Winnipeg Airports Authority Inc. 2010 - Second Quarter Results

WINNIPEG, July 27 /CNW/ - "As Canada's labour market continues to recover, we have seen more people returning to the skies and witnessed successive months of moderate growth in passengers boarded," said Barry Rempel, President & CEO of Winnipeg Airports Authority. "Diligently managing expenses while working with industry partners to expand service options has allowed Winnipeg Airports Authority to maintain strong financial performance throughout the downturn."

For the three months ended June 30, 2010, approximately 823,300 passengers passed through the airport terminal, representing a 0.2% decrease over the same period in 2009.

Revenues were $19.6 million for the second quarter, compared to $18.4, representing an increase of 6.5% for the same period in 2009. Operating costs were $9.0 million for the quarter, an increase of 8.4% from the previous year.

Earnings before interest, income taxes and amortization (EBITDA) were $10.6 million for the quarter, an increase of 6% over 2009. EBITDA is used generally as a proxy to determine Winnipeg Airports Authority's ability to service its debt obligations. Net income was $6.9 million for the quarter (2009 - $8.8 million).

A number of events on the Airport Campus this quarter provided direct benefits for our community. Iceland Express began direct service via Winnipeg to Iceland and London, Gatwick and Canada Post held the Grand Opening for their new Winnipeg Mail Processing Plant. The Four Points Sheraton expansion is progressing and the air terminal construction continues with 6,340 person years of employment being generated within Manitoba.

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 which is being paid through Airport Improvement Fees (AIF).

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: 204.992.2791, www.waa.ca