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

  • Siemens, Iteris sign distributor deal
    May 13, 2013
    US-headquartered Siemens Mobility and Logistics has partnered with Iteris in an agreement that means that Iteris will now distribute the complete Siemens intelligent traffic product across the state. The contract ensures Siemens a strong position in the state and offers Iteris a significant expansion of its traffic and intelligent transportation portfolio. “This agreement allows both Siemens and Iteris the opportunity to better provide solutions to the many traffic challenges US cities face,” said Frank LoP
    Read More
  • Royal Imtech results ‘a decisive step’
    August 26, 2014
    Royal Imtech has published its second quarter and half year 2014 results, taking what the CEO, Gerard van de Aast says is “a decisive step in Imtech's financial recovery”. The company has reported significant debt reduction and a fully underwritten rights issue of US$791 million. Revenue in the second quarter was US$1.2 billion, with an EBITDA loss in the same period of US$18.4 million. Order intake in the second quarter was US$1.24 billion. In addition, Imtech has reached agreement with Vinci SA on
    Read More
  • Iteris & Continental join forces on V2X
    December 8, 2021
    Iteris and Continental are showcasing their new Vehicle to Everything (V2X)-enabled detection solution, Vantage Fusion, here at this year’s ITS America Annual Meeting.
    Read More
  • Iteris and Cisco to deliver connected road solutions
    January 15, 2019
    Iteris is promoting Cisco’s Connected Roadway solution through initiatives between the companies which include a demo at the Smart Cities Innovation Accelerator during this week’s Innovator’s Forum in Las Vegas, US. Iteris is to integrate its Vantage Next video detection platform with Cisco’s Kinetic software solution to help improve traffic flow and reduce congestion. The edge-processing Internet of Things solution is being deployed with Las Vegas city authorities and will analyse multimodal data from
    Read More

Highlighted Content