407 International Provides Correction of Second Quarter Trips

TORONTO, July 14, 2017 /CNW/ - 407 International Inc. (the "Company") announced today that its July 13, 2017 press release reporting results for the second quarter of 2017 incorrectly stated "Total trips (in thousands)" for the three-month period ended June 30 as 33,575.  The correct figure is 32,575.  All other information in the press release, and all information in the Company's financial statements and MD&A for the quarter, is unchanged.  The revised text of the press release is set out below.

______________________

407 International Inc. (the "Company") announced today revenues of $331.0 million for the second quarter of 2017, compared to $290.8 million for the same period of 2016.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $291.2 million for the second quarter of 2017 as compared with $257.4 million for same period of 2016.  The Company reported net income of $124.6 million for the second quarter of 2017 as compared with $94.4 million for same period of 2016.

The Board of Directors declared an eligible dividend of $0.277 per common share, payable on or about July 13, 2017, to shareholders of record on July 13, 2017.

The Company is owned by Cintra Global Holding Limited, 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.

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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' methods, and may not be comparable to measures used by other companies. EBITDA less depreciation and amortization, interest and other expenses and income tax expenses, results in net income.

Highlights
Unaudited



Three-month period


Six-month period



ended June 30


ended June 30



2017


2016


2017


2016



























Selected Financial Information (in millions)













Revenues

$

331.0


$

290.8


$

591.7


$

516.1















Operating expenses


39.8



33.4



80.0



71.1


Depreciation and amortization


26.5



27.0



50.9



52.8


Interest and other expenses


94.4



101.6



171.6



175.4


Income before tax


170.3



128.8



289.2



216.8


Income tax expenses


45.7



34.4



77.2



57.8


Net income

$

124.6


$

94.4


$

212.0


$

159.0





















































Traffic













Total trips (in thousands)


32,575



32,486



60,117



59,278


Average revenue per trip


$9.99



$8.92



$9.70



$8.65


Average workday number of trips


427,209



422,411



397,728



391,424


Total vehicle kilometres (in thousands)


699,776



677,925



1,263,950



1,212,262


Number of transponders in circulation













at June 30








1,387,290



1,297,990

 

SOURCE 407 International Inc.

For further information: Investors: Geoffrey Liang, Chief Financial Officer, Tel: 905-265-4070; Media: Kevin Sack, Vice President, Marketing, Communications and Government Relations, Tel: 905-264-5374


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