407 International Reports Third Quarter Results



    TORONTO, Oct. 23 /CNW/ - 407 International Inc. announced today revenues
of $152.9 million for the third quarter of 2008 compared to $144.9 million for
the same period of 2007. Earnings before interest, taxes, depreciation and
amortization ("EBITDA"(1)) totalled $125.7 million for the third quarter of
2008 compared with $118.0 million for the same period of 2007. The company
reported a net income of $60.4 million for the third quarter of 2008 compared
with $34.4 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 October 23, 2008, to shareholders of record on
October 23, 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      Nine month period
                                   ended September 30     ended September 30
                                  --------------------  ---------------------
                                     2008       2007       2008       2007
                                  ---------  ---------  ---------  ---------
    Selected Financial
    Information (in thousands)

      Revenues                    $ 152,893  $ 144,858  $ 413,024  $ 383,176
                                  ---------  ---------  ---------  ---------

      Operating expenses             27,145     26,891     80,007     78,395
      Depreciation and
       amortization                  18,254     16,842     53,572     50,746
                                  ---------  ---------  ---------  ---------
                                     45,399     43,733    133,579    129,141
                                  ---------  ---------  ---------  ---------
      Income from operations        107,494    101,125    279,445    254,035
      Interest and other
       expenses, net                 47,133     66,737    239,780    217,200
                                  ---------  ---------  ---------  ---------
      Net Income                  $  60,361  $  34,388  $  39,665  $  36,835
                                  ---------  ---------  ---------  ---------
                                  ---------  ---------  ---------  ---------

    Traffic
      Total trips (in thousands)     29,793     29,588     85,240     83,502
      Average revenue per trip    $    5.13  $    4.90  $    4.85  $    4.59
      Average workday number
       of trips                     391,642    392,425    378,224    371,057
      Total vehicle kilometres
       (in thousands)               613,602    620,530  1,692,324  1,673,314
      Number of transponders
       in circulation at
       September 30                 904,476    838,784    904,476    838,784

    ---------------------------
    (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 result in Net Income.
    





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


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