TORONTO, Oct. 19 /CNW/ - 407 International Inc. announced today revenues of $172.8 million for the third quarter ended September 30, 2010 compared to $156.6 million for the same period of 2009. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $143.9 million for the third quarter of 2010 compared with $128.3 million for the same period of 2009. The Company reported a net income of $28.9 million for the third quarter of 2010 compared with a net income of $12.9 million for the same period of 2009.
The Board of Directors declared an eligible dividend of $0.142 per common share payable on or about October 19, 2010, to shareholders of record on October 19, 2010.
407 International Inc. is owned by a consortium comprised of Cintra Infraestructuras, Intoll and SNC-Lavalin.
News releases are available at www.407etr.com.
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 period ended | Nine month period ended | ||||||||
| September 30 | September 30 | ||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||
| Selected Financial Information (in millions) | |||||||||
| Revenues | $ 172.8 | $ 156.6 | $ 466.0 | $ 418.4 | |||||
| Operating expenses | 28.9 | 28.3 | 83.5 | 81.2 | |||||
| Depreciation and amortization | 15.1 | 15.1 | 41.7 | 47.1 | |||||
| 44.0 | 43.4 | 125.2 | 128.3 | ||||||
| Income from operations | 128.8 | 113.2 | 340.8 | 290.1 | |||||
| Interest and other expenses, net | 86.2 | 95.7 | 230.2 | 254.0 | |||||
| Income before income taxes | 42.6 | 17.5 | 110.6 | 36.1 | |||||
| Future income tax expense | 13.7 | 4.6 | 35.5 | 7.2 | |||||
| Net income | $ 28.9 | $ 12.9 | $ 75.1 | $ 28.9 | |||||
| Traffic | |||||||||
| Total trips (in thousands) | 30,028 | 29,075 | 85,499 | 82,392 | |||||
| Average revenue per trip | $5.75 | $5.39 | $5.45 | $5.08 | |||||
| Average workday number of trips | 392,985 | 380,705 | 379,670 | 365,356 | |||||
| Total vehicle kilometres (in thousands) | 642,871 | 610,156 | 1,743,374 | 1,648,022 | |||||
| |
Number of transponders in circulation at September 30 |
|
1,007,614 |
952,977 |
|
1,007,614 |
952,977 |
||
For further information:
| Investors: Louis-M. St-Maurice Chief Financial Officer Tel: 905-265-4070 |
Media: Kevin Sack Vice President, Communications and Government Relations Tel: 905-264-5374 |
