407 International Reports 2008 Results
TORONTO, February 10, 2009
407 International Inc. announced today revenues of $546.5 million for the year ended December 31, 2008, compared to $518.9 million in 2007. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) totalled $414.3 million for 2008, after an adjustment to the Company’s provision for doubtful accounts on historical balances ($24.6 million), compared to $407.6 million for 2007. Net income for 2008 increased to $119.0 million compared to $60.3 million in 2007 as the Company recorded a future tax recovery and lower non-cash inflation-related interest expense, partially offset by an unfavourable non-cash fair value adjustment on long-term investments.
The Board of Directors declared an eligible dividend of $0.061 per common share payable on or about February 10, 2009, to shareholders of record on February 10, 2009.
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.
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For more information, contact:
Kenneth A. Walker
Chief Financial Officer
Vice President, Communications