Saskatoon, SK February 20, 2012 – International Road Dynamics Inc. (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:
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.
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The Company's shares trade on the Toronto Stock Exchange under the symbol IRD.
FOR MORE INFORMATION PLEASE CONTACT:
President & CEO
Phone: (306) 653-6600
U.S. (303) 355-5998
Phone: (306) 653-6603
Fax: (306) 653-1454
IRD is listed on the TSX - trading symbol - IRD