Winnipeg Airports Authority Inc. 2008 - Third Quarter Results

    WINNIPEG, Oct. 27 /CNW/ - Winnipeg Airports Authority announces third
quarter results.
    Third quarter passenger traffic at Winnipeg James Armstrong Richardson
International Airport declined by 2.7% over the same period last year. This
decline and reductions in airline scheduled services are related to oil prices
and general economic uncertainty. Year-to-date to September, passenger traffic
increased 0.8%.
    "In light of airline capacity cuts and their related impact, the airport
authority's focus on revenue enhancement strategies and cost containment
measures have proven timely," said Barry Rempel, President & CEO of Winnipeg
Airports Authority Inc. "The long term outlook for the aviation sector
continues to be positive. Diversification of revenue sources is key to
offsetting the aeronautical cycle."
    Winnipeg Airports Authority continues to diversify its revenue base to
mitigate the impact of uncontrollable shifts in passenger levels. The airport
campus expansion continued in the third quarter with Canada Post breaking
ground on construction of their new state-of-the art mail sorting plant.
Winnipeg Airports Authority is pleased the Province of Manitoba passed
legislation to create CentrePort Canada, a private-sector focused corporation
that will develop and promote Manitoba's inland port building on the
province's well-established network of air, rail, sea and trucking routes.
    Consolidated revenues were $20.2 million for the third quarter, an
increase of 14.6% over the same period in 2007, due primarily to the increase
in the Airport Improvement Fee. Operating costs were $9.3 million for the
quarter, an increase of 19.7% from the previous year.
    Earnings before interest, income taxes and amortization (EBITDA)
increased to $10.8 million for the quarter, an increase of 10.5% over 2007.
EBITDA is used generally as a proxy to determine WAA's ability to service its
debt obligations. Net income was $9.5 million for the quarter (2007 - $7.8

    Winnipeg Airports Authority is a non-share capital corporation
responsible for the management and operation of Winnipeg James Armstrong
Richardson International Airport and affiliate businesses. Net income is
reinvested by WAA back into the community, primarily through airport
development projects. WAA is self sufficient with taxpayers not directly
involved in financing airport site redevelopment.
    Winnipeg Airports Authority serves our region by providing value to our
customers and community. A source of pride for our community, we strive to be
a leader in its growth and development.

For further information:

For further information: Christine Alongi, Director, Communications and
Public Affairs, Winnipeg Airports Authority Inc, Phone: (204) 987-2021, 24
Hour Media Line: (204) 992-2791,

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Winnipeg Airports Authority Inc.

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