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Redflex Holdings Ltd Ends Internal investigation; Issues FY 2013 Net Profit Before Tax Guidance In Line With Analysts' Estimates


Wednesday, 10 Apr 2013 09:13pm EDT 

Redflex Holdings Ltd announced that it has ended the independent internal investigation launched in October 2012, arising from concerns relating to the City of Chicago contract, save for follow-up items. The findings associated with the City of Chicago investigative phase were previously disclosed in the Company‚Äôs ASX release dated 4 March 2013. In association with certain other locations, the Company has made or will shortly make disclosures to the relevant authorities. The Company expects to continue to cooperate with authorities in the future as circumstances dictate. The total costs of the internal investigative activity from October 2012 through to April 1, 2013 are approximately $3.5 million. As a result of the Company's continued cooperation with relevant authorities, the Company currently expects to incur additional modest costs going forward. As a result of the internal investigations and its related costs, a delay in the implementation of the Malaysia program, costs associated with implementing the restructuring plans, and issues in collecting receivables relating to the Company's business in the Middle East, the Company believes that the fiscal 2013 result will be a net profit before tax in the range of $10 million to $12 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report pre-tax profit of $11 million for fiscal 2013. 

Company Quote

0.97
0.01 +1.04%
25 Jul 2014