Iteris’ Fiscal 2Q Income Jumps

Iteris Inc., a provider of traffic management technology, said its fiscal second-quarter earnings more than doubled from a year ago.

Net income for the quarter ended Sept. 30 climbed to $1.31 million, or 4 cents per share, from $542,000, or 2 cents, the company said late Thursday.

Net sales and contract revenues rose 15% from a year ago to $14.4 million. The company attributed its higher revenue to a 27% increase in transportation systems contract revenues and a 7% increase in net sales of roadway sensors products.

Iteris said it completed the sale of its vehicle sensors assets to Bendix in July for $14 million in cash with $2 million subject to holdbacks and adjustments.

In a statement, CEO Abbas Mohaddes said the vehicle sensors divestiture will allow the company to “turn our focus on enhancing and broadening the technologies that address our core market of traffic management.”