407 International Reports Second Quarter Results

TORONTO, July 12, 2012 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $188.4 million for the second quarter of 2012, compared to $170.3 million for the same period of 2011.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $158.1 million for the second quarter of 2012 as compared with $143.8 million for same period of 2011. The Company reported net income of $40.9 million for the second quarter of 2012, compared with net income of $22.4 million for the same period of 2011.

The Board of Directors declared an eligible dividend of $0.113 per common share, payable on or about July 12, 2012 to shareholders of record on July 12, 2012.

407 International Inc. is owned by Cintra Infraestructuras S.A., a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%).

News releases are available at www.407etr.com.

1 EBITDA is not a recognized measure under International Financial Reporting Standards  and investors are cautioned that EBITDA should not be construed as an alternative to net income or cash from operating activities as an indicator of the Company's performance or cash flows.  The Company's method of calculating EBITDA may differ from other companies' and may not be comparable to measures used by other companies.  EBITDA less Depreciation and amortization, Interest and other expenses and Income tax, results in Net income.

Highlights
Unaudited

    Three month period ended
June 30
    Six month period ended
June 30
    2012   2011   2012   2011
                         
Selected Financial Information (in millions)                        
                         
  Revenues   $ 188.4   $ 170.3   $ 344.9   $ 313.1
                         
  Operating expenses     30.3     26.5     60.2     56.3
  Depreciation and amortization     15.5     14.8     29.4     29.0
  Interest and other expenses     83.8     99.0     153.8     176.9
  Income before tax     58.8     30.0     101.5     50.9
  Deferred income tax expense     17.9     7.6     28.9     12.8
  Net income   $ 40.9   $ 22.4   $ 72.6   $ 38.1
                         
                         
Traffic                        
  Total trips (in thousands)     29,576     29,276     55,559     55,133
  Average revenue per trip   $ 6.37   $ 5.82   $ 6.21   $ 5.68
  Average workday number of trips     393,182     389,320     370,870     370,570
  Total vehicle kilometres (in thousands)     597,229     588,050     1,106,661     1,095,077
  Number of transponders in circulation                        
  at June 30     1,095,411     1,040,798     1,095,411     1,040,798

 

 

SOURCE 407 International Inc.

For further information:

Investors:
Louis-M. St-Maurice
Chief Financial Officer
Tel: 905-265-4070

Media:
Kevin Sack
Vice President
Communications and Government Relations
Tel: 905-264-5374


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