407 International Provides Correction of Second Quarter Trips

TORONTO, July 14, 2017 /CNW/ - 407 International Inc. (the "Company") announced today that its July 13, 2017 press release reporting results for the second quarter of 2017 incorrectly stated "Total trips (in thousands)" for the three-month period ended June 30 as 33,575.  The correct figure is 32,575.  All other information in the press release, and all information in the Company's financial statements and MD&A for the quarter, is unchanged.  The revised text of the press release is set out below.

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407 International Inc. (the "Company") announced today revenues of $331.0 million for the second quarter of 2017, compared to $290.8 million for the same period of 2016.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $291.2 million for the second quarter of 2017 as compared with $257.4 million for same period of 2016.  The Company reported net income of $124.6 million for the second quarter of 2017 as compared with $94.4 million for same period of 2016.

The Board of Directors declared an eligible dividend of $0.277 per common share, payable on or about July 13, 2017, to shareholders of record on July 13, 2017.

The Company is owned by Cintra Global Holding Limited, a wholly owned subsidiary of Ferrovial S. A. (43.23%), by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 40%), and by SNC-Lavalin (16.77%).

News releases are available at www.407etr.com.

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¹ EBITDA is not a recognized measure under International Financial Reporting Standards 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' methods, and may not be comparable to measures used by other companies. EBITDA less depreciation and amortization, interest and other expenses and income tax expenses, results in net income.

Highlights
Unaudited

		Three-month period						Six-month period
		ended June 30						ended June 30
		2017			2016			2017			2016
Selected Financial Information (in millions)
	Revenues	$	331.0		$	290.8		$	591.7		$	516.1
	Operating expenses		39.8			33.4			80.0			71.1
	Depreciation and amortization		26.5			27.0			50.9			52.8
	Interest and other expenses		94.4			101.6			171.6			175.4
	Income before tax		170.3			128.8			289.2			216.8
	Income tax expenses		45.7			34.4			77.2			57.8
	Net income	$	124.6		$	94.4		$	212.0		$	159.0
Traffic
	Total trips (in thousands)		32,575			32,486			60,117			59,278
	Average revenue per trip		$9.99			$8.92			$9.70			$8.65
	Average workday number of trips		427,209			422,411			397,728			391,424
	Total vehicle kilometres (in thousands)		699,776			677,925			1,263,950			1,212,262
	Number of transponders in circulation
	at June 30								1,387,290			1,297,990

SOURCE 407 International Inc.

Investors: Geoffrey Liang, Chief Financial Officer, Tel: [phone]; Media: Kevin Sack, Vice President, Marketing, Communications and Government Relations, Tel: [phone]