DRI Corporation, a digital communications technology leader in the domestic and international surface transportation and transit security markets, announced that the company’s Mobitec Group in Sweden, through its Castmaster Mobitec India Private Limited joint venture in India, has received orders worth a combined total value exceeding $6 million USD from several transit bus vehicle manufacturers in India.
David L. Turney, the company’s chairman, president and chief executive officer, said: “The Mobitec products ordered – the combined total value of which has the potential to increase significantly – will be installed on new bus vehicles in five major metropolitan areas in India. Delivery on the present orders already is underway. We anticipate that deliveries will ramp up significantly during the last half of 2009. We are very excited about these orders, which have been evolving since the fall of 2008.”
Growing Indian market
The orders are expected to help position DRI as a major long-term supplier in the growing Indian market and further strengthen the foundation for its planned expansion there. The joint venture has already outgrown the facilities in which it began operations in 2007. As a result, the joint venture is moving into larger facilities to help ensure adequate work space for expected growth. India is fast becoming a significant component of the company’s growth plans, and its operations outside of India potentially stand to benefit from the Indian market.
The Mobitec products ordered thus far by bus vehicle manufacturers in India include MobiLED electronic destination sign systems, MobiSTOP indicators, and MobiVOICE announcement and control systems.
Mobitec Group, a global supplier of electronic information display systems, is highly respected for its products, technology, service, and quality. Mobitec Group is based in Herrljunga, Sweden. It also operates business units in Australia and Germany, as well as joint ventures in Brazil and India.
Turney said, “We expect to report second quarter 2009 revenues and net income that exceed the results posted for second quarter 2008. The strong quarter was attributable to several factors – margins were favorable in the mix of products shipped, some customers accelerated their deliveries, and we are seeing a particularly strong growth trend in certain of our international served markets. After-tax earnings also will be benefitted by utilization of our tax loss carry forwards. We are very fortunate that the global economic slowdown has had minimal impact on DRI, but we’ve planned, invested, and worked hard to be in this position.”
