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Winnipeg Airports Authority Inc. – 2008 – first quarter results

April 30, 2008, Winnipeg - Winnipeg James Armstrong Richardson International Airport continues to experience increases in both passenger and cargo revenues as well as development on the airport campus.


April 30, 2008
By Carey Fredericks

April 30, 2008, Winnipeg – Winnipeg James Armstrong Richardson
International Airport continues to experience increases in both passenger and
cargo revenues as well as development on the airport campus.
       

For the three months ended March 31st, approximately 908,000 passengers
passed through this community, representing a 5.5% increase over the same
period in 2007.
       
During the first quarter, Winnipeg Airports Authority welcomed both
Canada Post and Greyhound Canada as they announced plans to build
state-of-the-art facilities at the airport.
       
"We continue to build on our heritage of transportation excellence by
leading local development and growing the entry point for global trade," said
Barry Rempel, President & CEO of Winnipeg Airports Authority Inc. "Airport
site redevelopment is contributing to the vision of Winnipeg as a true airport
city, addressing not only the needs of travellers but enabling our community
to become a transportation, distribution and logistics centre for North
America."
       
Consolidated revenues were $20.2 million for the first quarter, an
increase of 23.6% over the same period in 2007, due primarily to the increases
in passenger volume and increase of the Airport Improvement Fee. Cargo
revenues increased by 5.6% over the first quarter of 2007. Operating costs
were $9.7 million for the quarter, an increase of 15.0% from the previous
year.
       
Earnings before interest, income taxes and amortization (EBITDA)
increased to $10.5 million for the three months, an increase of 32.6% over
2007. EBITDA is used generally as a proxy to determine WAA's ability to
service its debt obligations. Net income was $7.3 million for the quarter
(2007 – $4.8 million).

        Winnipeg Airports Authority is a non-share capital corporation
responsible for the management and operation of Winnipeg James Armstrong
Richardson International Airport and affiliate businesses. Net income is
reinvested by WAA back into the community, primarily through airport
development projects. WAA is self sufficient with taxpayers not directly
involved in financing airport site redevelopment which is being paid through
Airport Improvement Fees (AIF).
        Winnipeg Airports Authority serves our region by providing value to our
customers and community. A source of pride for our community, we strive to be
a leader in its growth and development.

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