TORONTO, July 15 /CNW/ - 407 International Inc. announced today revenues of $162.0 million for the second quarter ended June 30, 2010 compared to $142.1 million for the same period of 2009. Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) totalled $135.5 million for the second quarter of 2010 compared with $115.6 million for the same period of 2009. The Company reported a net income of $33.6 million for the second quarter of 2010 compared with a net income of $8.0 million for the same period of 2009.
The Company also announced today the retirement of Kenneth A. Walker from the position of Chief Financial Officer and Secretary, effective October 15, 2010.
"Ken was an integral member of the 407 ETR International consortium that successfully bid for the acquisition of 407 ETR Concession Company Limited from the Province in 1999. Ken has been the Chief Financial Officer and Secretary of the Company since its incorporation in 1999 and has seen the Company through several important milestones including the largest Canadian corporate bond issuance in its initial public offering. He has built an outstanding team of finance professionals and leaves the Company in a sound financial condition," said Jose Tamariz, 407 International's President and Chief Executive Officer. The Board of Directors want to express our sincerest thanks to Ken. We wish him all the best in his retirement.
The Board of Directors approved today the nomination of Mr. Louis-M St-Maurice as Chief Financial Officer and Secretary to succeed Mr. Walker upon his retirement in October. Mr. St-Maurice is a professional engineer with over 30 years of experience in project development and management activities. He has most recently served as Chief Financial Officer of Astoria Energy LLC in New York. Prior to his most recent position, Mr. St-Maurice was Vice-President, SNC-Lavalin Investment.
407 International Inc. is owned by a consortium comprised of Cintra Infraestructuras, Intoll and SNC-Lavalin.
News releases are available at www.407etr.com.
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(1) EBITDA is not a recognized measure under Canadian generally accepted
accounting principles 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 result in Net income.
Highlights
Unaudited
Three month Six month
period ended period ended
June 30 June 30
-------------------- --------------------
2010 2009 2010 2009
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Selected Financial Information
(in millions)
Revenues $ 162.0 $ 142.1 $ 293.2 $ 261.8
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Operating expenses 26.5 26.5 54.6 52.9
Depreciation and amortization 13.2 15.7 26.6 32.0
--------- --------- --------- ---------
39.7 42.2 81.2 84.9
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Income from operations 122.3 99.9 212.0 176.9
Interest and other
expenses, net 72.7 93.1 144.0 158.3
--------- --------- --------- ---------
Income before income taxes 49.6 6.8 68.0 18.6
Future income tax expense
(recovery) 16.0 (1.2) 21.8 2.6
--------- --------- --------- ---------
Net income $ 33.6 $ 8.0 $ 46.2 $ 16.0
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Traffic
Total trips (in thousands) 29,844 28,233 55,471 53,317
Average revenue per trip $5.43 $5.03 $5.29 $4.91
Average workday number
of trips 397,171 374,161 372,960 357,621
Total vehicle kilometres
(in thousands) 600,688 559,188 1,100,503 1,037,866
Number of transponders in
circulation at June 30 991,879 939,994 991,879 939,994
For further information: Investors: Kenneth A. Walker, Chief Financial Officer, Tel: 905-265-4070; Media: Steve Spencer, Director, Communications, Tel: 905-264-5232
