, January 24, 2013
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 1-877-941-2068
International: 1-480-629-9712
Conference ID#: 4585995

The conference call will be broadcast live and available for replay via the investor relations section of the Iteris website at: www.iteris.com.

A telephone replay of the call will also be available after 7:30 p.m. ET on the same day through February 7, 2013.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay pin number: 4585995

About Iteris, Inc.

Iteris Inc. is a leader in providing intelligent information solutions to the traffic management market. The company is focused on the development and application of advanced technologies and software-based information systems that reduce traffic congestion, provide measurement, management and predictive traffic analytics, and improve the safety of surface transportation systems. By combining its patented products, decades of expertise in traffic management, and information technologies, Iteris offers a broad range of Intelligent Transportation System (“ITS”) solutions to customers worldwide. The firm is headquartered in Santa Ana, California, with offices nationwide and in the Middle East. For more information, please call 888-329-4483 or visit www.iteris.com. You can also visit us on Facebook, Twitter, and YouTube.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This earnings release contains forward-looking statements based on our current expectations, estimates, and projections about our business, our industry, the U.S. and global economies, federal funding for transportation and infrastructure projects as well as management's beliefs, and certain assumptions made by us. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will,” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s expansion and business strategies and anticipated growth opportunities, the impact and success of new product introductions and acquisitions, our future performance, growth, operating results, financial condition and prospects, and the market demand for and acceptance of our products, technologies and services. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, our 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, as well as constraints and budget delays; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; the potential impact of the newly passed Federal Highway Bill on the Intelligent Transportation industry and the expected benefits to Iteris; 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 transition our products and technologies to volume production in a timely manner; 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 develop, market and sell software-based solutions, specifically our IterisPeMS software; our ability to successfully identify, complete and integrate acquisitions of products, technologies and companies; our ability to further expand our revenues and introduce and gain broad acceptance for new and recently introduced technologies, products or services and the 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 the United States and internationally. 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).

 

ITERIS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 
  December 31,   March 31,
2012 2012
(unaudited)
ASSETS:
Cash $ 19,714 $ 18,701
Trade accounts receivable, net 8,458 11,081
Costs and estimated earnings in excess of billings 6,903 5,360
on uncompleted contracts
Inventories 2,907 2,454
Prepaid expenses and other current assets 1,321 425
Current portion of deferred income taxes 2,904 2,904
Total current assets 42,207 40,925
 
Long-term portion of deferred income taxes 5,757 6,761
Property and equipment, net 1,734 1,948
Goodwill 17,318 17,318
Intangible and other assets, net 2,470 2,788
Total assets $ 69,486 $ 69,740
 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable and other current liabilities $ 11,531 $ 11,926
Term debt - 634
Total current liabilities 11,531 12,560
Long-term liabilities   1,057   1,708
Total liabilities 12,588 14,268
Stockholders’ equity   56,898   55,472
Total liabilities and stockholders’ equity $ 69,486 $ 69,740
 
 
ITERIS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
 
  Three Months Ended   Nine Months Ended
December 31, December 31,
2012   2011 2012   2011
 
Total revenues $ 13,994 $ 14,881 $ 45,802 $ 43,166
Cost of revenues   8,843     9,417     28,316     25,828  
Gross profit 5,151 5,464 17,486 17,338
 
Operating expenses:
Selling, general and administrative 4,382 4,371 13,509 13,501
Research and development 902 868 2,369 2,476
Amortization of intangible assets 161 141 483 343
Change in fair value of contingent acquisition consideration   133     (281 )   (188 )   (639 )
Total operating expenses   5,578     5,099     16,173     15,681  
Operating income (loss) (427 ) 365 1,313 1,657
Non-operating income (expense):
Other income, net 1 3 9 4
Interest income (expense) net   12     (13 )   (2 )   (64 )
Income (loss) from continuing operations before income taxes (414 ) 355 1,320 1,597
Benefit (provision) for income taxes   120     263     (475 )   (715 )
Income (loss) from continuing operations (294 ) 618 845 882
Gain on sale of discontinued operation, net of tax 1,391 129 1,478 1,244
Gain from discontinued operation, net of tax   -     -     -     28  
Net income $ 1,097   $ 747   $ 2,323   $ 2,154  
 
 
Income (loss) per share from continuing operations - basic and diluted $ (0.01 ) $ 0.02   $ 0.03   $ 0.03  
Gain per share from sale of discontinued operation - basic and diluted $ 0.04   $ 0.00   $ 0.04   $ 0.04  
Income per share from discontinued operation - basic and diluted $ -   $ -   $ -   $ 0.00  
Net income per share - basic and diluted $ 0.03   $ 0.02   $ 0.07   $ 0.06  
 
Shares used in basic per share calculations   33,532     34,217     33,657     34,337  
Shares used in diluted per share calculations   33,641     34,271     33,759     34,443  
 
 

ITERIS, INC.

UNAUDITED SEGMENT REPORTING DETAILS

(in thousands)

 
  Roadway   Transportation    
Sensors Systems iPerform Iteris, Inc.
 
Three Months Ended December 31, 2012
Total revenues $ 5,081 $ 7,972 $ 941 $ 13,994
 
Segment operating income $ 243 $ 981 $ 66 $ 1,290
Corporate and other income (expense), net   (1,717 )
Operating loss $ (427 )
 
Roadway Transportation
Sensors Systems iPerform Iteris, Inc.
 
Nine Months Ended December 31, 2012
Total revenues $ 19,485 $ 23,786 $ 2,531 $ 45,802
 
Segment operating income (loss) $ 3,228 $ 2,559 $ (69 ) $ 5,718
Corporate and other income (expense), net   (4,405 )
Operating income $ 1,313  
 
 
Roadway Transportation
Sensors Systems iPerform Iteris, Inc.
 
Three Months Ended December 31, 2011 *
Total revenues $ 6,598 $ 7,994 $ 289 $ 14,881
 
Segment operating income (loss) $ 840 $ 654 $ (52 ) $ 1,442
Corporate and other income (expense), net   (1,077 )
Operating income $ 365  
 
Roadway Transportation
Sensors Systems iPerform Iteris, Inc.
 
Nine Months Ended December 31, 2011 *
Total revenues $ 21,234 $ 21,643 $ 289 $ 43,166
 
Segment operating income (loss) $ 4,087 $ 1,742 $ (52 ) $ 5,777
Corporate and other income (expense), net   (4,120 )
Operating income $ 1,657  
 
* Segment information has been restated to conform with current year presentation
 

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Web 2.0 Latest News
My favorite writer, Gil Press, sums it up with, “It’s Official: The Internet Of Things Takes Over Big Data As The Most Hyped Technology” where he talks about how Gartner released its latest Hype Cycle for Emerging Technologies, and how big data has moved down the “trough of disillusion...
I'll be heading to Southeast Asia immediately following our upcoming @CloudExpo @ThingsExpo in Santa Clara. I'll rekindle some previous business relationships I had when I lived in the region in 2009-2012. I'll also investigate new ways to bring the messages of socio-economic growth th...
Internet of @ThingsExpo Silicon Valley announced today its first 20 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in Silicon Valley. @ThingsExpo, the first and largest IoT event in the world, debute...
Last week I was both learning and speaking at the The Internet of @ThingsExpo in New York City. I taught a session on the subject of IoT, Code Halos and Digital Transformation Strategies. Then I had the privilege of interviewing Microsoft's mobile and IoT guru Nick Landry (Twitter @Act...
The IoT has the potential to transform the world, bringing new functions and efficiency to big problems such as disease, poverty, traffic, and government transparence. It also makes for a nice Christmas gift for “kids in science fair projects.” This latter point was made by Broadcom an...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE