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Iteris Reports Lower 3Q Income, Higher Revenue
Iteris Inc., which provides traffic management services, said its fiscal third-quarter net income declined from a year ago but revenue gained 18%.
Net income for the quarter ended Sept. 30 declined to $238,000, or 1 cent per share, from $1.1 million, or 3 cents, a year prior which included a $1.4 million gain related to the sale of the company’s Vehicle Sensors business.
Revenue rose 18% to $16.5 million. That was paced by a 45mp in its roadway-sensors revenue to $7.3 million.
Operating income rose to $309,000 from a loss of $427,000 in the same period last year, the Santa Ana, Calif.-based company said in a statement.
“We are now halfway through our 18-month accelerated investment period and continue to make significant advancements in developing our predictive weather and traffic platforms,” Iteris CEO Abbas Mohaddes said in a statement.
“We expect to announce new traffic analytics and weather products into a number of new sales channels and continue to focus on growing our core business segments during this aggressive development cycle,” Mohaddes said.