407 International Reports Second Quarter Results
TORONTO, July 12, 2012 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $188.4 million for the second quarter of 2012, compared to $170.3 million for the same period of 2011. Earnings before interest, taxes, depreciation and amortization ("EBITDA"1) totalled $158.1 million for the second quarter of 2012 as compared with $143.8 million for same period of 2011. The Company reported net income of $40.9 million for the second quarter of 2012, compared with net income of $22.4 million for the same period of 2011.
The Board of Directors declared an eligible dividend of $0.113 per common share, payable on or about July 12, 2012 to shareholders of record on July 12, 2012.
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%).
News releases are available at www.407etr.com.
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 Income tax, results in Net income.
Highlights
Unaudited
| Three month period ended June 30 |
Six month period ended June 30 |
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| 2012 | 2011 | 2012 | 2011 | ||||||||||
| Selected Financial Information (in millions) | |||||||||||||
| Revenues | $ | 188.4 | $ | 170.3 | $ | 344.9 | $ | 313.1 | |||||
| Operating expenses | 30.3 | 26.5 | 60.2 | 56.3 | |||||||||
| Depreciation and amortization | 15.5 | 14.8 | 29.4 | 29.0 | |||||||||
| Interest and other expenses | 83.8 | 99.0 | 153.8 | 176.9 | |||||||||
| Income before tax | 58.8 | 30.0 | 101.5 | 50.9 | |||||||||
| Deferred income tax expense | 17.9 | 7.6 | 28.9 | 12.8 | |||||||||
| Net income | $ | 40.9 | $ | 22.4 | $ | 72.6 | $ | 38.1 | |||||
| Traffic | |||||||||||||
| Total trips (in thousands) | 29,576 | 29,276 | 55,559 | 55,133 | |||||||||
| Average revenue per trip | $ | 6.37 | $ | 5.82 | $ | 6.21 | $ | 5.68 | |||||
| Average workday number of trips | 393,182 | 389,320 | 370,870 | 370,570 | |||||||||
| Total vehicle kilometres (in thousands) | 597,229 | 588,050 | 1,106,661 | 1,095,077 | |||||||||
| Number of transponders in circulation | |||||||||||||
| at June 30 | 1,095,411 | 1,040,798 | 1,095,411 | 1,040,798 | |||||||||
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
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