Winnipeg Airports Authority Inc. 2008 - Second Quarter Results

    WINNIPEG, July 24 /CNW/ - Winnipeg Airports Authority announces second
quarter results.
    For the six months ended June 30, 2008, approximately 1,791,500
passengers passed through this community, representing a 2.7% increase over
the same period in 2007.
    During the second quarter airport campus activity saw Greyhound Canada
commence construction on their new bus and cargo facility and Canada Post
award their design and build contract for their state-of-the art plant to a
Winnipeg-based contractor. In support of further development of an Inland
Port, the Province of Manitoba announced The Community Revitalization Tax
Increment Financing Act to pay for infrastructure and support significant
economic development.
    "Trade growth opportunities are essential for our region," said Barry
Rempel, President & CEO of Winnipeg Airports Authority Inc. "Winnipeg Airports
Authority Inc. is working with business, government and other stakeholders to
continue developing the infrastructure necessary to lead in global trade
logistics and the economic benefits it yields for our community."
    Consolidated revenues were $18.4 million for the second quarter, an
increase of 16.0% over the same period in 2007, due primarily to the increases
in passenger volume and increase of the Airport Improvement Fee. Operating
costs were $8.7 million for the quarter, an increase of 9.2% from the previous
    Earnings before interest, income taxes and amortization (EBITDA)
increased to $9.7 million for the quarter, an increase of 22.9% over 2007.
EBITDA is used generally as a proxy to determine WAA's ability to service its
debt obligations. Net income was $6.7 million for the quarter (2007 -
$6.5 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. 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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