Winnipeg Airports Authority Inc. - 2009 - Third Quarter Results

WINNIPEG , Oct. 30 /CNW/ - Passenger traffic levels at Winnipeg James Armstrong Richardson International Airport for the third quarter were down 5.9%, reflecting the impact of general economic conditions on travel to and from the region.

"Having anticipated declines in traffic, initiatives were undertaken earlier this year to mitigate changes in market conditions," said Barry Rempel , President & CEO of Winnipeg Airports Authority Inc. "Looking ahead, we remain focused on responsibly addressing costs and executing strategic initiatives to diversify our revenue base which will position us well as markets recover."

Consolidated revenues were $21.5 million for the third quarter, an increase of 6.4% over the same period in 2008. Operating costs were $9.5 million for the quarter, an increase of 1.5% from the previous year.

Earnings before interest, income taxes and amortization (EBITDA) increased to $12.0 million for the quarter, an increase of 10.7% over 2008. EBITDA is used generally as a proxy to determine WAA's ability to service its debt obligations. Net income was $10.5 million for the quarter (2008 - $9.4 million ).

    
    Revenue diversification initiatives include projects such as;
    -   Standard Aero's recently completed CF34 engine overhaul facility and
        subsequent expansion of facilities to include overhaul of larger
        turbofan engines (WestJet fleet contract).
    -   The opening of Canada's first intermodal bus/air facility
    -   Ongoing construction of Canada Post's new state-of-the-art sortation
        facility
    -   Lakeview Properties (Sheraton Four Points) expansion and new Winnipeg
        Airport Grand Hotel (Winnipeg's first 5 star hotel)
    -   Providing additional day time cargo capacity to meet the needs of
        supply chain participants
    

Winnipeg Airports Authority (WAA) also congratulates the Governments of Canada and Manitoba on new measures to attract investment and boost trade with the announcement of foreign trade zone initiatives in Manitoba. The WAA will continue to work with the City of Winnipeg in meeting the needs of supply chain participants within the area known as CentrePort Canada .

Winnipeg Airports Authority is a non-share capital corporation responsible for the management and operation of Winnipeg James Armstrong Richardson International Airport and affiliate businesses. Net income is reinvested by WAA back into the community, primarily through airport development projects. WAA is self sufficient with taxpayers not directly involved in financing airport site redevelopment.

Winnipeg Airports Authority serves our region by providing value to our customers and community. A source of pride for our community, we strive to be a leader in its growth and development.

For further information: Christine Alongi, Director, Communications and Public Affairs, Winnipeg Airports Authority Inc, Phone: [phone], 24 Hour Media Line: [phone], www.waa.ca