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

For more information on companies in this article

Related Content

  • Virginia Automated Corridors unveiled
    June 3, 2015
    The Virginia Automated Corridors, a new initiative that its developers claim will revolutionise the development and deployment of automated vehicles, has been unveiled on more than 70 miles of interstates and arterial roads in the Northern Virginia region. The Corridors were established by the Virginia Tech Transportation Institute in partnership with the Virginia Department of Transportation; the Virginia Department of Motor Vehicles; Transurban; and Here, Nokia’s mapping business in support of the tran
    Read More
  • New York City sees reduction in pedestrian and cyclist fatalities
    July 21, 2017
    New York City has ended the first six months of 2017 with the fewest traffic fatalities ever measured, according to figures released by Mayor Bill de Blasio. Under the Vision Zero program, as of 30 June, the city had recorded 93 fatalities, the first time ever that fewer than 100 lives had been lost in such a period. The full fiscal year ending 30 June recorded 210 fatalities, 31 fewer than the prior fiscal year. The reductions come as the City is increasing traffic enforcement against dangerous violations
    Read More
  • Iteris’ Abbas Mohaddes resigns
    February 26, 2015
    Iteris has announced that Abbas Mohaddes has resigned as president and chief executive officer to pursue other opportunities. Mohaddes also resigned from the company’s board of directors. Kevin Daly, currently a non-executive director of Iteris, will serve as chief executive officer on an interim basis until the Company finds a permanent replacement for Mohaddes, who has agreed to provide transitional support services for a limited period as requested by the Company. Greg Miner, chairman of Iteris, commente
    Read More
  • Russia to invest in Moscow transport hub development
    January 7, 2014
    Russia’s Ministry of Transport says that US$54.56 billion will be invested in development of the Moscow Transport Hub in 2013-2016. The funding will be used to develop roads, subways, rail infrastructure, public transport, air transport, road traffic management, road traffic safety and water transport development. The program stipulates launch of passenger rail service at the Moscow Little Ring Railway, construction of 93.9 kilometres of roads and 38.6 kilometres of street and road network. The infrastru
    Read More

Highlighted Content