407 International Reports 2010 Results
February 17, 2011, 5:00 p.m. (EST)
407 International Inc. announced today revenues of $624.3 million for the year ended December 31, 2010, compared to $560.0 million in 2009. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) totalled $500.1 million for 2010 compared with $444.0 million for 2009. The Company reported net income of $77.0 million for 2010 compared with net income of $58.2 million for 2009.
The Board of Directors declared an eligible dividend of $0.106 per common share payable on or about February 17, 2011, to shareholders of record on February 17, 2011.
407 International Inc. is owned by Cintra Infraestructuras, Canada Pension Plan Investment Board and SNC-Lavalin.
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For more information, contact:
Chief Financial Officer
Communications and Government Relations
EBITDA is not a recognized measure under Canadian generally accepted accounting principles and investors are cautioned that EBITDA should not be construed as an alternative to net income or cash from operating activities as an indicator of the Company's performance or cash flows. The Company's method of calculating EBITDA may differ from other companies' and may not be comparable to measures used by other companies. EBITDA less Depreciation and amortization, Interest and other expenses, net and Income tax, results in Net income.
|Three month period ended December 31||Year ended December 31|
|Selected Financial Information
|Revenues||$ 158.3||$ 141.6||$ 624.3||$ 560.0|
|Depreciation and amortization||15.2||14.3||56.9||61.4|
|Income from operations||102.4||92.5||443.2||382.6|
|Interest and other expenses, net||97.3||85.8||327.5||339.8|
|Income before income taxes||5.1||6.7||115.7||42.8|
|Future Income tax expense (recovery)||3.2||(22.6)||38.7||(15.4)|
|Net income||$ 1.9||$ 29.3||$ 77.0||$ 58.2|
|Total trips (in thousands)||29,192||#||28,372||114,691||110,764|
|Average revenue per trip||$5.42||$4.99||$5.44||$5.06|
|Average workday number of trips||383,689||373,079||380,679||367,295|
|Total vehicle kilometres (in thousands)||593,027||566,753||2,336,401||2,214,775|
|Number of transponders in circulation|
|at December 31||1,022,466||985,701||1,022,466||985,701|