Iteris reports strong 2014 growth

Iteris has reported financial results for its fiscal fourth quarter and full year ended31 March 2014, indicating total revenues in the fourth quarter of 2014 increased 11 per cent to US$17.6 million compared to US$15.9 million in the same quarter last year. This was primarily driven by a 25 per cent increase in roadway sensors. iPerform revenues were also up 14 per cent, while transportation systems revenues were down one per cent. Total revenues in 2014 increased 11 per cent to US$68.2 million compared to
September 4, 2014 Read time: 2 mins

73 Iteris has reported financial results for its fiscal fourth quarter and full year ended 31  March 2014, indicating total revenues in the fourth quarter of 2014 increased 11 per cent to US$17.6 million compared to US$15.9 million in the same quarter last year. This was primarily driven by a 25 per cent increase in roadway sensors. iPerform revenues were also up 14 per cent, while transportation systems revenues were down one per cent.

Total revenues in 2014 increased 11 per cent to US$68.2 million compared to US$61.7 million in 2013. The increase was primarily driven by a 22 per cent increase in roadway sensors revenues. iPerform revenues and transportation systems revenues were also up five per cent and two per cent respectively.

Total backlog at the end of the fourth quarter was US$35.6 million compared to US$36.8 million in the previous quarter and US$38.6 million in the same quarter 2013. The reduction reflects soft market conditions for the transportation systems market. However, based upon active proposals outstanding, the company believes the market is improving.

“We ended fiscal 2014 with a strong fourth quarter, most notably in our roadway sensors business, which grew revenues by 25 per cent and contributed significantly to our overall profitability,” said Abbas Mohaddes, president and CEO of Iteris. “Our fourth quarter reflects increasing demand for our core products and services, as well as success in various growth initiatives developed earlier in the year, such as the introduction of innovative new products in our Roadway Sensors business. Two of these key products include our Vantage Velocity processor and Vector hybrid video and radar detection camera.”

The company has also announced major technical developments and new product launches, recent contract wins, including a US$1.2 million contract awarded by the Virginia Department of Transportation, and new key partnerships such as partnering with Here, a Nokia company, to provide traffic information and analytics to the I-95 Corridor Coalition.

Detection, Monitoring & Machine Vision Classification & Data Collection

Related Content

  • April 16, 2014
    Strong first quarter 2014 for IRD
    International Road Dynamics (IRD), Canada-based intelligent transportation systems (ITS) supplier, has announced solid growth for the three months ended February 28, 2014. Revenue increased by 32.2 per cent to $10.3 million compared to $7.8 million for the same quarter last year. Solid growth was achieved in the Company's Canada and United States and Latin America markets, while EBITDA increased to $490,090 compared to a loss of $190,359 in the first quarter of 2013. Quarter one of 2014 is the fourth con
    Read More
  • February 25, 2015
    Strong fourth quarter 2014 for IRD
    International Road (IRD) has announced strong results for the three months and year ended 30 November 2014, with net earnings up 50 per cent for the year and revenue up US$1.2 million for the year on solid growth in key geographic markets and product segments. The company also reported fourth quarter gross margin percentage increases on profit gains in Latin American markets and a stable financial position with positive working capital of US$7.7 million.
    Read More
  • May 30, 2014
    Iteris promotes Todd Kreter to head roadway sensors division
    Todd Kreter, previously vice president of engineering at Iteris, has been promoted to the new position of senior vice president and general manager, Roadway Sensors. Kreter joined Iteris in 2007 and has led several successful development initiatives, including Vantage Vector, an industry-first video and radar hybrid camera system, and the award-winning SmartCycle bicycle detection processor. In his new role, Kreter will oversee the strategic and operating components of the Roadway Sensors business un
    Read More
  • July 16, 2014
    Management changes at Iteris
    Iteris has announced that it will require additional time to complete its audit for the fiscal year ended 31 March 2014, primarily due to the time necessary to complete the review of certain complex, multi-element contracts, but the company is continuing to work with its auditors to complete the fiscal 2014 audit but. The company may have a material weakness in its internal controls over financial reporting related to certain of these multi-element contracts, but the company has not yet completed its fin
    Read More

Highlighted Content