Winnipeg Airports Authority Inc. 2010 - Third Quarter Results

WINNIPEG, Oct. 27 /CNW/ - Passenger traffic levels at Winnipeg James Armstrong Richardson International Airport for the third quarter were up 0.48%.

"As noted by economists, the recovery in Canada is expected to be gradual with an expected return to full capacity at the end of 2012," said Barry Rempel, President & CEO of Winnipeg Airports Authority Inc. "Our community witnessed a slight increase in passenger traffic levels which can be attributed to growth in transborder traffic and the addition of Iceland Express services to our community."

Transborder traffic saw positive growth of 3.04% for the quarter. Iceland Express served approximately 4,500 passengers and complemented Manitoba's tourism sector. Cargo activity saw an increase of 7% year to date. A highlight in this quarter was when Winnipeg James Armstrong Richardson International Airport welcomed Her Majesty, Queen Elizabeth II and His Royal Highness, the Duke of Edinburgh. Work continues on the new air terminal building with the opening tied to substantial performance to be provided by the contractor. Charter season commences December 9th with 16 destinations being served. Sun seekers can choose from locations in Cuba, the Caribbean, Mexico and the United States.

Non-consolidated revenues were $20.6 million for the third quarter, an increase of 2.2% over the same period in 2009. Operating costs were $8.6 million for the quarter, an increase of 4.6% from the previous year.

Earnings before interest, income taxes and amortization (EBITDA) increased to $12.0 million for the quarter, an increase of 0.05% over 2009. EBITDA is used generally as a proxy to determine WAA's ability to service its debt obligations. Net income was $8.8 million for the quarter (2009 - $10.5 million).

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: 204.992.2791
www.waa.ca