Iteris’ Transportation Systems Segment Records 49% YoY Increase in Full-Year Added Backlog
SANTA ANA, Calif.--(BUSINESS WIRE)--May 7, 2019--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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CONTACT: Iteris Contact
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE TRANSPORT OTHER TRANSPORT PUBLIC TRANSPORT NATURAL RESOURCES AGRICULTURE AUTOMOTIVE PROFESSIONAL SERVICES URBAN PLANNING CONSULTING OTHER AUTOMOTIVE CONSTRUCTION & PROPERTY
SOURCE: Iteris, Inc.
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PUB: 05/07/2019 08:30 AM/DISC: 05/07/2019 08:30 AM