Record first quarter for Iteris

Iteris has reported record net sales and contract revenues for the first quarter ended June 30, 2005 – up some 6.1% at US$12.1 million compared to net sales and contract revenues of $11.4 million in the first quarter of the prior fiscal year. This increase was primarily a result of a 29.4% increase in AutoVue revenues compared to the first quarter of the prior fiscal year.
iteris.gif"We are pleased with the continued growth in our AutoVue business, both with Infiniti and within the truck market," commented Jack Johnson, chief executive officer of Iteris. "Discussions with several of the largest automakers are ongoing, and 43 truck fleets are evaluating our LDW system. While it's impossible to predict the timeline for signing new agreements, we believe the relationships we have forged represent significant near- and long-term growth opportunities, which we expect will result in new business this fiscal year.

"With Congress finally passing the Federal Highway Bill, we expect to capitalise on the significant amount of business which has been delayed while Congress passed a total of nine short-term extensions, inhibiting longer-term projects which are the lifeblood of this segment of our business. We have managed to maintain profitability during this difficult period and we are looking forward to a business climate unencumbered by fiscal uncertainties,” Johnson stated.
Iteris Inc.
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