407 International Reports Third Quarter Results
TORONTO, October 20, 2009
407 International Inc. announced today revenues of $156.6 million for the third quarter ended September 30, 2009 compared to $152.9 million for the same period of 2008. Earnings before interest, taxes, depreciation and amortization (“EBITDA” ) totalled $128.3 million for the third quarter of 2009 compared with $125.7 million for the same period of 2008. The Company reported net income of $12.9 million for the third quarter of 2009 compared with net income of $60.3 million for the same period of 2008 due to unfavourable net non-cash adjustments relating to inflation-linked financial instruments.
The Board of Directors declared an eligible dividend of $0.061 per common share payable on or about October 20, 2009, to shareholders of record on October 20, 2009.
The Board of Directors appointed Mr. José Tamariz as President and Chief Executive Officer of 407 International Inc., replacing Mr. Antonio de Santiago, effective October 20, 2009. Mr. Tamariz is a civil engineer with over 15 years of experience in the transportation and construction industries. He has most recently served as Chief Executive Officer of Cintra Ireland, overseeing the Eurolink Motorway Operation.
407 International Inc. is owned by a consortium comprised of Cintra Concesiones de Infraestructuras de Transporte, Macquarie Infrastructure Group and SNC-Lavalin Inc.
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For more information, contact:
Kenneth A. Walker
Chief Financial Officer