International Road Dynamics (TSX: IRD), one of the world’s leading providers of systems and solutions for the global intelligent transportation systems (ITS) market, today announced solid financial results for the three and nine months ended 31 August 2016.
Highlights of fiscal 2016 so far include:
- Revenues up 16% to $48.4 million on growth in key North American markets
- Solid increase in gross margin to 32.5%
- EBITDA rises 18.8% to $3.8 million
- Net earnings increase 27.5% to $2.2 million, or $0.15 per common share
- Solid financial position with working capital of $13.3 million
- Innovative new VectorSense® product line launched
- Outlook for continued growth with strong confirmed order backlog and near-term business opportunities
"Our strong operating performance continued in the third quarter, underpinned by a significant increase in gross margin and further growth in our solid base of recurring service and maintenance revenues," commented Terry Bergan, president and CEO. "Looking ahead, we continue to believe fiscal 2016 will be another year of record revenues and net earnings as we continue to leverage our strong presence in the growing global ITS market."
"With our improved profitability and cash flow, we increased our focus on development projects to enhance our current product lines and introduce new solutions to our customers," Mr. Bergan continued.
"A key new innovative product is our recently launched VectorSense® Tire Sensor Suite and the related Vehicle Information-In-Motion™ (VI2M™) traffic data collection system. We are confident these advanced, leading-edge ITS solutions will meet the needs of our customers for the enhanced data necessary for improved tolling, increased road safety and more informed decisions on infrastructure spending."
VectorSense® and VI2M™ were developed to meet the needs of highway and roadway authorities to provide previously unavailable traffic and vehicle data. This includes tire width and axle configuration including identification of single, dual and new super-single tires being used on large trucks, enhanced vehicle and truck identification, bicycle lane traffic, vehicle lane position and safety information such as under-inflated tires. This data is collected while vehicles travel at highway speed.
For more information on VectorSense® and VI2M™, contact IRD.