News Column

407 International Reports Second Quarter Results

July 17, 2014

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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1EBITDA 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.


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Source: Canada Newswire


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