Strong first quarter 2014 for IRD

International Road Dynamics (IRD), Canada-based intelligent transportation systems (ITS) supplier, has announced solid growth for the three months ended February 28, 2014. Revenue increased by 32.2 per cent to $10.3 million compared to $7.8 million for the same quarter last year. Solid growth was achieved in the Company's Canada and United States and Latin America markets, while EBITDA increased to $490,090 compared to a loss of $190,359 in the first quarter of 2013. Quarter one of 2014 is the fourth con
April 16, 2014 Read time: 2 mins
69 International Road Dynamics (IRD), Canada-based intelligent transportation systems (ITS) supplier, has announced solid growth for the three months ended February 28, 2014.

Revenue increased by 32.2 per cent to $10.3 million compared to $7.8 million for the same quarter last year. Solid growth was achieved in the Company's Canada and United States and Latin America markets, while EBITDA increased to $490,090 compared to a loss of $190,359 in the first quarter of 2013. Quarter one of 2014 is the fourth consecutive quarter of profitability and year over year improvement in quarterly results and the company is in a strong financial position with positive working capital of $8.1 million, up 5 per cent from prior year end.

XPCT in China contributes earnings of $118,097 on growth in its wire harness and traffic business compared to a loss of $3,899 the first quarter of 2013.

"After much improved performance in fiscal 2013, we were pleased to see the momentum continue in the first quarter of the New Year with increased revenues and net income," commented Terry Bergan, IRD president and CEO. "We are generating solid growth in the majority of our target global markets and product lines, and look for this progress to continue through the rest of the year."
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