407 International Reports Second Quarter Results
TORONTO, July 14, 2011 10:30 a.m.
407 International Inc. announced today revenues of $170.3 million for the second quarter of 2011, compared to $162.0 million for the same period of 2010. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) totalled $143.8 million for the second quarter of 2011 as compared with $135.5 million for same period of 2010. The Company reported net income of $22.4 million for the second quarter of 2011, compared with net income of $33.6 million for the same period of 2010.
The Board of Directors declared an eligible dividend of $0.106 per common share, payable on or about July 14, 2011, to shareholders of record on July 14, 2011.
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%).
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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, net and Deferred income tax expense, results in Net income.