TORONTO, Ont. — 407 International Inc. announced a loss of $86.7 million for the year ended December 31, 2004, compared with $75.2million in 2003.
The loss for the fourth quarter was $38.7 million, $6.3million 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 for the year ended December 31, 2004, totaled $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 per cent to nearly two billion kilometres traveled. 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.
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