Winnipeg Airports Authority announce 4Q2009 results
"The economic downturn has had a dramatic impact on airlines as well as travel patterns throughout the world. With airlines cutting capacity, there are fewer seats available for travelers in the Winnipeg market," said Barry Rempel, President and CEO of Winnipeg Airports Authority. "In response, we were able to implement cost-constraint measures and increase other campus revenue which positively impacted our bottom line, ensuring our corporation's continued financial stability."
Fourth quarter passenger traffic at Winnipeg James Armstrong Richardson International Airport declined by 2.95% over the same period last year.
Consolidated revenues were $19.9 million for the fourth quarter, compared to $21.3 million for the same period in 2008. Operating costs were $10.3 million for the quarter, a decrease of $0.5 million from the previous year. Earnings before interest, income taxes, depreciation and amortization (EBITDA) remained strong at $9.6 million for the fourth quarter, a decrease of $0.8 million compared to 2008. EBITDA is used generally as a proxy to determine WAA's ability to service its debt obligations. Net income was $7.4 million for the quarter (2008 - $5.3 million). Total capital investment to the end of the fourth quarter (YTD) reached $543.8 million primarily on the airport redevelopment program.
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. All 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.