Winnipeg Airports Authority Inc. 2009 - First Quarter Results (Unaudited)

    WINNIPEG, April 29 /CNW/ - Winnipeg James Armstrong Richardson
International Airport continues its transformation within the context of
today's difficult economic environment. Local traffic volumes are aligning
more closely with significant negative growth of the global market.
    Diversification of revenue sources combined with effective cost
management programs has allowed the WAA to maintain its current fees and
charges despite these slowdowns. For the three months ended March 31st,
approximately 878,055 passengers travelled through the air terminal building,
representing a 3.3% decrease over the same period in 2008, the first such drop
since 2001.
    "With the increasingly visible signs of development on the campus, less
visible are the benefits of new efficiencies," said Barry Rempel, President &
CEO of Winnipeg Airports Authority Inc. "Our business model fundamentals of
efficiency, transformation and connecting are critical to the bottom line and
have resulted in tangible benefits this quarter."
    Campus development during the quarter included ongoing construction of
the New Air Terminal Building, Canada Post, Greyhound Canada and expansion of
the existing Four Points by Sheraton. Standard Aero's 80,000 square foot
expansion, providing for 140 news jobs in our community, was completed and
readied for occupancy.
    Consolidated revenues were $21.0 million for the first quarter, an
increase of 4.0% over the same period in 2008, due primarily to the increases
in the number of people taking advantage of seasonal charter flights to sun
destinations as well as increased activities in subsidiaries. Cargo revenues
increased by 24.5% over the first quarter of 2008. Operating costs were $10.1
million for the quarter, an increase of 4.1% from the previous year.
    Earnings before interest, income taxes, depreciation and amortization
(EBITDA) increased to $10.9 million for the three months, an increase of 4.0%
over 2008. EBITDA is used generally as a proxy to determine WAA's ability to
service its debt obligations. Net income was $8.8 million for the quarter
(2008 - $7.3 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 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 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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