Iteris Inc (ITI, Financial) filed Quarterly Report for the period ended 2011-12-31.
Iteris Inc. has a market cap of $49.7 million; its shares were traded at around $1.49 with a P/E ratio of 29 and P/S ratio of 0.9. Iteris Inc. had an annual average earning growth of 16.1% over the past 5 years.
Our consolidated financial statements for the three and nine months ended December 31, 2011 include the results of operations of BTS commencing as of the acquisition date. On or shortly after the acquisition date, we paid a total of approximately $840,000 in cash to BTS. Additionally, we are also scheduled to pay (i) up to $250,000 at the 24-month anniversary of the closing of the acquisition, pursuant to a holdback provision, (ii) up to $500,000 at the 36-month anniversary of the closing of the acquisition, pursuant to a deferred payment provision, and (iii) up to $750,000 pursuant to an earn-out provision based on revenue and operating income achieved from BTS operations during the 18 months ending June 30, 2013. Our potential obligation pertaining to the various contingent consideration payments ranges from $0 to $1.5 million. Acquisition-related costs were not significant and are included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended December 31, 2011.
We have historically had a diverse customer base. For the nine months ended December 31, 2011 and 2010, no individual customer represented greater than 10% of our total net sales and contract revenues.
Our contract revenues are primarily dependent upon the continued availability of funding at the local, state and federal levels from the various agencies and departments of transportation. Contract revenues for the three and nine months ended December 31, 2011 increased compared to the corresponding periods in the prior year due in part to several significant project wins in the last two quarters, one of which contains significant sub-consulting content. Additionally, we recognized $1.7 million and $3.7 million of total revenues in the three and nine months ended December 31, 2011, respectively, derived from our acquisitions of MET and BTS.
Our total gross profit as a percentage of total net sales and contract revenues decreased for the three and nine months ended December 31, 2011 as compared to the corresponding periods in the prior year primarily as a result of our product and service mix. Our net sales (derived from our Roadway Sensors segment) represented approximately 44% and 49% of our total net sales and contract revenues for the three and nine months ended December 31, 2011, respectively, as compared to 55% and 56%, respectively, for the corresponding prior year periods. Our net sales generally carry higher margins than our contract revenues derived primarily from our consulting services.
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Iteris Inc. has a market cap of $49.7 million; its shares were traded at around $1.49 with a P/E ratio of 29 and P/S ratio of 0.9. Iteris Inc. had an annual average earning growth of 16.1% over the past 5 years.
Highlight of Business Operations:
In accordance with applicable accounting guidance, we determined that the Vehicle Sensors segment, which constituted one of our operating segments, qualifies as a discontinued operation. The applicable financial results of the Vehicle Sensors segment have been reported as a discontinued operation in the unaudited condensed consolidated statements of operations for all periods presented. For the three months ended December 31, 2011 and 2010, Vehicle Sensors net sales classified as part of discontinued operation was $0 and $2.1 million, respectively. For the nine months ended December 31, 2011 and 2010, Vehicle Sensors net sales classified as part of discontinued operation were $3.2 million and $5.5 million, respectively. We have elected not to allocate any interest expense to discontinued operation. Additionally, the applicable net assets of the Vehicle Sensors segment are separately presented as assets and liabilities of discontinued operation in the accompanying unaudited condensed consolidated balance sheet as of March 31, 2011.Our consolidated financial statements for the three and nine months ended December 31, 2011 include the results of operations of BTS commencing as of the acquisition date. On or shortly after the acquisition date, we paid a total of approximately $840,000 in cash to BTS. Additionally, we are also scheduled to pay (i) up to $250,000 at the 24-month anniversary of the closing of the acquisition, pursuant to a holdback provision, (ii) up to $500,000 at the 36-month anniversary of the closing of the acquisition, pursuant to a deferred payment provision, and (iii) up to $750,000 pursuant to an earn-out provision based on revenue and operating income achieved from BTS operations during the 18 months ending June 30, 2013. Our potential obligation pertaining to the various contingent consideration payments ranges from $0 to $1.5 million. Acquisition-related costs were not significant and are included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended December 31, 2011.
We have historically had a diverse customer base. For the nine months ended December 31, 2011 and 2010, no individual customer represented greater than 10% of our total net sales and contract revenues.
Our contract revenues are primarily dependent upon the continued availability of funding at the local, state and federal levels from the various agencies and departments of transportation. Contract revenues for the three and nine months ended December 31, 2011 increased compared to the corresponding periods in the prior year due in part to several significant project wins in the last two quarters, one of which contains significant sub-consulting content. Additionally, we recognized $1.7 million and $3.7 million of total revenues in the three and nine months ended December 31, 2011, respectively, derived from our acquisitions of MET and BTS.
Our total gross profit as a percentage of total net sales and contract revenues decreased for the three and nine months ended December 31, 2011 as compared to the corresponding periods in the prior year primarily as a result of our product and service mix. Our net sales (derived from our Roadway Sensors segment) represented approximately 44% and 49% of our total net sales and contract revenues for the three and nine months ended December 31, 2011, respectively, as compared to 55% and 56%, respectively, for the corresponding prior year periods. Our net sales generally carry higher margins than our contract revenues derived primarily from our consulting services.
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