407 International Reports 2010 Results

TORONTO, Feb. 17 /CNW/ - 407 International Inc. announced today revenues of $624.3 million for the year ended December 31, 2010, compared to $560.0 million in 2009.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $500.1 million for 2010 compared with $444.0 million for 2009. The Company reported net income of $77.0 million for 2010 compared with net income of $58.2 million for 2009.

The Board of Directors declared an eligible dividend of $0.106 per common share payable on or about February 17, 2011, to shareholders of record on February 17, 2011.

407 International Inc. is owned by Cintra Infraestructuras, Canada Pension Plan Investment Board and SNC-Lavalin.

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

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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, net and Income tax, results in Net income.

Highlights

Unaudited

      Three month period ended   Year ended
      December 31   December 31
      2010   2009   2010   2009
                   
                   
Selected Financial Information (in millions)              
  Revenues    $          158.3    $        141.6    $         624.3   $        560.0
                   
  Operating expenses   40.7   34.8   124.2   116.0
  Depreciation and amortization   15.2   14.3   56.9   61.4
      55.9   49.1   181.1   177.4
  Income from operations   102.4   92.5   443.2   382.6
  Interest and other expenses, net   97.3   85.8   327.5   339.8
  Income before income taxes   5.1   6.7   115.7   42.8
  Future Income tax expense (recovery)   3.2   (22.6)   38.7             (15.4)
  Net income    $              1.9    $         29.3    $           77.0    $         58.2
                   
                   
                   
                   
Traffic                
  Total trips (in thousands)               29,192           28,372           114,691        110,764
  Average revenue per trip   $5.42   $4.99   $5.44   $5.06
  Average workday number of trips             383,689          373,079           380,679        367,295
  Total vehicle kilometres (in thousands)           593,027          566,753        2,336,401      2,214,775
  Number of transponders in circulation                
  at December 31          1,022,466          985,701        1,022,466        985,701


SOURCE 407 International Inc.

For further information:

Investors:    Media:
Louis-M. St-Maurice     Kevin Sack
Chief Financial Officer    Vice President
Tel: 905-265-4070     Communications and Government Relations
  Tel: 905-264-5374


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