New $2 Million Contract Expected to Expand the Company’s Market Penetration in Texas
- Agreement is the sixth major contract awarded to Iteris by TxDOT in the past three years
- New contract award accelerates Iteris’ geographic expansion in one of the “largest and most progressive” national transportation markets
- Task orders expected in the areas of traffic signal timing, traffic signal operations and signal communication analysis to improve mobility and safety
SANTA ANA, Calif. – May 10, 2019 – Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today announced that it is one of two firms to be awarded the Texas Department of Transportation’s (TxDOT) Wave 2 Austin District Traffic Signal Timing indefinite delivery/indefinite quantity (IDIQ) contract, a three-year commitment with a potential value of up to $2 million. Task orders are anticipated in mid-2019.
The company anticipates task orders for traffic signal timing, traffic signal operations and signal communication analysis.
“We are proud to be selected again by TxDOT to support important infrastructure projects in the state of Texas, one of the largest and most progressive transportation markets in the U.S.,” said Scott Carlson, vice president and assistant general manager, Transportation Systems at Iteris. “Texas is a strategic market for Iteris and, with this being the sixth TxDOT IDIQ awarded to Iteris in the past three years, we expect to further expand our share of consulting, integration services and software revenue in the state. This will be Iteris’ first prime contract with TxDOT Austin and will be focused on improving mobility and safety at TxDOT signalized intersections throughout the Austin region.”
With this contract, which was awarded in May 2019, Iteris expands its current traffic engineering and intelligent transportation systems work to another TxDOT district, for a total potential TxDOT backlog of over $9 million from six IDIQ contracts awarded over the past three years.
In May 2018, Iteris was awarded a multi-district IDIQ contract from TxDOT for traffic signal design and timing, as well as intelligent transportation systems planning and integration. That contract was a three-year commitment with a potential value of up to $3 million.
Iteris recently announced that its intersection detection and related traffic management products from its Roadway Sensors segment have been certified for purchase by TxDOT under the newly reinstated Texas SmartBuy contract 550-A2.
About Iteris, Inc.
Iteris is the global leader in applied informatics for transportation and agriculture, turning big data into big breakthrough solutions. We collect, aggregate and analyze data on traffic, roads, weather, water, soil and crops to generate precise informatics that lead to safer transportation and smarter farming. Municipalities, government agencies, crop science companies, farmers and agronomists around the world use our solutions to make roads safer and travel more efficient, as well as farmlands more sustainable, healthy and productive. 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," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “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 potential up to total value, success, impact, and benefits of the awarded contract. 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 successfully perform the services cost effectively; agency funding and budgetary timing, allocations and constraints; utilization needs of the agency for the services subject to the contract (e.g., seasonality); impact of adverse influences and variances of general economic, political, environmental, and other conditions in the markets we address; performance timing and cancellation of task orders; and the potential impact of product and service offerings from competitors. 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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