407 International Reports 2009 Results

TORONTO , Feb. 4 /CNW/ - 407 International Inc. announced today revenues of $560.0 million for the year ended December 31, 2009 , compared to $546.5 million in 2008. Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) totalled $444.0 million for 2009 compared with $414.4 million for 2008. Income from operations increased 11.7% in 2009 over 2008. The Company reported net income of $58.2 million for 2009 compared with net income of $119.1 million for 2008. The decrease in net income was due to a net non-cash interest expense resulting from fair value adjustments to an inflation-linked financial instrument and long-term investments together with lower future income tax recovery in 2009.

The Board of Directors declared an eligible dividend of $0.071 per common share payable on or about February 4, 2010 , to shareholders of record on February 4, 2010 .

407 International Inc. is owned by a consortium comprised of Cintra Infraestructuras, Intoll and SNC-Lavalin Inc.

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, net and Income tax, results in Net income.


    Highlights
    Unaudited

                              Three month period ended       Year ended
                                     December 31             December 31
                              ----------------------- -----------------------
                                  2009        2008        2009        2008
                              ----------- ----------- ----------- -----------
    Selected Financial
     Information (in millions)
      Revenues                 $   141.6       133.5   $   560.0   $   546.5
                              ----------- ----------- ----------- -----------
      Operating expenses            34.8        52.1       116.0       132.1
      Depreciation and
       amortization                 14.3        18.4        61.4        72.0
                              ----------- ----------- ----------- -----------
                                    49.1        70.5       177.4       204.1
                              ----------- ----------- ----------- -----------
      Income from operations        92.5        63.0       382.6       342.4
      Interest and other
       expenses, net                85.8        17.5       339.8       257.3
                              ----------- ----------- ----------- -----------
      Income before income taxes     6.7        45.5        42.8        85.1
      Income tax recovery -
       Current                         -        (0.5)          -        (0.5)
      Income tax recovery -
       Future                      (22.6)      (33.5)      (15.4)      (33.5)
                              ----------- ----------- ----------- -----------
      Net income               $    29.3        79.5   $    58.2   $   119.1
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------




    Traffic
      Total trips
       (in thousands)             28,372      28,536     110,764     113,776
      Average revenue
       per trip                    $4.99       $4.68       $5.06       $4.80
      Average workday
       number of trips           373,079     377,014     367,295     377,922
      Total vehicle kilometres
       (in thousands)            566,753     560,395   2,214,775   2,252,719
      Number of transponders
       in circulation
       at December 31            985,701     920,200     985,701     920,200
    

For further information: Investors: Kenneth A. Walker, Chief Financial Officer, Tel: [phone]; Media: Steve Spencer, Director, Communications, Tel: [phone]