407 International Reports First Quarter Results

TORONTO, April 14 /CNW/ - 407 International Inc. announced today revenues of $142.8 million for the first quarter of 2011, compared to $131.2 million for the same period of 2010.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $113.0 million for the first quarter of 2011 as compared with $103.1 million for same period of 2010. The Company reported net income of $15.7 million for the first quarter of 2011, compared with net income of $12.6 million for the same period of 2010.

The Board of Directors declared an eligible dividend of $0.106 per common share and a special eligible dividend of $0.142 per common share using proceeds from the sale of the Company's long-term investments. Both dividends are payable on or about April 14, 2011, to shareholders of record on April 14, 2011.

407 International Inc. is owned by Cintra Infraestructuras S.A. (43.23%) (a wholly owned subsidiary of Ferrovial S. A.), indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%) and 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, net and Income tax, results in Net income.


      First Quarter
      2011   2010
Selected Financial Information    
  in millions          
  Revenues    $        142.8    $    131.2
  Operating expenses   29.8   28.1
  Depreciation and amortization   14.2   13.4
  Interest and other expenses, net 77.9   71.3
  Income before tax   20.9   18.4
  Deferred income tax expense    5.2   5.8
  Net income    $          15.7    $       12.6
  Total trips (in thousands)            25,857        25,627
  Average revenue per trip   $5.52   $5.12
  Average workday number of trips       351,518      348,358
  Total vehicle kilometres (in thousands)       507,027      499,815
  Number of transponders in circulation      
  at March 31      1,028,350      977,176







SOURCE 407 International Inc.

For further information:

Louis-M. St-Maurice
Chief Financial Officer
Tel: 905-265-4070
Kevin Sack
Vice President
Communications and Government Relations
Tel: 905-264-5374  


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