Combining outdoor image processing, traffic engineering, and information technology, Iteris, Inc. (AMEX:ITI) offers a broad range of Intelligent Transportation Systems solutions to customers worldwide. Iteris is a leader in traffic management focused on the development and application of advanced technologies that reduce traffic congestion, minimize the environmental impact of traffic congestion, and improve the safety of surface transportation systems infrastructure.

Iteris, Inc. reported financial results for its fiscal third quarter ended December 31, 2011. Net sales and contract revenues for the third quarter totaled $14.9 million, up 24% from $12.0 million in the same year-ago quarter, which was primarily due to a 53% increase in Transportation Systems contract revenues. The company grew organic net sales and contract revenues by 10% compared to the year-ago quarter, with the remaining growth provided by the acquisitions of Meridian Environmental Technology (MET) in January 2011 and Berkeley Transportation Systems (BTS) in November 2011. Gross margin in the third quarter was 36.7% or $5.5 million, compared to 40.9% or $4.9 million in the year-ago quarter. Gross margin in the current quarter was impacted by a shift in mix toward Transportation Systems consulting contracts. Gross margin on product net sales decreased for the quarter to 50.5%, compared to 52.1% in the year-ago quarter.

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