Iteris Inc (ITI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Iteris Inc has a market cap of $51.7 million; its shares were traded at around $1.47 with a P/E ratio of 25.3 and P/S ratio of 0.9.
Total revenues for the three months ended June 30, 2012 increased approximately 17% to $16.3 million, compared to $13.9 million in the corresponding period in the prior year due primarily to an increase of approximately 19% in Transportation Systems revenues and an increase of approximately 4% in Roadway Sensors revenues. Approximately 5% of the increase in total revenues was attributable to the acquisition of BTS in November 2011.
Roadway Sensors revenues increased approximately 4% compared to the prior year period mainly as a result of increased sales in states where our products are sold direct. Roadway Sensors overall revenue growth was impacted as a result of certain international sales in the corresponding prior year period which did not reoccur in the current quarter. Going forward, we plan to focus on our core domestic intersection market and refine and deliver products that address the needs of this market, namely our Vantage processor and camera systems. We also plan to focus on international distribution channel expansion and expect to continue to refine products that address this market, namely our Abacus and Pico products.
Our gross profit as a percentage of total revenues decreased for the three months ended June 30, 2012 as compared to the corresponding period in the prior year primarily as a result of our product and service mix. Revenues derived from our Roadway Sensors segment represented approximately 44% of our total revenues for the three months ended June 30, 2012, as compared to 50% for the corresponding prior year period. Roadway Sensors revenues generally carry higher margins than Transportation Systems and iPerform revenues. The decrease, to a lesser extent, was as a result of a shift in the overall mix of Transportation Systems revenues, which in the current quarter contained a significant proportion of lower-margin sub-consulting content, as well as lower Roadway Sensors gross margins mainly as a result of certain positive adjustments to warranty and inventory reserves in the corresponding prior year period which did not occur in the current quarter.
The overall increase in selling, general and administrative expense for the three months ended June 30, 2012, as compared to the corresponding period in the prior year, was primarily due to expanded investment in sales and marketing primary in the Roadway Sensors segment as a result of; (i) additional advertising, (ii) demo equipment deliveries and, (iii) sales commissions paid on higher sales in direct states. The three month period ending June 30, 2012 also included the operations of BTS. Additionally, in the three month period ending June 30, 2011, we realized approximately $80,000 in reversals of previously recorded bad debt expense. These increases were partially offset by a shift in mix by Transportation Systems associates to a higher degree of job chargeable activities which reduced our overall salary and personal related expense compared to the prior year period.
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Iteris Inc has a market cap of $51.7 million; its shares were traded at around $1.47 with a P/E ratio of 25.3 and P/S ratio of 0.9.
Highlight of Business Operations:
We have historically had a diverse customer base. For the three months ended June 30, 2012, one individual customer represented approximately 18% of our total revenues and no other individual customer represented greater than 10% of our total revenues. For the three months ended June 30, 2011, no individual customer represented greater than 10% of our total revenues.Total revenues for the three months ended June 30, 2012 increased approximately 17% to $16.3 million, compared to $13.9 million in the corresponding period in the prior year due primarily to an increase of approximately 19% in Transportation Systems revenues and an increase of approximately 4% in Roadway Sensors revenues. Approximately 5% of the increase in total revenues was attributable to the acquisition of BTS in November 2011.
Roadway Sensors revenues increased approximately 4% compared to the prior year period mainly as a result of increased sales in states where our products are sold direct. Roadway Sensors overall revenue growth was impacted as a result of certain international sales in the corresponding prior year period which did not reoccur in the current quarter. Going forward, we plan to focus on our core domestic intersection market and refine and deliver products that address the needs of this market, namely our Vantage processor and camera systems. We also plan to focus on international distribution channel expansion and expect to continue to refine products that address this market, namely our Abacus and Pico products.
Our gross profit as a percentage of total revenues decreased for the three months ended June 30, 2012 as compared to the corresponding period in the prior year primarily as a result of our product and service mix. Revenues derived from our Roadway Sensors segment represented approximately 44% of our total revenues for the three months ended June 30, 2012, as compared to 50% for the corresponding prior year period. Roadway Sensors revenues generally carry higher margins than Transportation Systems and iPerform revenues. The decrease, to a lesser extent, was as a result of a shift in the overall mix of Transportation Systems revenues, which in the current quarter contained a significant proportion of lower-margin sub-consulting content, as well as lower Roadway Sensors gross margins mainly as a result of certain positive adjustments to warranty and inventory reserves in the corresponding prior year period which did not occur in the current quarter.
The overall increase in selling, general and administrative expense for the three months ended June 30, 2012, as compared to the corresponding period in the prior year, was primarily due to expanded investment in sales and marketing primary in the Roadway Sensors segment as a result of; (i) additional advertising, (ii) demo equipment deliveries and, (iii) sales commissions paid on higher sales in direct states. The three month period ending June 30, 2012 also included the operations of BTS. Additionally, in the three month period ending June 30, 2011, we realized approximately $80,000 in reversals of previously recorded bad debt expense. These increases were partially offset by a shift in mix by Transportation Systems associates to a higher degree of job chargeable activities which reduced our overall salary and personal related expense compared to the prior year period.
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