If you can believe what you read in a shareholder report, the one released from Redflex Traffic Systems today indicates they believe their contract with Arizona is in serious danger of not being renewed.
As is mentioned often, the contract between the state of Arizona and Redflex only runs through July 1st, 2010, which coincidentally is the same day signatures are due for the Ban Photo Radar in AZ initiave from Arizona Citizens Against Photo Radar.
-Do your part.
Quoted from their Release:
“A number of initiatives are under way to improve the performance of the program, in the operational and legislative areas, however any improvements are likely to be incremental and are not expected to give rise to significant benefits in the immediate future.
Also, the base term of the contract is due to expire early in FY2011 and while we are working hard to ensure that it is extended, there is a distinct possibility that the program may not continue. If that is the outcome, then there would be a significant write-down of the assets for the program which would be likely to affect the FY2010 result. This potential write-down is estimated to be of the order of $5 million. Even if the program does continue in early FY2011, a number of groups opposed to photo enforcement are trying to have a referendum put to voters in November 2011 to effectively end photo enforcement in the state of Arizona. Whether this referendum occurs, and the likely outcome, are difficult to predict at this stage.”
154,ooo validated signatures by July 1st are needed to put Photo Ticketing on the Arizona ballot for November. The goal is and always has been 300,000. Let’s make sure we prove Redflex’s grim prognostication right.
The Cameras Are Coming Down!