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Challenging the Wisdom of the Trans Texas Corridor.
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407 International Reports 2006 ResultsFebruary 6, 2007TORONTO, Feb. 6 /CNW/ - 407 International Inc. announced today revenues of $455.7 million for the year ended December 31, 2006, compared to $420.3 million in 2005. Earnings before interest, taxes, depreciation and amortization ("EBITDA"(1)) totalled $352.7 million for 2006 compared with $316.3 million for 2005. Net income for 2006 increased to $48.5 million from a net loss of $27.8 million last year primarily due to a $55.8 million decrease in non-cash interest expense relating to the inflation component of its inflation-linked bonds and higher income from operations. "This was a great year both for the company and our customers," said Antonio de Santiago, President and Chief Executive Officer of 407 ETR."We opened 53 kilometres of new lanes to improve highway capacity and reduce traffic congestion, and we initiated a pilot and prepared for the launch of the 407 ETR Rewards program to our most valued customers in 2007." The 407 ETR Rewards program will extend benefits of at least $40 million over four years to approximately 100,000 light-vehicle customers by way of a multi-tier frequent user program.The Board of Directors declared an eligible dividend of $0.037 per common share payable on or about February 6, 2007, to shareholders of record on February 6, 2007.407 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.News releases are available at www.407etr.com. Consolidated Financial Statements and Management's Discussion and Analysis can also be accessed on SEDAR (www.sedar.com).--------------------------(1) 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 (loss) 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 taxes - current, result in Net Income (loss).For further information: Investors: Kenneth A. Walker, Chief Financial Officer, Tel: (905) 265-4070; Media: Dale A. Albers, Manager, Public Relations, Tel: (905) 264-5221
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This Page Last Updated: Wednesday February 07, 2007