UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. __2___)*
Iteris, Inc.
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(Name of Issuer)
Common Stock, Convertible Debenture and Warrants
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(Title of Class of Securities)
46564T107
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(CUSIP Number)
Bryant Riley
11100 Santa Monica Blvd
Suite 800
Los Angeles, CA 90025
(310) 966-1444
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 5, 2005
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
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* 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 disclosures provided in a prior cover page.
The information required on 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 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_____ 13D Page 1 of 2 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SACC Partners LP; Riley Investment Management LLC; B. Riley & Co., Inc.;
Bryant R. Riley
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF
2,201,202 shares of common stock
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 2,201,202 shares of common stock, $320,000 face value in
convertible debentures and 495,624 warrants
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,201,202 shares of common stock, $320,000 face value in convertible debentures
and 495,624 warrants
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.84%
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14 TYPE OF REPORTING PERSON*
PN, IA, BD, IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.__ 46564T107_____ 13D Page 2 of 2 Pages
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Item 1. Security and Issuer.
Common Stock, Convertible Debentures and Warrants of Iteris, Inc.
151 South Manchester Avenue
Anaheim, CA 92802
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Item 2. Identity and Background.
(a) SACC Partners LP (Delaware limited partnership) Riley
Investment Management LLC (Delaware limited liability
company) B. Riley & Co., Inc. (Delaware corporation)
Bryant R. Riley (individual residing in California)
(b) 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025
(c) Mr. Riley owns all of the outstanding shares of B. Riley &
Co., Inc. ("BRC"), an NASD member broker-dealer. Mr. Riley
also manages and owns all of the outstanding membership
interests of Riley Investment Management LLC ("RIM"), a
California registered investment adviser. RIM is the
investment adviser to and general partner of SACC Partners LP
("SACC"). Each entity is located at the address specified in
(b) above.
(d) None
(e) None
(f) United States
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Item 3. Source and Amount of Funds or Other Consideration.
SACC's purchases were made with SACC partnership funds. BRC's purchases were
made with BRC corporate funds. Mr. Riley's purchases were made with personal
funds.
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Item 4. Purpose of Transaction.
SACC, BRC and Mr. Riley acquired the issuer's shares for investment purposes.
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Item 5. Interest in Securities of the Issuer.
(a) SACC owns 1,635,366 shares of Iteris Holdings common stock and
341,713 warrants. Because RIM has sole voting and investment power
over SACC's security holdings, Mr. Riley, in his role as the sole
manager of RIM, controls RIM's voting and investment decisions and
may be deemed to have beneficial ownership of the stock and
warrants.
BRC owns 379,303 shares of Iteris Holdings common stock and
57,227 warrants. Because Mr. Riley has sole voting and investment
power over BRC's security holdings, both BRC and Mr. Riley may be
deemed to have beneficial ownership of the stock and warrants.
Mr. Riley personally owns 186,533 shares of Iteris common
stock and 76,412 warrants. Mr. Riley also controls a total of
$320,000 face value convertible debentures and 20,272 warrants as
custodian for his children; however Mr. Riley disclaims beneficial
ownership of the custodial holdings.
(b) With respect to all of the shares that are held by each of SACC
and BRC, Mr. Riley has sole power to vote and dispose or direct the
disposition of the shares
(c) Please see Exhibit A for SACC's, BRC's and Mr. Riley's
transactions within the past sixty (60) days.
(d) None
(e) Not applicable
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The relationships between Mr. Riley, SACC, RIM and BRC are described above under
Item 2(c) above. There is no written agreement among the reporting parties
regarding the Iteris Holdings positions.
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Item 7. Material to be Filed as Exhibits.
There are no written agreements amongst the parties relating to the filing of
this joint acquisition statement, nor are there any written agreements,
contracts, arrangements, understandings, plans or proposals relating to (1) the
borrowing of funds to finance the acquisition of shares, (2) the acquisition of
issuer control, liquidation, sale of assets, merger, or change in business or
corporate structure or any matter disclosed in Item 4, or (3) the transfer or
voting of securities, finder's fees, joint ventures, options puts, calls,
guarantees of loans, guarantees against loss or of profit, or the giving or
withholding of any proxy.
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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: May 13, 2005
SACC PARTNERS LP
By: Riley Investment Management LLC,
its General Partner
By: /s/ Bryant R. Riley
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Bryant R. Riley, President
RILEY INVESTMENT MANAGEMENT LLC
By: /s/ Bryant R. Riley
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Bryant R. Riley, President
B. RILEY & CO., INC. By:
/s/ Bryant R. Riley
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Bryant R. Riley, CEO
By: /s/ Bryant R. Riley
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Bryant R. Riley
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
STOCK TRANSACTIONS
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Transaction Code Quantity Trade Date Price
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SACC Buy 10,000 4/12/05 $2.1700
Sell (61,500) 4/14/05 $2.3300
Buy 61,500 4/14/05 $2.3000
Buy 61,500 4/14/05 $2.3300
Buy 10,000 4/21/05 $2.4000
Buy 7,500 4/28/05 $2.4800
BRC Buy 2,000 5/3/05 $2.6100
CONVERTIBLE DEBENTURE TRANSACTIONS
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Transaction Code Face Value Trade Date Price
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SACC Sell $2,500,000.00 5/5/05 $0.7500
MR. RILEY Sell $ 680,000.00 5/5/05 $0.7500