Winnipeg Airports Authority Inc. 2008 Fourth Quarter and Annual Results (unaudited)

    WINNIPEG, Jan. 28 /CNW/ - Winnipeg Airports Authority reports that
traffic at Winnipeg James Armstrong Richardson International Airport equaled
the record set for enplaned passengers in 2007. For the twelve months ended
December 31st, passenger traffic was 3,570,033.
    The vision for the airport campus continued to evolve throughout 2008
with visible construction of the new Air Terminal Building, new tenant
projects including Canada Post, Greyhound, the Standard Aero expansion and the
recent Provincial announcement creating CentrePort Canada. Airport site
redevelopment resulted in 1.3 million construction hours.
    "In closing the books on 2008, we look towards 2009 and building on a
theme of transformation", said Barry Rempel, President and CEO of Winnipeg
Airports Authority Inc. "We continue to prepare both our company and the
campus in a manner that recognizes the new economic realities of today's
marketplace while ensuring the provision of the required infrastructure to
meet current and future needs of our community."
    Consolidated revenues were $21.1 million for the fourth quarter, an
increase of 29.4% over the same period in 2007. Operating costs were $9.9
million for the quarter, an increase of 3.2% from the previous year. Earnings
before interest, income taxes, depreciation and amortization (EBITDA) remained
strong at $11.2 million for the fourth quarter, an increase of $4.5 million
over 2007. EBITDA is used generally as a proxy to determine WAA's ability to
service its debt obligations. Net income was $6.1 million for the quarter
(2007 - $5.5 million). Total capital investment to the end of the fourth
quarter (YTD) reached $143.9 million primarily on the airport redevelopment

    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 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 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, 24 Hour Media Line: (204)

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Winnipeg Airports Authority Inc.

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