407 International Reports 2008 Results



    TORONTO, Feb. 10 /CNW/ - 407 International Inc. announced today revenues
of $546.5 million for the year ended December 31, 2008, compared to $518.9
million in 2007. Earnings before interest, taxes, depreciation and
amortization ("EBITDA"(1)) totalled $414.3 million for 2008, after an
adjustment to the Company's provision for doubtful accounts on historical
balances ($24.6 million), compared to $407.6 million for 2007. Net income for
2008 increased to $119.0 million compared to $60.3 million in 2007 as the
Company recorded a future tax recovery and lower non-cash inflation-related
interest expense, partially offset by an unfavourable non-cash fair value
adjustment on long-term investments.
    The Board of Directors declared an eligible dividend of $0.061 per common
share payable on or about February 10, 2009, to shareholders of record on
February 10, 2009.

    407 International Inc. is the sole shareholder, operator and manager of
407 ETR, which extends 108 kilometres east-west, just north of Toronto. 407
International Inc. is owned by a consortium comprised of Cintra Concesiones de
Infraestructuras de Transporte, Macquarie Infrastructure Group and
SNC-Lavalin.

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



    ------------------
    (1) EBITDA is not a recognized measure under Canadian generally accepted
    accounting principles 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
    result in Net Income.

    Highlights
    Unaudited


                              Fourth Quarter Ended            Year Ended
                                   December 31               December 31
                           -----------------------   -----------------------
                           -----------------------   -----------------------
                                2008          2007        2008          2007
                           -----------------------   -----------------------

    Selected Financial
     Information
     (in thousands)
      Revenues             $ 133,511     $ 135,757   $ 546,535     $ 518,933
                           -----------------------   -----------------------
                           -----------------------   -----------------------

      Operating expenses      52,186        32,889     132,193       111,284
      Depreciation and
       amortization           18,396        17,871      71,968        68,617
                           -----------------------   -----------------------
                              70,582        50,760     204,161       179,901
                           -----------------------   -----------------------
      Income from operations  62,929        84,997     342,374       339,032
      Interest and other
       expenses, net          17,502        61,524     257,282       278,724
                           -----------------------   -----------------------
      Earnings before
       income taxes           45,427        23,473      85,092        60,308
      Income tax recovery
       - current                 500             -         500             -
      Income tax recovery
       - future               33,449             -      33,449             -
                           -----------------------   -----------------------
      Net income           $  79,376     $  23,473   $ 119,041     $  60,308
                           -----------------------   -----------------------
                           -----------------------   -----------------------




    Traffic
      Total trips
       (in thousands)         28,536        28,981     113,776       112,483
      Average revenue
       per trip                $4.68         $4.68       $4.80         $4.61
      Average workday
       number of trips       377,014       384,219     377,922       374,348
      Total vehicle
       kilometres
       (in thousands)        560,395       580,019   2,252,719     2,253,333
      Number of transponders
       in circulation
        at December 31       920,200       857,308     920,200       857,308
    





For further information:

For further information: Investors: Kenneth A. Walker, Chief Financial
Officer, Tel: (905) 265-4070; Media: Rob Nicol, Vice President,
Communications, Tel: (905) 264-5374


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