407 International Reports Third Quarter Results

TORONTO, Oct. 23, 2013 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $224.8 million for the third quarter of 2013, compared to $201.9 million for the same period of 2012.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $191.3 million for the third quarter of 2013 as compared with $168.8 million for same period of 2012. The Company reported net income of $69.3 million for the third quarter of 2013, compared with net income of $62.5 million for the same period of 2012.

The Board of Directors declared an eligible dividend of $0.323 per common share, payable on or about October 23, 2013 to shareholders of record on October 23, 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%).

Highlights
Unaudited

        Three-month period ended
September 30
  Nine-month period ended
September 30
        2013     2012     2013     2012
                           
Selected Financial Information (in millions)                        
                           
  Revenues   $   224.8   $   201.9   596.7     546.8
                           
  Operating expenses     33.5     33.1     91.4     93.3
  Depreciation and amortization     16.4     15.8     46.2     45.2
  Interest and other expenses     81.3     65.5     191.3     219.3
  Income before tax     93.6     87.5     267.8     189.0
  Deferred income tax expense     24.3     25.0     70.4     53.9
  Net income   $   69.3   $   62.5    $ 197.4    $ 135.1
                           
                           
                           
                           
Traffic                        
  Total trips (in thousands)     30,603     30,025     85,634     85,584
  Average revenue per trip     $7.33     $6.72     $6.96     $6.39
  Average workday number of trips     400,039     396,945     379,304     379,469
  Total vehicle kilometres (in thousands)     657,046     638,734     1,760,407      1,745,396
  Number of transponders in circulation                        
  at September 30     1,148,215     1,097,176     1,148,215      1,097,176

 

______________________________
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.

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

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


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