407 International Reports Third Quarter Results
TORONTO, October 20, 2006
407 International Inc. announced today revenues of $121.6 million for the third quarter of 2006 compared to $117.9 million in the third quarter of 2005. The introduction of the Company’s Heavy Vehicle Reward Program on July 1, 2006, together with a provision for the initial phase of its Light Vehicle Benefits Program, expected to be launched in early 2007, reduced 2006 third quarter revenues by $4.3 million. Earnings before interest, taxes, depreciation and amortization (“EBITDA” ) totalled $97.5 million compared with $92.4 million in the corresponding period of 2005. Net income for the third quarter increased to $39.7 million from a net loss of $28.2 million for the same period last year primarily due to a $63.0 million decrease in non-cash interest expense relating to the inflation component of its inflation-linked bonds. The Board of Directors declared a dividend of $0.031 per common share payable on or about October 20, 2006, to shareholders of record on October 20, 2006.
407 International Inc. is the sole shareholder, operator and manager of 407 ETR, which extends 108 kilometres east-west, just north of Toronto. 407 International Inc. is owned by a consortium comprised of Cintra Concesiones de Infraestructuras de Transporte, Macquarie Infrastructure Group and SNC-Lavalin.
For more information, contact:
Kenneth A. Walker
Chief Financial Officer
Dale A. Albers
Manager, Public Relations