407 International Reports First Quarter Results

TORONTO, April 15 /CNW/ - 407 International Inc. announced today revenues of $131.2 million for the first quarter of 2010, compared to $119.7 million for the same period of 2009. Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) totalled $103.1 million for the first quarter of 2010, compared with $93.3 million for the same period of 2009. The Company reported net income of $12.6 million for the first quarter of 2010, compared with net income of $8.0 million for the same period of 2009.

The Board of Directors declared an eligible dividend of $0.071 per common share payable on or about April 15, 2010, to shareholders of record on April 15, 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

                                                             First Quarter
                                                            2010       2009
                                                        ---------- ----------
    Selected Financial Information (in millions)

      Revenues                                           $  131.2   $  119.7
                                                        ---------- ----------

      Operating expenses                                     28.1       26.4
      Depreciation and amortization                          13.4       16.3
                                                        ---------- ----------
                                                             41.5       42.7
                                                        ---------- ----------
      Income from operations                                 89.7       77.0
      Interest and other expenses, net                       71.3       65.2
                                                        ---------- ----------
      Income before income taxes                             18.4       11.8
      Future income tax expense                               5.8        3.8
                                                        ---------- ----------
      Net income                                         $   12.6   $    8.0
                                                        ---------- ----------
                                                        ---------- ----------

    Traffic
      Total trips (in thousands)                           25,627     25,084
      Average revenue per trip                              $5.12      $4.77
      Average workday number of trips                     348,358    340,814
      Total vehicle kilometres (in thousands)             499,815    478,678
      Number of transponders in circulation at March 31   977,176    926,756
    

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