Winnipeg Airports Authority Inc. - 2007 - Third Quarter Results

    WINNIPEG, Oct. 25 /CNW/ - An economic engine in our community, Winnipeg
James Armstrong Richardson International Airport continues to experience
increases in passenger and cargo revenues.
    For the nine months ended September 30th, approximately 2,711,740
passengers passed through our community, representing a 5.8% increase over the
same period in 2006.
    During the third quarter, airport site redevelopment activity exceeded
588,334 person-hours of construction work, underlying the economic importance
of the airport in our community. Airport redevelopment is forecast to
contribute 6,370 person-years of employment to the local market, including
$273 million in wages. GDP is projected at $343 million with total economic
output for Manitoba at more than $1 billion.
    "Redevelopment activity is in high gear with, on average, 150 persons
working at the construction site," said Barry Rempel, President and CEO of
Winnipeg Airports Authority Inc. "With major aviation industry forecasters
predicting worldwide traffic doubling in the next twenty years, Winnipeg James
Armstrong Richardson International Airport will be positioned to take part in
that growth."
    Consolidated revenues were $17.6 million for the third quarter, an
increase of 11.3% over the same period in 2006, due primarily to the increases
in passenger volume. Cargo revenues increased by 7.3% over the third quarter
of 2006. Operating costs were $7.8 million for the quarter, an increase of
6.4% from the previous year.
    Revenues over expenses before interest, income taxes and amortization
(EBITDA) were $9.8 million for the three months, an increase of 15.6% over
2006. EBITDA is used generally as a proxy to determine WAA's ability to
service its debt obligations. The revenues over expenses (typically referred
to as net income) was $7.7 million for the quarter (2006 - $6.6 million).

    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. All surplus revenue
over expenses is reinvested by WAA back into our community, primarily through
airport development projects. WAA is self sufficient with taxpayers not
directly involved in financing airport site redevelopment which is being paid
through Airport Improvement Fees (AIF).
    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 &
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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