407 International Reports First Quarter Results



    TORONTO, April 16 /CNW/ - 407 International Inc. announced today revenues
of $119.7 million for the first quarter ended March 31, 2009, comparable to
$120.0 million for the same period of 2008. Earnings before interest, taxes,
depreciation and amortization ("EBITDA"(1)) totalled $93.3 million for the
first quarter of 2009, compared with $92.5 million for the same period of
2008. The company reported net income of $8.0 million for the first quarter of
2009 compared with a net loss of $11.9 million for the same period of 2008.
    The Board of Directors declared an eligible dividend of $0.061 per common
share payable on or about April 16, 2009, to shareholders of record as of
April 16, 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
Inc.

    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 (loss) 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 (loss).


    Highlights

    Unaudited

                                                             First Quarter
                                                        ---------------------
                                                            2009       2008
                                                        ---------- ----------
    Selected Financial Information (in millions)

      Revenues                                           $  119.7   $  120.0
                                                        ---------- ----------

      Operating expenses                                     26.4       27.5
      Depreciation and amortization                          16.3       17.5
                                                        ---------- ----------
                                                             42.7       45.0
                                                        ---------- ----------
      Income from operations                                 77.0       75.0
      Interest and other expenses, net                       65.2       86.9
                                                        ---------- ----------
      Earnings (loss) before income taxes                    11.8      (11.9)
      Future income tax expense                               3.8          -
                                                        ---------- ----------
      Net income (loss)                                  $    8.0   $  (11.9)
                                                        ---------- ----------
                                                        ---------- ----------


    Traffic
      Total trips (in thousands)                           25,084     26,032
      Average revenue per trip                              $4.77      $4.61
      Average workday number of trips                     340,814    353,277
      Total vehicle kilometres (in thousands)             478,678    501,808
      Number of transponders in
       circulation at March 31                            926,756    868,767
    





For further information:

For further information: Investors: Kenneth A. Walker, Chief Financial
Officer, Tel: (905) 265-4070; Media: Steve Spencer, Director, Communications,
Tel: (905) 264-5232


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