Iteris,
Inc. (NASDAQ: ITI), the global leader in applied informatics for
transportation and agriculture, today announced that its Transportation
Systems segment recorded $56.6 million in net bookings or added backlog
for the period ending March 31, 2019, representing a 49% increase from
the same prior-year period.
The segment’s full-year net bookings or added backlog reflect
significant and growing demand for all of the segment’s lines of
business – consulting, managed services and software as a service (SaaS)
– as well as geographic growth across the country. The segment’s SaaS
solutions include Iteris SPM™, iPeMS® and the commercial
vehicle operations (CVO) product suite.
Recent notable Transportation Systems bookings include:
-
$4.7 million in combined task orders under a recently awarded
indefinite delivery/indefinite quantity contract
with a total ceiling of $19.5 million from the Federal Highway
Administration to provide continued development, evolution and
deployment support for the intelligent transportation systems
reference architecture program. -
Over $3 million SaaS contract
received in the fourth quarter from the Iowa Department of
Transportation for the CVO platform’s new international registration
and fuel tax compliance service, which followed two
new CVO contracts in the first half of fiscal 2019. -
$3.5 million traffic signal synchronization project
from the Orange County Transportation Authority to upgrade traffic
signal infrastructure and improve signal timing along a 16-mile
stretch of a major corridor in Orange County, California. -
$1.5 million contract from the Virginia Department of Transportation
for traffic signal system optimization support and on-site staffing
for arterial roads throughout the northern region of Virginia. -
$1.4 million contract from the City of Culver City to provide a bus
signal priority (BSP) system for eight Culver CityBus lines,
representing the continued expansion of its BSP solution in southern
California. -
$1.4 million in combined service orders under a new $3.2 million
on-call contract
from the San Bernardino County Transportation Authority for traffic
signal synchronization services across 15 cities in the San Bernardino
Valley area, demonstrating a strong level of demand for Iteris’
intersection-as-a-service™ offering.
“Over the last several quarters, we have pursued geographic growth in
select markets, introduced innovative new solution offerings, enhanced
our SaaS product portfolio, and expanded our consulting and managed
services business,” said Ramin Massoumi, senior vice president and
general manager, Transportation Systems at Iteris. “These initiatives
have expanded our total addressable market and increased the conversion
rate on our sales opportunities in our pipeline. Looking ahead, we
anticipate continued strong demand for our smart transportation
solutions.”
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.
Iteris Forward-Looking Statements
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,” “feels,” “anticipates,” “expects,” “intends,” “plans,”
“seeks,” “estimates,” “may,” “should,” “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 growth in our bookings and geographic
markets. Such statements are not guarantees of future performance and
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, our ability to successfully perform each project and
contract on a cost-effective basis; government funding and budgetary
delays, constraints and issues; adverse impacts of general economic,
political, and other conditions in the markets we address; our ability
to maintain appropriate headcount for our growing regions; and the
potential impact of product and service offerings from competitors and
such competitors’ patent coverage and claims. Further information on
Iteris, Inc., including additional risk factors that may affect our
forward-looking statements, is 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).
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