Iteris Chosen to Support Intelligent Transportation Systems Project in Los Angeles County
- Iteris secures a $900,000 contract for a smart mobility project in Downey, California.
- The project involves installing technology to enable buses to request priority at signalized intersections.
- The initiative is part of Iteris' ITS Build program, offering specialized installation services for traffic sensors and other hardware.
- Benefits of the project include streamlined procurement, accelerated implementation, and cost savings for agencies.
- Iteris aims to enhance the value, efficiency, and robustness of transportation infrastructure on the West Coast.
- None.
Insights
The contract awarded to Iteris, Inc. by the City of Downey represents a strategic investment in smart mobility infrastructure, which is a growing sector within the transportation industry. The implementation of bus signal priority technology is an initiative that aims to improve public transit efficiency by reducing bus travel time and enhancing on-time performance. This is particularly important in urban areas where traffic congestion can significantly impact bus schedules and rider satisfaction.
From a transportation planning perspective, the success of such projects can lead to increased public transit usage, which has broader economic benefits such as reduced congestion for all road users and potential environmental benefits from decreased vehicle emissions. As cities continue to urbanize and seek sustainable solutions, companies like Iteris that specialize in Intelligent Transportation Systems are likely to see increased demand for their services.
It's crucial to note that the project's relatively short timeline of five months and the near $900,000 investment suggest a focused and potentially replicable approach to ITS deployment. If successful, this could serve as a model for other cities facing similar challenges, potentially opening up new markets for Iteris beyond California and Texas.
The announcement of Iteris, Inc.'s contract with the City of Downey is indicative of the company's growing presence in the ITS market on the West Coast. The contract's value, nearly $900,000, is a significant figure that contributes to the company's revenue stream and showcases its capability to secure substantial municipal contracts.
Investors and stakeholders should be aware of the potential long-term benefits, as successful implementation could lead to further regional expansion and contracts. As Iteris is involved in both the hardware and service aspects of ITS, this project could also lead to cross-selling opportunities and long-term service agreements, which are valuable for sustaining revenue growth.
Furthermore, the focus on streamlined procurement and accelerated implementation reflects an operational efficiency that can be attractive to potential clients. The ability to offer cost savings to agencies is a competitive advantage that could differentiate Iteris from other players in the market.
In financial terms, the contract with the City of Downey adds nearly $900,000 to Iteris, Inc.'s order book, which is a positive indicator for the company's financial health and backlog. The project is a testament to the company's ability to secure new business and expand its Intelligent Transportation Systems (ITS) Build initiative.
Given the size of the contract relative to Iteris' overall revenue, which was $120.6 million in fiscal year 2022, this contract alone is not a transformative event for the company's financials. However, it does provide a foundation for growth and may contribute to improved financial performance if similar contracts are secured in the future.
It is also important to consider the implications of the ITS Build initiative's expansion beyond California and Texas. Should this expansion proceed successfully, it could lead to a more diversified geographic revenue stream, which can mitigate regional market risks and contribute to financial stability.
Initiative will improve traffic flow for bus transportation in
Iteris Chosen to Support Intelligent Transportation Systems Project in
The five-month, nearly
This project is part of Iteris’ new Intelligent Transportation Systems (ITS) Build initiative that focuses on delivering specialized ITS installation services for Iteris traffic sensors, as well as other ITS hardware. The benefits to agencies include a streamlined procurement process, accelerated implementation schedules and increased cost savings. The service is currently available in
“We’re excited to be working on this regional smart mobility, safety and sustainability project,” said Scott Carlson, general manager and vice president, mobility professional services at Iteris. "We have a long track record of successfully delivering signal priority projects of this nature, and we’re looking forward to working with International Line Builders and the
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility® Platform, our AI-powered 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.
Iteris Forward-Looking Statements
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," “feels,” "anticipates," "expects," "intends," "plans," "seeks," "estimates,” "may," “could,” “should,” “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 about the awarded contract and the benefits and capabilities of our services and solutions. Such statements are not guarantees of future performance and 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, our ability to provide our services and products in a cost-efficient manner; adverse impacts of performance timing, project and contract cancellations, and availability of resources, such as components and equipment, necessary to perform the work for the project; the potential impact of product and service offerings from competitors and other competitive pressures, such as competitors’ patent coverage and claims; and the impact of general economic, political, and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is 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).
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Media Contact
Breanna Wallace
Tel: (949) 996-5348
Email: brwallace@iteris.com
Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: todd@mkrir.com
Source: Iteris, Inc.
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