Stocks & Investing
Stocks and Investing
Stocks and Investing
Tue, February 21, 2012 IRD Provides Update on Fourth Quarter &;; Year-End Fiscal 2011 Results
February 21, 2012 12:24 ET
IRD Provides Update on Fourth Quarter & Year-End Fiscal 2011 Results
SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 21, 2012) - International Road Dynamics Inc. (TSX:IRD) (IRD) today provided an update on its fourth quarter and year-end fiscal 2011 financial results. As a result of its year-end audit and review of operations, the Company will be incurring significant one -time charges to income in the fourth quarter, as follows:
- A provision will be taken amounting to approximately $900,000 for uncollectable accounts receivable at its IRD Southeast Asia subsidiary.
- As a result of continuing losses at its operations in India, a charge to income of approximately $900,000 will be incurred related to income tax losses carried forward. Management is uncertain that the Indian operations will be able to generate sufficient future earnings to offset these tax losses prior to their expiry.
- A pre-tax charge to income of approximately $400,000 will be taken to reflect obsolete inventory.
As a result of these charges to income, management currently estimates that it will generate an after- tax loss for the three months ended November 30, 2011 of approximately $2.0 million or $0.14 per common share. For the year ended November 30, 2011 management estimates the net loss will be approximately $3.3 million or $0.23 per common share.
Management will issue its full audited financial statements by press release on or before February 28, 2012 and cannot comment further on its results until that time.
IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan Canada with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructures.
The Company's shares trade on the Toronto Stock Exchange under the symbol IRD.
