Camera Fraud Article: Redflex Profit In Quicksand (ASX: RDF)
Beleaguered automated ticketing vendor Redflex Traffic Systems is reporting a 9% drop in net profit despite an explosive expansion of their photo radar systems worldwide.
“We have been adversely affected by reduced collection rates on some of our US contracts, write-downs on several contracts that have not been renewed, extended start-up difficulties with a major state-wide speed contract in Arizona and costs in dealing with litigation and legislative issues…”
Of course, this isn’t news to readers of CameraFRAUD, as we reported back around December 2008 how the statewide automated ticketing scheme was running into problems in an article titled “Delays, Technical Problems Plague Redflex Rollout“:
It took the Arizona Department of Public Safety an additional four months to admit that the expansion of the program was “suspended,” and Redflex took until now to start informing their investors as to the sinking ship which is statewide photo radar in Arizona.
No wonder so many shareholders get their news here.