Anaheim, CA-based Iteris, Inc. has reported that strong demand for its roadway sensors and safety systems for trucks helped it grow revenue and profits for its fiscal year.
For its fourth fiscal quarter, Iteris reported net income of $1.6 million on 14.9% higher net sales and contract revenues of $15.5 million compared to the same quarter in fiscal 2006. Those increases primarily resulted from a 20.1% increase in roadway sensor sales of $7.3 million and 12.6% higher transportation system sales of $5.8 million.
For fiscal 2007, Iteris said net income topped $2.9 million as net sales and contract revenues increased 15.5% to $58.3 million – from a 21.5% increase in roadway sensor net sales to $27.3 million and a 14.1% increase in transportation system sales to $22 million.
“We were able to expand our market share, introduce new products, services and initiatives as well as achieve key milestones,” noted Abbas Mohaddes, Iteris’ CEO. “This progress provides us with a solid base to further enhance our position in the marketplace and enjoy sustainable growth in sales and operating income. Going forward, we will strive to introduce innovative solutions to improve surface transportation safety and mobility and we believe that increased federal, state, and local transportation infrastructure funding will enable us to accelerate our growth.”