407 International Reports Second Quarter Results

TORONTO, July 17, 2014 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $228.5 million for the second quarter of 2014, compared to $205.2 million for the same period of 2013.  Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $195.2 million for the second quarter of 2014 as compared with $178.5 million for same period of 2013.  The Company reported net income of $45.4 million for the second quarter of 2014, compared with net income of $75.7 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 July 17, 2014 to shareholders of record on July 17, 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%).

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' 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

			Three-month period				Six-month period
			ended June 30				ended June 30
			2014		2013		2014		2013
Selected Financial Information (in millions)
	Revenues		$          228.5		$       205.2		$        413.8		$      371.9
	Operating expenses		33.3		26.7		68.3		57.9
	Depreciation and amortization		16.7		15.8		32.7		29.8
	Interest and other expenses		117.1		59.8		203.5		110.0
	Income before tax		61.4		102.9		109.3		174.2
	Deferred income tax expense		16.0		27.2		28.6		46.1
	Net income		$            45.4		$         75.7		$          80.7		$      128.1
Traffic
	Total trips (in thousands)		30,472		29,615		56,564		55,031
	Average revenue per trip		$7.47		$6.92		$7.30		$6.75
	Average workday number of trips		403,011		389,779		379,140		368,853
	Total vehicle kilometres (in thousands)		627,343		601,441		1,145,192		1,103,361
	Number of transponders in circulation at June 30		1,176,002		1,128,986		1,176,002		1,128,986

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]