UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)*
ITERIS, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
46564T107
(CUSIP Number)
DECEMBER 31, 2008
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page. The information required in the
remainder of this cover page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).
CUSIP No. 46564T107
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Riley Investment Partners Master Fund, L.P.
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Cayman Islands
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5. Sole Voting Power
NUMBER OF 342,713(1)
SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 7. Sole Dispositive Power
PERSON 342,713(1)
WITH: -----------------------------------------------------------------
8. Shared Dispositive Power
-0-
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
342,713
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
1.0%(2)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
PN
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________________
(1) Includes warrants to purchase 158,380 shares of common stock of Iteris,
Inc. ("Common Stock").
(2) Based on 34,186,756 shares of common stock of Iteris, Inc. (the "Issuer")
outstanding at February 4, 2009, as reported in the Issuer's Quarterly
Report on Form 10-Q for the quarter ended December 31, 2008 filed with the
Securities and Exchange Commission on February 13, 2009.
2
CUSIP No. 46564T107
--------------------------------------------------------------------------------
1. Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Riley Investment Management LLC
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
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5. Sole Voting Power
NUMBER OF 1,462,301(3)
SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
OWNED BY 2,263,411(4)
EACH -----------------------------------------------------------------
REPORTING 7. Sole Dispositive Power
PERSON 1,462,301(3)
WITH: -----------------------------------------------------------------
8. Shared Dispositive Power
2,263,411(4)
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,221,143(4)
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [X]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
6.5%(2)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
IA
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________________
(3) Because Riley Investment Management LLC has sole investment and voting
power over 184,333 shares of Common Stock and warrants to purchase 158,380
shares of Common Stock held by Riley Investment Partners Master Fund, L.P.
and 1,119,588 shares held in managed accounts by its investment advisory
clients, Riley Investment Management LLC may be deemed to have beneficial
ownership of these shares.
(4) Riley Investment Management LLC has shared voting and dispositive power
over 2,263,411 shares of Common Stock of its investment advisory clients,
758,842 of which are held in managed accounts indirectly affiliated with
Riley Investment Partners Master Fund, L.P. However, Riley Investment
Management LLC disclaims beneficial ownership of the non-affiliated
shares.
3
CUSIP No. 46564T107
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
B. Riley & Co., LLC
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
--------------------------------------------------------------------------------
5. Sole Voting Power
NUMBER OF 413,928(5)
SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
OWNED BY 0
EACH -----------------------------------------------------------------
REPORTING 7. Sole Dispositive Power
PERSON 413,928(5)
WITH: -----------------------------------------------------------------
8. Shared Dispositive Power
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
413,928
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
1.2%(2)
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12. Type of Reporting Person (See Instructions)
BD
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________________
(5) Includes warrants exercisable for 15,506 shares of Common Stock.
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CUSIP No. 46564T107
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
B. Riley & Co. Retirement Trust
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
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3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
United States
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5. Sole Voting Power
NUMBER OF 61,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
OWNED BY 0
EACH -----------------------------------------------------------------
REPORTING 7. Sole Dispositive Power
PERSON 61,000
WITH: -----------------------------------------------------------------
8. Shared Dispositive Power
0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
61,000
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0.2%(2)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
EP
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________________
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CUSIP No. 46564T107
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only)
Bryant Riley
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
United States
--------------------------------------------------------------------------------
5. Sole Voting Power
NUMBER OF 2,127,813(6)
SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
OWNED BY 2,263,411(7)
EACH -----------------------------------------------------------------
REPORTING 7. Sole Dispositive Power
PERSON 2,127,813(6)
WITH: -----------------------------------------------------------------
8. Shared Dispositive Power
2,263,411(7)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,772,483(6,7)
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [X]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
8.1%(2)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
IN
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________________
(6) Because Riley Investment Management LLC has sole voting and investment
power over security holdings of Riley Investment Partners Master Fund,
L.P.'s and certain managed accounts of its investment advisory clients and
Mr. Riley, in his role as the sole manager of Riley Investment Management
LLC, controls its voting and investment decisions, Mr. Riley may be deemed
to have beneficial ownership of the 184,333 shares of Common Stock and
warrants to purchase 158,380 shares of Common Stock held by Riley
Investment Partners Master Fund, L.P. and 1,119,588 shares held in managed
accounts by its investment advisory clients. Includes 398,422 shares of
Common Stock and warrants to purchase 15,506 shares of Common Stock owned
by B. Riley & Co., LLC. Mr. Riley is the Chairman and sole indirect equity
owner of B. Riley & Co., LLC. Includes 61,000 shares owned by B. Riley &
Co. Retirement Trust. Because Mr. Riley, in his role as Trustee of the B.
Riley & Co. Retirement Trust, controls its voting and investment
decisions, Mr. Riley may be deemed to have beneficial ownership of these
shares. Includes 93,900 shares of Common Stock and warrants to purchase
20,272 shares of Common Stock owned by custodial accounts of Mr. Riley's
children. Although Mr. Riley controls voting and investment decisions in
his role as custodian for the children's accounts, Mr. Riley disclaims
beneficial ownership of these securities. Includes 33,333 shares of Common
Stock and warrants to purchase 43,079 shares of Common Stock held in a
joint account with Mr. Riley's spouse.
(7) Riley Investment Management LLC has shared voting and dispositive power
over 2,263,411 shares of Common Stock of its investment advisory clients,
758,842 of which are held in managed accounts indirectly affiliated with
Riley Investment Partners Master Fund, L.P. Mr. Riley, in his role as the
sole manager of Riley Investment Management LLC controls its voting and
investment decisions. However, Riley Investment Management LLC disclaims
beneficial ownership of the non-affiliated shares.
6
CUSIP No. 46564T107
ITEM 1.
(a) Name of Issuer Iteris, Inc.
(b) Address of Issuer's Principal Executive Offices
1700 Carnegie Avenue,
Suite 100
Santa Ana, CA 92705
ITEM 2.
1.
Riley Investment Partners Master Fund, L.P. (Cayman Islands limited
partnership)
Riley Investment Management LLC (Delaware limited liability company)
Bryant Riley (individual residing in California)
2.
B. Riley & Co. Retirement Trust (employee benefit plan)
B. Riley & Co., LLC (Delaware limited liability company)
(b) Address of Principal Business Office or, if none, Residence
1.
11100 Santa Monica Blvd.
Suite 810
Los Angeles, CA 90025
2.
11100 Santa Monica Blvd.
Suite 800
Los Angeles, CA 90025
(c) Citizenship
United States
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
46564T107
7
ITEM 3.
IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13d-1(b) OR 240.13d-2(b)
OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) [_] Broker or dealer registered under Section 15 of the Act
(15 U.S.C. 78o).
(b) [_] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [_] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [_] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [_] An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);
(h) [_] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [_] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) [_] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
ITEM 4.
OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
For each Reporting Person:
(a) Amount beneficially owned: Please see Line 9 on the cover sheet for each
reporting person (including footnotes thereto).
(b) Percent of class: Please see Line 11 on the cover sheet for each reporting
person (including footnotes thereto).
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: Please see Line 5 on the cover
sheet for each reporting person (including footnotes thereto).
(ii) Shared power to vote or to direct the vote: Please see Line 6 on the cover
sheet for each reporting person (including footnotes thereto).
(iii) Sole power to dispose or to direct the disposition of: Please see Line 7
on the cover sheet for each reporting person (including footnotes thereto).
(iv) Shared power to dispose or to direct the disposition of: Please see Line 8
on the cover sheet for each reporting person (including footnotes thereto).
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ITEM 5.
OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [ ].
INSTRUCTION: Dissolution of a group requires a response to this item.
ITEM 6.
OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable
ITEM 7.
IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable
ITEM 8.
IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable
ITEM 9.
NOTICE OF DISSOLUTION OF GROUP.
Not applicable
ITEM 10.
CERTIFICATION
(b)
The following certification shall be included if the statement is filed
pursuant to ss.240.13d-1(c):
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose
or effect.
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CUSIP No. 46564T107
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 17, 2009
Riley Investment Partners Master Fund, L.P.
By: Riley Investment Management, its
General Partner
By: /s/ BRYANT R. RILEY
---------------------------------------
Bryant R. Riley, Managing Member
Riley Investment Management, LLC
By: /s/ BRYANT R. RILEY
---------------------------------------
Bryant R. Riley, Managing Member
B. Riley & Co., LLC
By: /s/ BRYANT R. RILEY
---------------------------------------
Bryant R. Riley, Chairman
B. Riley & Co. Retirement Trust
By: /s/ BRYANT R. RILEY
---------------------------------------
Bryant R. Riley, Trustee
By: /s/ BRYANT R. RILEY
---------------------------------------
Bryant R. Riley
10