Iteris Announces New $10 Million Stock Repurchase Program

Rhea-AI Summary

Iteris, Inc. (NASDAQ: ITI) has announced a new stock repurchase program authorizing the buyback of up to $10 million of its common stock, replacing the prior program. This decision reflects the company's commitment to enhancing shareholder value as stated by CFO Douglas Groves, who emphasized confidence in future growth and the stock's undervalued status. Repurchases will be executed in compliance with securities laws, with flexibility regarding timing and methods based on market conditions.

Positive

• Stock repurchase program of up to $10 million enhances shareholder value.
• CFO expresses confidence in future growth and undervaluation of stock.

Negative

• None.

SANTA ANA, Calif.--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that its Board of Directors has authorized a new stock repurchase program that permits the purchase of up to $10 million of the Company’s common stock.

The prior share repurchase program is being terminated and replaced with this new authorization. Under the new plan, management has discretion in determining the conditions under which shares may be purchased from time to time, including block trades.

“We are committed to strategically allocating capital to investments we believe can generate value for our shareholders,” said Douglas Groves, CFO of Iteris. “The stock buyback program demonstrates our confidence in the future growth of the Company and the undervalued price of our stock.”

Repurchases will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions or through other means. Depending on acquisition opportunities, market conditions or other factors, these repurchases may commence or cease from time to time without prior notice.

About Iteris, Inc.

Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility® Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

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," "expects," "intends," "plans," "feel(s)," "seeks," "estimates," "may," "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 related to the Company’s stock repurchase program and its potential benefits, as well as statements regarding our strategic plans. Such statements 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, continuing volatile and negative stock market conditions; federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, including in light of the COVID-19 pandemic; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to achieve anticipated benefits from our sale of our Agriculture and Weather Analytics segment; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; adverse effects of the COVID-19 pandemic on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as the COVID-19 pandemic, import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as 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).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005939/en/

Iteris Contact

Douglas Groves

Senior Vice President and Chief Financial Officer

Tel: (949) 270-9643

Email: dgroves@iteris.com

Investor Relations

MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: iti@mkr-group.com

Source: Iteris, Inc.

FAQ

What is the purpose of Iteris' new stock repurchase program?

The new stock repurchase program aims to enhance shareholder value by allowing Iteris to buy back up to $10 million of its common stock.

How much stock is Iteris authorized to repurchase?

Iteris is authorized to repurchase up to $10 million of its common stock under the new program.

Who announced the stock buyback program for Iteris?

The stock buyback program was announced by CFO Douglas Groves.

Will Iteris' stock repurchases occur immediately?

Repurchases may commence or cease at any time based on market conditions and acquisition opportunities, without prior notice.