UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 000-10605
ITERIS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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95-2588496 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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1515 South Manchester Avenue |
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92802 |
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(Address of principal executive office) |
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(Zip Code) |
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(714) 774-5000 |
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(Registrant’s telephone number, including area code) |
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Iteris Holdings, Inc.
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).
Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Number of shares outstanding as of November 12, 2004:
Common Stock - 28,234,856 shares.
ITERIS, INC.
Quarterly Report on Form 10-Q
Table of Contents
Unless otherwise indicated in this Report, “Iteris,” the “Company,” “we,” “us” and “our” collectively refer to Iteris, Inc. (formally known as Iteris Holdings, Inc.) and its subsidiary, Meyer, Mohaddes Associates.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ITERIS, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
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September 30, |
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March 31, |
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ASSETS: |
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Current assets: |
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Cash |
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$ |
94 |
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$ |
2,612 |
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Trade accounts receivable, net |
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8,857 |
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8,255 |
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Notes receivable from sale of business units |
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75 |
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125 |
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Costs and estimated earnings in excess of billings on uncompleted contracts |
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2,354 |
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2,653 |
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Inventories: |
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Finished goods |
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480 |
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542 |
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Work in process |
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665 |
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294 |
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Materials and supplies |
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2,657 |
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2,762 |
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Total inventories |
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3,802 |
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3,598 |
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Prepaid expenses |
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575 |
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323 |
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Deferred tax assets |
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821 |
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821 |
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Total current assets |
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16,578 |
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18,387 |
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Property, plant and equipment: |
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Equipment, furniture and fixtures |
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8,120 |
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7,821 |
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Allowance for depreciation |
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(6,608 |
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(6,179 |
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Total Property, plant and equipment, net |
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1,512 |
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1,642 |
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Goodwill |
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21,104 |
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9,807 |
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Intangible assets, net |
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618 |
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— |
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Other assets |
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778 |
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215 |
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Total assets |
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$ |
40,590 |
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$ |
30,051 |
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See accompanying notes.
3
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September 30, |
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March 31, |
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LIABILITIES, REDEEMABLE COMMON STOCK |
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Current liabilities: |
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Trade accounts payable |
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$ |
3,279 |
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$ |
3,560 |
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Accrued payroll and related expenses |
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2,627 |
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3,218 |
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Accrued expenses |
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1,006 |
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838 |
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Billings in excess of costs and estimated earnings on uncompleted contracts |
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487 |
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549 |
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Deferred revenue |
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— |
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226 |
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Income taxes payable |
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109 |
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485 |
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Revolving line of credit with related party |
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— |
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100 |
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Revolving line of credit |
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1,294 |
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— |
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Current portion of long-term debt and capital leases |
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1,300 |
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42 |
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Total current liabilities |
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10,102 |
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9,018 |
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Deferred gain on sale of building |
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1,342 |
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1,774 |
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Long-term debt and capital leases |
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4,243 |
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891 |
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Convertible debentures |
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9,118 |
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— |
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Total liabilities |
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