Disciplined value investors look for meaningful divergences between stock prices and business fundamentals. We wait patiently for situations where transitory influences inject unwarranted fear or euphoria into a stock price. We believe the recent drama surrounding Iteris' delayed 10-k has created one of these opportunities.
Our research indicates Iteris' 10-k was delayed due to a mix of bad luck and poor execution; however, we do not see this delay being a harbinger of further bad news. We believe the accounting issue is contained entirely to the timing of revenue recognition between certain quarters. Our research indicates the financial data on the existing cash flow statements and balance sheets are accurate and will not be adjusted. We believe the amount of...
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