INTERNATIONAL ROAD DYNAMICS $0.28 - Toronto symbol IRD

INTERNATIONAL ROAD DYNAMICS $0.28 (Toronto symbol IRD; TSINetwork Rating: Speculative) (306-653-6600; www.ird.ca; Shares outstanding: 14.0 million; Market cap: $3.9 million; No dividends paid) makes products and systems that manage highway traffic, including automated toll-road and weigh-station systems for trucks. The company’s weigh-in-motion system weighs trucks while they’re moving, rather than at less -efficient roadside weigh stations.

International Road continues to report rising losses and declining sales. That’s because governments are spending less on highway infrastructure as they struggle with ballooning budget deficits.

The company’s total debt of $6.7 million is a high 171.8% of its market cap. Its cash flow is negative, so it may need to borrow more money to sustain its operations. The cash shortfall could also make it hard for the company to maintain the marketing and research spending necessary to stay ahead of the competition.

Thinly traded International Road Dynamics is now a sell.

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