Intelligent traffic management systems supplier 73 Iteris has reported financial results for its fiscal third quarter ended 31 December 2014, and the sixth consecutive quarter of double-digit year-over-year growth in roadway sensors revenues.
Total revenues in the third quarter of fiscal 2015 increased six per cent to US$17.5 million compared to US$16.5 million in the same quarter a year ago. The increase was primarily driven by a ten per cent increase in roadway sensors and a four per cent increase in transportation systems.
Iteris says the increase in roadway sensors revenues was primarily attributable to the success of various growth strategies, including increases in distribution of certain third party products for the intersection market, and higher unit sales of key products in its Vantage detection line. The increase in transportation systems revenues was primarily attributed to the execution of the company’s growth plans, resulting in strong backlog growth.
“Our core roadway sensors business continued its momentum into the third quarter of fiscal 2015 with the sixth consecutive quarter of double-digit year-over year revenue growth,” noted Abbas Mohaddes, president and CEO of Iteris. “Similar to prior quarters, the distributions of third party products for the intersection market, and the expanded domestic sales of Vantage products, have been significant growth drivers for the roadway sensors business. In our transportation systems business, we followed last quarter’s strong increase in backlog with another US$7.6 million in new contracts for a total of US$27.3 million added backlog in fiscal 2015, revealing the underlying strength in this segment.”
Total revenues in the third quarter of fiscal 2015 increased six per cent to US$17.5 million compared to US$16.5 million in the same quarter a year ago. The increase was primarily driven by a ten per cent increase in roadway sensors and a four per cent increase in transportation systems.
Iteris says the increase in roadway sensors revenues was primarily attributable to the success of various growth strategies, including increases in distribution of certain third party products for the intersection market, and higher unit sales of key products in its Vantage detection line. The increase in transportation systems revenues was primarily attributed to the execution of the company’s growth plans, resulting in strong backlog growth.
“Our core roadway sensors business continued its momentum into the third quarter of fiscal 2015 with the sixth consecutive quarter of double-digit year-over year revenue growth,” noted Abbas Mohaddes, president and CEO of Iteris. “Similar to prior quarters, the distributions of third party products for the intersection market, and the expanded domestic sales of Vantage products, have been significant growth drivers for the roadway sensors business. In our transportation systems business, we followed last quarter’s strong increase in backlog with another US$7.6 million in new contracts for a total of US$27.3 million added backlog in fiscal 2015, revealing the underlying strength in this segment.”
