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Redflex make a 12M loss in FY 2014

Article by: Mike Barrett
Date: 13 Nov 2014

Following a highly successful year in 2013 when a profit of $7.3 million was recorded the company returned a loss of $1.2 million in 2014. The drop in profits were attributed to losses of $4.3M in the Student Guardian business, $2.4M costs in the Chicago corruption case, $1.5M in class actions and wage disputes and $1.5M in search fees. This was compounded by the loss of the Chicago red light camera contract which was worth $9.7M.

Despite the losses Redflex had a $29.9 million cashflow for the year.

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Posted by Kar98 on Fri Nov 21, 2014 12:32 am Reply with quote

Is it because management is too stupid and would run even a whorehouse into bankruptcy, or is it because these are artificial losses in order to avoid paying the promised share to the cities in which they operate?

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