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December 18, 2007 Stock Pick: Iteris, Inc. (ITI)

Stock Price: $3.70

Iteris, Inc. provides outdoor machine vision systems and sensors in North America. The company operates in three segments: Roadway Sensors, Automotive Sensors, and Transportation Systems.

ITI has grown revenue from $46.39 million in 2005 to $50.48 million in 2006 to $58.29 million in 2007. Revenue and net income has been strong for the company so far in fiscal 2008 with revenue of $32.73 million and net income of $3.26 million over the past two quarters.

ITI recently won a bridge replacement engineering contract in Minneapolis. Last Friday, ITI's lane departure technology topped the list of the "10 best car features introduced in 2007". Iteris's lane departure technology is currently available on the Infiniti FX and M models.

We believe ITI is undervalued at a market cap of only around $122.12 million.

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