407 International Inc
. announced today revenues of $290.8 million
for the second quarter of 2016, compared to $257.2 million for the same period of 2015. Earnings before interest, taxes, depreciation and amortization ("EBITDA"¹) totalled $257.4 million for the second quarter of 2016 as compared with $225.9 million for the same period of 2015. A net income of $94.4 million was reported for the second quarter of 2016 compared with $76.6 million for the same period of 2015.
The Board of Directors declared an eligible dividend of $0.268 per common share
, payable on or about July 14, 2016 to shareholders of record on July 14, 2016.
Drivers continued to show the value of using the toll road as a way to save time and money, as the results announced today reflect a record second quarter for usage of Highway 407 ETR, both for total trips taken and for total vehicle kilometres travelled. In addition, on June 30, 2016, the Company set another new one-day record when 493,532 trips were taken on Highway 407 ETR
(the average number of workday trips in the second quarter was 422,411). This new record far surpasses the previous one-day traffic record of 469,185 set earlier in June.
The Company is pleased to confirm the recent appointments to the Board of Directors of Denis Jasmin, Vice-President, Investor Relations of SNC-Lavalin and Laura Formusa, former President and Chief Executive Officer of Hydro One.
In addition, the Company is pleased to confirm the appointment of Geoffrey Liang as Chief Financial Officer of the Company. Mr. Liang's interim appointment was initially announced in April of 2015 and is now permanent.
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