407 International Reports Second Quarter Results

TORONTO, July 17, 2013 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $205.2 million for the second quarter of 2013, compared to $188.4 million for the same period of 2012.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $178.5 million for the second quarter of 2013 as compared with $158.1 million for same period of 2012. The Company reported net income of $75.7 million for the second quarter of 2013, compared with net income of $40.9 million for the same period of 2012.

The Board of Directors declared an eligible dividend of $0.258 per common share, payable on or about July 17, 2013 to shareholders of record on July 17, 2013.

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
 
      2013   2012   2013   2012  
                               
Selected Financial Information (in millions)                     
                                            
  Revenues   $ 205.2   $ 188.4   $ 371.9   $ 344.9  
                     
  Operating expenses   26.7   30.3   57.9   60.2  
  Depreciation and amortization   15.8   15.5   29.8   29.4  
  Interest and other expenses   59.8   83.8   110.0   153.8  
  Income before tax   102.9   58.8   174.2   101.5  
  Deferred income tax expense   27.2   17.9   46.1   28.9  
  Net income   $ 75.7   $ 40.9   $ 128.1   $ 72.6  
                     
                     
                     
                     
Traffic                    
  Total trips (in thousands)   29,615   29,576   55,031   55,559  
  Average revenue per trip   $6.92   $6.37   $6.75   $6.21  
  Average workday number of trips   389,779   393,182   368,853   370,870  
  Total vehicle kilometres (in thousands)                     601,441   597,229   1,103,361   1,106,661  
  Number of transponders in circulation                  
       at June 30   1,128,986   1,095,411   1,128,986   1,095,411  
                     
                     

 

 

 

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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890