407 International Reports First Quarter Results

TORONTO, April 23, 2014 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $185.3 million for the first quarter of 2014, compared to $166.7 million for the same period of 2013.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $150.3 million for the first quarter of 2014 as compared with $135.5 million for same period of 2013.  The Company reported net income of $35.3 million for the first quarter of 2014, compared with net income of $52.4 million for the same period of 2013.

The Board of Directors declared an eligible dividend of $0.226 per common share, payable on or about April 23, 2014 to shareholders of record on April 23, 2014.

407 International Inc. is owned by Cintra Infraestructuras S.A., 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%).

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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' and may not be comparable to measures used by other companies. EBITDA less depreciation and amortization, interest and other expenses and deferred income tax expense, results in net income.

Highlights
Unaudited

			First Quarter
			2014		2013
Selected Financial Information (in millions)
	Revenues		$         185.3		$       166.7
	Operating expenses		35.0		31.2
	Depreciation and amortization		16.0		14.0
	Interest and other expenses		86.4		50.2
	Income before tax		47.9		71.3
	Deferred income tax expense		12.6		18.9
	Net income		$           35.3		$         52.4
Traffic
	Total trips (in thousands)		26,092		25,416
	Average revenue per trip		$7.09		$6.55
	Average workday number of trips		354,885		346,898
	Total vehicle kilometres (in thousands)		517,849		501,920
	Number of transponders in circulation
	at March 31		1,159,892		1,115,195

SOURCE: 407 International Inc.

Investors: Louis-M. St-Maurice, Chief Financial Officer, Tel: [phone]; Media: Kevin Sack, Vice President, Communications and Government Relations, Tel: [phone]; News releases are available at www.407etr.com.