407 International Reports Third Quarter Results

TORONTO, Oct. 23, 2014 /CNW/ - 407 International Inc. (the "Company") announced today revenues of $245.7 million for the third quarter of 2014, compared to $224.8 million for the same period of 2013. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $211.3 million for the third quarter of 2014 as compared with $191.3 million for same period of 2013.  The Company reported net income of $80.9 million for the third quarter of 2014, compared with net income of $69.3 million for the same period of 2013.

The Board of Directors declared an eligible dividend of $0.265 per common share, payable on or about October 23, 2014 to shareholders of record on October 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%).

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				Nine-month period
			ended September 30				ended September 30
			2014		2013		2014		2013
Selected Financial Information (in millions)
	Revenues		$           245.7		$       224.8		$        659.5		$      596.7
	Operating expenses		34.4		33.5		102.7		91.4
	Depreciation and amortization		18.4		16.4		51.1		46.2
	Interest and other expenses		82.8		81.3		286.3		191.3
	Income before tax		110.1		93.6		219.4		267.8
	Deferred income tax expense		29.2		24.3		57.8		70.4
	Net income		$            80.9		$         69.3		$        161.6		$      197.4
Traffic
	Total trips (in thousands)		31,382		30,603		87,945		85,634
	Average revenue per trip		$7.80		$7.33		$7.48		$6.96
	Average workday number of trips		409,806		400,039		389,417		379,304
	Total vehicle kilometres (in thousands)		675,668		657,046		1,820,860		1,760,407
	Number of transponders in circulation
	at September 30		1,197,919		1,148,215		1,197,919		1,148,215

SOURCE: 407 International Inc.

Investors: Louis-M. St-Maurice, Chief Financial Officer, Tel: [phone]; Media: Kevin Sack, Vice President, Marketing, Communications and Government Relations, Tel: [phone]