407 International Reports 2009 Results
TORONTO, February 4, 2010
407 International Inc. announced today revenues of $560.0 million for the year ended December 31, 2009, compared to $546.5 million in 2008. Earnings before interest, taxes, depreciation and amortization (“EBITDA” ) totalled $444.0 million for 2009 compared with $414.4 million for 2008. Income from operations increased 11.7% in 2009 over 2008. The Company reported net income of $58.2 million for 2009 compared with net income of $119.1 million for 2008. The decrease in net income was due to a net non-cash interest expense resulting from fair value adjustments to an inflation-linked financial instrument and long-term investments together with lower future income tax recovery in 2009.
The Board of Directors declared an eligible dividend of $0.071 per common share payable on or about February 4, 2010, to shareholders of record on February 4, 2010.
407 International Inc. is owned by a consortium comprised of Cintra Infraestructuras, Intoll and SNC-Lavalin Inc.
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For more information, contact:
Kenneth A. Walker
Chief Financial Officer