407 International Reports $86.7 Million Loss for 2004
TORONTO, February 17, 2005
407 International Inc. announced today a loss of $86.7 million for the year ended December 31, 2004, compared with $75.2 million in 2003. The loss for the fourth quarter was $38.7 million, $6.3 million higher than $32.4 million during the same quarter last year. The Company took a charge of $23.2 million during the fourth quarter relating to the early redemption of Senior Bonds, Series 99-A8. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the year ended December 31, 2004, totalled $277.2 million compared with $239.6 million in 2003. After giving effect to depreciation, amortization, financing costs and taxes, the Company’s net loss is $86.7 million for 2004. Revenues for the year ended December 31, 2004, were $383.0 million compared with $343.3 million in 2003 and traffic increased by 7.5% to nearly 2 billion kilometres travelled. The Board of Directors declared and paid a dividend of approximately $0.027 per common share (calculated on a fully-diluted basis) on or about February 17, 2005, to shareholders of record on February 17, 2005.
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
Dale A. Albers
Manager, Public Relations
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