407 International Reports Second Quarter Results



    TORONTO, July 17 /CNW/ - 407 International Inc. announced today revenues
of $140.1 million for the second quarter ended June 30, 2008 compared to
$131.2 million for the same period of 2007. Earnings before interest, taxes,
depreciation and amortization ("EBITDA"(1)) totalled $114.8 million for the
second quarter of 2008 compared with $106.2 million for the same period of
2007. The company reported a net loss of $8.8 million for the second quarter
of 2008 compared with a net income of $11.2 million for the same period of
2007.
    The Board of Directors declared an eligible dividend of $0.044 per common
share payable on or about July 17, 2008, to shareholders of record on July 17,
2008.

    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.

    
    Highlights
    Unaudited

                                   Three month period      Six month period
                                      ended June 30         ended June 30
                                  --------------------- ---------------------
                                     2008       2007       2008       2007
                                  ---------- ---------- ---------- ----------
    Selected Financial
     Information (in thousands)
      Revenues                     $140,081   $131,242   $260,131   $238,318
                                  ---------- ---------- ---------- ----------

      Operating expenses             25,325     25,004     52,862     51,504
      Depreciation and
       amortization                  17,852     16,934     35,318     33,904
                                  ---------- ---------- ---------- ----------
                                     43,177     41,938     88,180     85,408
                                  ---------- ---------- ---------- ----------
      Income from operations         96,904     89,304    171,951    152,910
      Interest and other
       expenses, net                105,729     78,095    192,647    150,463
                                  ---------- ---------- ---------- ----------
      Net income (loss)            $ (8,825)  $ 11,209   $(20,696)  $  2,447
                                  ---------- ---------- ---------- ----------
                                  ---------- ---------- ---------- ----------

    Traffic
      Total trips (in thousands)     29,415     28,839     55,447     53,914
      Average revenue per trip     $   4.76   $   4.55   $   4.69   $   4.42
      Average workday number
       of trips                     389,184    385,374    371,516    360,626
      Total vehicle kilometres
       (in thousands)               576,914    573,258  1,078,722  1,052,784
      Number of transponders in
       circulation at June 30       887,604    815,868    887,604    815,868

    ---------------------------
    (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).
    





For further information:

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


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