ITI
$2.74
Iteris
($.27)
(8.97%)
Earnings Details
3rd Quarter December 2019
Tuesday, February 4, 2020 4:05:00 PM
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Summary

Iteris (ITI) Recent Earnings

Iteris (ITI) reported a 3rd Quarter December 2019 loss of $0.05 per share on revenue of $28.7 million. The consensus estimate was a loss of $0.04 per share on revenue of $27.5 million. Revenue grew 24.2% on a year-over-year basis.

Iteris Inc provides intelligent information solutions to the traffic management market. The Company is engaged in the development and application of technologies and software-based information systems that reduce traffic congestion.

Results
Reported Earnings
($0.05)
Earnings Whisper
-
Consensus Estimate
($0.04)
Reported Revenue
$28.7 Mil
Revenue Estimate
$27.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Iteris Reports 24% Revenue Growth Year Over Year in Fiscal Third Quarter

Total Revenue of $28.7 Million Represents Quarterly Record for Company

SANTA ANA, Calif.--(BUSINESS WIRE)--Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today reported financial results for its third fiscal quarter 2020 ended December 31, 2019.

Fiscal Third Quarter 2020 Financial Highlights

  • Record total revenue of $28.7 million, up 24% year over year
  • Total net bookings of $27.5 million, up 28% year over year
  • Total ending backlog of $69.4 million, up 21% year over year
  • GAAP net loss of $2.1 million, or $0.05 per share, a $0.4 million, or $0.02 per share improvement year over year
  • Non-GAAP net loss of $0.0 million, or $0.00 per share, a $1.5 million, or $0.04 per share improvement year over year

Management commentary:

“We are pleased to report record total revenue and strong net booking results for the fiscal 2020 third quarter, especially given the period’s typical seasonal softness,” said Joe Bergera, president and CEO. “Each reporting segment contributed to the strong results, with the Transportation Systems segment reporting 35% revenue growth versus the prior year quarter due to strong organic performance, as well as the contribution from Albeck Gerken, Inc., our recent acquisition.

“At this time, we have completed our integration of Albeck Gerken and we are delighted the business continues to meet our expectations. Looking ahead, we anticipate continued long-term improvements in the financial performance of Iteris, driven in large part by our ability to capitalize on favorable secular trends in the market for smart mobility infrastructure management solutions.”

GAAP Fiscal Third Quarter 2020 Financial Results

Total revenue in the third quarter of fiscal 2020 increased 24% to $28.7 million, compared with $23.1 million in the same quarter a year ago. This revenue increase was driven primarily by a 35% increase in Transportation Systems, a 12% increase in Roadway Sensors and a 27% increase in Agriculture and Weather Analytics. The operations of Albeck Gerken, Inc. (“AGI”) contributed $2.3 million in revenue to the Transportation Systems segment for the period.

Operating expenses in the third quarter increased 24% to $14.1 million, compared with $11.4 million in the same quarter a year ago. This increase was primarily due to expenses related to the acquisition of AGI, executive severance costs, and increased research and development costs. In connection with the AGI acquisition completed in July 2019, we added general and administrative employees, which is expected to increase our selling, general and administrative expense in fiscal 2020.

Operating loss in the third quarter was $2.2 million, compared with $2.5 million in the same quarter a year ago. Net loss in the third quarter was $2.1 million, or $0.05 per share, compared with $2.5 million or $0.07 per share in the same quarter a year ago.

Non-GAAP Fiscal Third Quarter 2020 Financial Results

In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the company has included the following non-GAAP financial measures: non-GAAP operating expenses, non-GAAP operating loss, non-GAAP net loss and non-GAAP basic and diluted net loss per share. These non-GAAP financial measures exclude the following items: (a) stock compensation expense; (b) depreciation; (c) amortization; (d) the costs associated with the acquisition of Albeck Gerken; (e) executive severance and transition costs; and (f) the estimated tax effect of the foregoing non-GAAP adjustments. A discussion of the company’s use of these non-GAAP financial measures is set forth below in the financial statements portion of this release under the heading “Non-GAAP Financial Measures and Reconciliation,” which also includes a reconciliation of such non-GAAP financial measures to their most comparable GAAP financial measures for the three and nine months ended December 31, 2019 and 2018.

Non-GAAP net loss in the third quarter was approximately $0.0 million, or $0.00 per share, compared with a non-GAAP net loss of approximately $1.5 million or $0.04 per share, in the same quarter a year ago.

Earnings Conference Call

Iteris will conduct a conference call today to discuss its fiscal third quarter 2020 results.

Date: Tuesday, February 4, 2020
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-800-367-2403
International dial-in number: +1 334-777-6978
Conference ID: 9713496

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 Iteris website at www.iteris.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through February 11, 2020. To access the replay dial information, please click here.

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, healthy and productive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.

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 demand and growth opportunities, conversion of bookings to revenue, the impact and success of new solution offerings, the Company’s recent acquisition, our future performance, growth and profitability, operating results, and 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 and scheduling changes, funding constraints and delays; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to successfully complete and integrate acquired companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; 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, such as import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as 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.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

December 31,

 

March 31,

2019

 

2019

 

 

 

 

 

ASSETS:

 

 

 

 

 

Cash

$

10,228

 

$

7,071

Short-term investments

 

17,124

 

 

1,935

Trade accounts receivable, net

 

17,624

 

 

16,929

Unbilled accounts receivable

7,485

 

6,487

Inventories

 

3,723

 

 

2,916

Prepaid expenses and other current assets

 

1,855

 

 

1,367

Total current assets

 

58,039

 

 

36,705

 

 

 

 

 

Property and equipment, net

 

2,052

 

 

1,965

Right-of-use assets, net

 

13,082

 

 

-

Intangible assets, net

 

6,486

 

 

3,286

Goodwill

 

20,590

 

 

15,150

Other assets

 

1,852

 

 

849

Total assets

$

102,101

 

$

57,955

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY:

 

 

 

 

Trade accounts payable

$

10,081

 

$

9,441

Accrued payroll and related expenses

 

8,838

 

 

6,536

Accrued liabilities

 

3,501

 

 

2,370

Deferred revenue

 

5,392

 

 

4,883

Total current liabilities

 

27,812

 

 

23,230

Long-term liabilities

 

12,276

 

 

670

Total liabilities

 

40,088

 

 

23,900

Stockholders’ equity

 

62,013

 

 

34,055

Total liabilities and stockholders’ equity

$

102,101

 

$

57,955

ITERIS, INC.

UNAUDITED CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

Product revenues

$

12,960

 

 

$

11,088

 

 

$

41,272

 

 

$

35,418

 

 

 

 

 

 

 

 

 

Service revenues

 

15,773

 

 

 

12,052

 

 

 

41,950

 

 

 

37,614

 

Total revenues

 

28,733

 

 

 

23,140

 

 

 

83,222

 

 

 

73,032

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

6,580

 

 

 

6,814

 

 

 

22,626

 

 

 

20,210

 

 

 

 

 

 

 

 

 

Cost of service revenues

 

10,215

 

 

 

7,434

 

 

 

26,867

 

 

 

24,077

 

Total cost of revenues

 

16,795

 

 

 

14,248

 

 

 

49,493

 

 

 

44,287

 

 

 

 

 

 

 

 

 

Gross profit

 

11,938

 

 

 

8,892

 

 

 

33,729

 

 

 

28,745

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

 

11,449

 

 

 

9,450

 

 

 

33,035

 

 

 

28,160

 

 

 

 

 

 

 

 

 

Research and development

 

2,428

 

 

 

1,887

 

 

 

6,258

 

 

 

5,888

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

230

 

 

 

61

 

 

 

527

 

 

 

191

 

Total operating expenses

 

14,107

 

 

 

11,398

 

 

 

39,820

 

 

 

34,239

 

 

Operating loss

 

(2,169

)

 

 

(2,506

)

 

 

(6,091

)

 

 

(5,494

)

 

 

 

 

 

 

 

 

Non-operating income:

 

 

 

 

 

 

 

 

Other income, net

 

43

 

 

 

8

 

 

 

150

 

 

 

41

 

 

Interest income

 

67

 

 

 

10

 

 

 

149

 

 

 

90

 

 

Loss from operations before income taxes

 

(2,059

)

 

 

(2,488

)

 

 

(5,792

)

 

 

(5,363

)

 

 

 

 

 

 

 

 

(Provision) benefit for income taxes

 

(9

)

 

 

24

 

 

 

(35

)

 

 

(21

)

 

Net loss

$

(2,068

)

 

$

(2,464

)

 

$

(5,827

)

 

$

(5,384

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted

$

(0.05

)

 

$

(0.07

)

 

$

(0.15

)

 

$

(0.16

)

 

 

 

 

 

 

 

 

Shares used in basic and diluted per share calculations

 

40,593

 

 

 

33,297

 

 

 

38,466

 

 

 

33,247

 

ITERIS, INC.

UNAUDITED SEGMENT REPORTING DETAILS

(in thousands)

 

Roadway

Sensors

 

Transportation

Systems

 

Ag & Weather

Analytics

 

Iteris, Inc.

Three Months Ended December 31, 2019

 

 

 

 

 

 

 

Product revenues

$

11,351

 

$

1,609

 

$

-

 

 

$

12,960

 

Service revenues

 

72

 

 

13,705

 

 

1,996

 

 

 

15,773

 

Total revenues

$

11,423

 

$

15,314

 

$

1,996

 

 

$

28,733

 

 

 

 

 

 

 

 

Segment operating income (loss)

$

1,487

 

$

2,669

 

$

(816

)

 

$

3,340

 

Corporate and other income (expense), net

 

 

 

 

 

 

 

(5,051

)

Acquisition-related costs

 

 

 

 

 

 

 

(118

)

Amortization of intangible assets

 

 

 

 

 

 

 

(230

)

Loss from operations before income taxes

 

 

 

 

 

 

$

(2,059

)

 

 

 

 

 

 

 

 

 

Roadway

Sensors

Transportation

Systems

Ag & Weather

Analytics

Iteris, Inc.

Three Months Ended December 31, 2018

 

 

 

 

 

 

 

Product revenues

$

10,165

 

$

923

 

$

-

 

 

$

11,088

 

Service revenues

 

69

 

 

10,410

 

 

1,573

 

 

 

12,052

 

Total revenues

$

10,234

 

$

11,333

 

$

1,573

 

 

$

23,140

 

 

 

 

 

 

 

 

 

Segment operating income (loss)

$

1,153

 

$

1,147

 

$

(1,138

)

 

$

1,162

 

Corporate and other income (expense), net

 

 

 

 

 

 

 

(3,589

)

Amortization of intangible assets

 

 

 

 

 

 

 

(61

)

Loss from operations before income taxes

 

 

 

 

 

 

$

(2,488

)

 

 

 

 

 

 

 

 

 

Roadway

Sensors

Transportation

Systems

Ag & Weather

Analytics

Iteris, Inc.

Nine Months Ended December 31, 2019

 

 

 

 

 

 

 

Product revenues

$

36,602

 

$

4,670

 

$

-

 

 

$

41,272

 

Service revenues

 

184

 

 

37,034

 

 

4,732

 

 

 

41,950

 

Total revenues

$

36,786

 

$

41,704

 

$

4,732

 

 

$

83,222

 

 

 

 

 

 

 

 

 

Segment operating income (loss)

$

6,043

 

$

6,177

 

$

(2,987

)

 

$

9,233

 

Corporate and other income (expense), net

 

 

 

 

 

 

 

(13,458

)

Acquisition-related costs

 

 

 

 

 

 

 

(1,040

)

Amortization of intangible assets

 

 

 

 

 

 

 

(527

)

Loss from operations before income taxes

 

 

 

 

 

 

$

(5,792

)

 

 

 

 

 

 

 

 

 

Roadway

Sensors

Transportation

Systems

Ag & Weather

Analytics

Iteris, Inc.

Nine Months Ended December 31, 2018

 

 

 

 

 

 

 

Product revenues

$

31,926

 

$

3,492

 

$

-

 

 

$

35,418

 

Service revenues

 

145

 

 

33,384

 

 

4,085

 

 

 

37,614

 

Total revenues

$

32,071

 

$

36,876

 

$

4,085

 

 

$

73,032

 

 

 

 

 

 

 

 

 

Segment operating income (loss)

$

5,463

 

$

4,276

 

$

(3,869

)

 

$

5,870

 

Corporate and other income (expense), net

 

 

 

 

 

 

 

(11,042

)

Amortization of intangible assets

 

 

 

 

 

 

 

(191

)

Loss from operations before income taxes

 

 

 

 

 

 

$

(5,363

)

ITERIS, INC.
Non-GAAP Financial Measures and Reconciliation

In addition to results presented in accordance with GAAP, the Company has included the following non-GAAP financial measures in this release: non-GAAP operating expenses, non-GAAP operating (loss) income, non-GAAP net income and non-GAAP basic and diluted earnings per share from continuing operations. These non-GAAP financial measures exclude the following items: (a) stock-based compensation; (b) depreciation; (c) amortization; (d) the costs associated with the acquisition of Albeck Gerken, Inc.; (e) executive severance and transition costs; and (f) the estimated tax effect of the foregoing non-GAAP adjustments.

Iteris believes that the presentation of these non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. Iteris’ management believes that the use of these non-GAAP financial measures provides consistency and comparability among and between results from prior periods or forecasts and future prospects, and also facilitates comparisons with other companies in its industry. The company’s management believes that the exclusion of the items described above provides insight into core operating results, the ability to generate cash and underlying business trends affecting performance. Iteris has chosen to provide this information to investors to enable them to perform additional analysis of past, present and future operating performance, and as a supplemental means to evaluate ongoing core operations.

Management uses certain non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies' financial information and should be considered as a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.

Details of the items excluded from GAAP financial results in calculating non-GAAP financial measures and explanatory footnotes are as follows:

a)

Iteris excludes stock-based compensation expenses from its non-GAAP financial measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Iteris believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

 

b)

Iteris excludes depreciation expenses from its non-GAAP financial measures. Management finds it useful to exclude these charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods.

 

c)

Iteris incurs amortization of developed technology and purchased intangibles in connection with acquisitions of certain businesses and technologies. Amortization of developed technologies and purchased intangibles is inconsistent in amount and frequency, and is significantly affected by the timing and size of our developments and acquisitions. Management finds it useful to exclude these variable charges from our cost of revenues and operating expenses to assist in budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of developed technologies and purchased intangible assets will recur in future periods.

 

d)

The amount includes legal, audit, and valuation costs associated with the acquisition of Albeck Gerken, as well as salaries expense related to retention agreements with certain AGI employees. These costs are non-recurring in nature.

 

e)

This amount represents non-recurring costs associated with severance and the transition of the Chief Financial Officer position.

 

f)

The amount represents the estimated income tax effect of the non-GAAP adjustments. The tax effect of non-GAAP adjustments for the first quarters of Fiscal 2020 and Fiscal 2019, were calculated by applying an estimated tax rate of 1% to each specific non-GAAP item, due to the impact of the valuation allowance on our effective tax rate in those years.

In addition to the above non-GAAP financial measures, the Company has included net bookings and backlog figures in this release. Net bookings is an operational measure representing the total dollar value of all definitive contracts executed during the period, net of cancellations of previously authorized contract funding. Backlog is an operational measure representing future unearned revenue amounts believed to be firm that are to be earned under our existing agreements and are not included in deferred revenue on our unaudited condensed consolidated balance sheets. Backlog does not include announced orders for which definitive contracts have not been executed. We believe net bookings and backlog are useful metrics for investors, given its relevance to total orders.

Iteris, Inc.

Schedule Reconciling GAAP Net Loss to Non-GAAP Net (Loss) Income

($ in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

GAAP net loss

$

(2,068

)

 

$

(2,464

)

 

$

(5,827

)

 

$

(5,384

)

 

 

 

 

 

 

 

 

GAAP net loss per share - basic and diluted

$

(0.05

)

 

$

(0.07

)

 

$

(0.15

)

 

$

(0.16

)

 

 

 

 

 

 

 

 

The non-GAAP amounts have been adjusted to exclude the following items:

 

 

 

 

 

 

 

 

Excluded from cost of revenues

 

 

 

 

 

 

 

 

Amortization (c)

$

194

 

 

$

212

 

 

$

531

 

 

$

632

 

 

 

 

 

 

 

 

Excluded from operating expenses

 

 

 

 

 

 

 

 

Stock based compensation (a)

$

778

 

 

$

530

 

 

$

2,034

 

 

$

1,555

 

 

Depreciation (b)

 

214

 

 

 

198

 

 

 

634

 

 

 

661

 

 

 

 

 

 

 

 

 

Amortization (c)

 

230

 

 

 

61

 

 

 

527

 

 

 

191

 

 

Acquisition-related costs (d)

 

118

 

 

 

-

 

 

 

1,040

 

 

 

-

 

 

 

 

 

 

 

 

 

Executive severance and transition costs (e)

 

553

 

 

 

-

 

 

 

553

 

 

 

-

 

Total excluded from operating expenses

$

1,893

 

 

$

789

 

 

$

4,788

 

 

$

2,407

 

 

 

 

 

 

 

 

 

Total excluded operating loss

$

2,087

 

 

$

1,001

 

 

$

5,319

 

 

$

3,039

 

 

 

 

 

 

 

 

 

Income tax effect on non-GAAP adjustments (f)

 

(21

)

 

 

(10

)

 

 

(53

)

 

 

(30

)

 

 

 

 

 

 

 

 

Total excluded from operating expenses after income tax effect

$

2,066

 

 

$

991

 

 

$

5,266

 

 

$

3,009

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

$

(2

)

 

$

(1,473

)

 

$

(561

)

 

$

(2,375

)

 

 

 

 

 

 

 

 

Non-GAAP net loss per share - basic and diluted

$

(0.00

)

 

$

(0.04

)

 

$

(0.01

)

 

$

(0.07

)

 

 

 

 

 

 

 

 

(a) - (f) See corresponding footnotes above.

Iteris, Inc.

Schedule Reconciling GAAP Operating (Loss) to Non-GAAP Operating (Loss) Income

($ in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

December 31,

 

December 31,

 

2019

 

2018

 

2019

 

2018

GAAP cost of revenues

$

16,795

 

 

$

14,248

 

 

$

49,493

 

 

$

44,287

 

Amortization (c)

 

(194

)

 

 

(212

)

 

 

(531

)

 

 

(632

)

Non-GAAP cost of revenues

$

16,601

 

 

$

14,036

 

 

$

48,962

 

 

$

43,655

 

 

 

 

 

 

 

 

 

GAAP operating expenses

$

14,107

 

 

$

11,398

 

 

$

39,820

 

 

$

34,239

 

Stock based compensation (a)

 

(778

)

 

 

(530

)

 

 

(2,034

)

 

 

(1,555

)

Depreciation (b)

 

(214

)

 

 

(198

)

 

 

(634

)

 

 

(661

)

Amortization (c)

 

(230

)

 

 

(61

)

 

 

(527

)

 

 

(191

)

Acquisition costs (d)

 

(118

)

 

 

-

 

 

 

(1,040

)

 

 

-

 

Executive severance and transition costs (e)

 

(553

)

 

 

-

 

 

 

(553

)

 

 

-

 

Non-GAAP operating expenses

$

12,214

 

 

$

10,609

 

 

$

35,032

 

 

$

31,832

 

 

 

 

 

 

 

 

 

GAAP operating loss

$

(2,169

)

 

$

(2,506

)

 

$

(6,091

)

 

$

(5,494

)

Stock based compensation (a)

 

778

 

 

 

530

 

 

 

2,034

 

 

 

1,555

 

Depreciation (b)

 

214

 

 

 

198

 

 

 

634

 

 

 

661

 

Amortization (c)

 

424

 

 

 

273

 

 

 

1,058

 

 

 

823

 

Acquisition costs (d)

 

118

 

 

 

-

 

 

 

1,040

 

 

 

-

 

Executive severance and transition costs (e)

 

553

 

 

 

-

 

 

 

553

 

 

 

-

 

Non-GAAP operating loss

$

(82

)

 

$

(1,505

)

 

$

(772

)

 

$

(2,455

)

 

 

 

 

 

 

 

 

(a) - (e) See corresponding footnotes above.

 

Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: dgroves@iteris.com

Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
323-468-2300
iti@mkr-group.com

Source: Iteris, Inc.