- Craig Christensen Appointed Interim CFO -
SANTA ANA, Calif.--(BUSINESS WIRE)--
Iteris, Inc. (NYSE MKT: ITI), a leader in providing intelligent traffic
management and weather information solutions, announced today that the
company is continuing to work diligently with its auditors to complete
the fiscal 2014 audit but will require additional time to complete its
audit for the fiscal year ended March 31, 2014, primarily due to the
time necessary to complete the review of certain complex, multi-element
contracts. The company may have a material weakness in its internal
controls over financial reporting related to certain of these
multi-element contracts, but the Company has not yet completed its final
evaluation in this regard. The Company plans to continue to work
diligently with its auditors to complete the fiscal 2014 audit as soon
as possible. Upon conclusion of the fiscal 2014 audit, Iteris will
announce a new scheduled date for its conference call to discuss its
fourth quarter and full year 2014 results.
Iteris also reports that Chuck McBride has resigned, effective July 11,
2014, from the position of vice president of finance and chief financial
officer of the company. Mr. McBride served as the companyís CFO for
seven months, from his original appointment in December 2013. Craig
Christensen has agreed to assume the role of interim CFO until the
company has identified a permanent replacement. Mr. Christensen has
served as the companyís vice president and controller since April†2012.
In his roles of increasing responsibility with Iteris, he has become
closely involved with all of the companyís accounting procedures.
Prior to joining Iteris, Christensen served as the corporate controller
and director of finance and accounting at SM&A, a provider of
competition and program management services, from 2007 through April
2012. Prior to joining SM&A,†Christensen served as a manager in the
assurance advisory & business services practice at Ernst†& Young LLP.
Christensen is a Certified Public Accountant and holds a Bachelor of
Arts degree in Business Economics with an emphasis in Accounting from
the University of California, Santa Barbara.
About Iteris, Inc.
Iteris, Inc. (NYSE MKT: ITI) is a leader in providing intelligent
information solutions to the traffic management market. The company is
focused on the development and application of advanced technologies and
software-based information systems that reduce traffic congestion,
provide measurement, management, and predictive traffic and weather
analytics, and improve the safety of surface transportation systems. By
combining its unique IP, products, decades of expertise in traffic
management, hyper-local weather solutions and information technologies,
Iteris offers a broad range of Intelligent Transportation System (ITS)
solutions to customers worldwide. The firm is headquartered in Santa
Ana, California, with offices nationwide and in the Middle East. For
more information, please call 1-888-329-4483 or visit us at www.iteris.com.
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," "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 about the
completion of the audit of the companyís consolidated financial
statements for the fiscal year ended March 31, 2014 and our release of
earnings for fiscal 2014. 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, the ability of our auditors to complete the audit of our
financial statements on a timely basis; managementís ability to
adequately respond to any follow-up inquiries of our auditor; or the
completion of any additional procedures and/or testing required by our
auditors. 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 SECís website (www.sec.gov).
Liolios Group, Inc.
Scott Liolios or
Source: Iteris, Inc.