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SECURITY: UXL (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Laidlaw Inc. is a holding
company for North America's largest providers of school and inter-city
bus transport, public transit, patient transportation and emergency department
management services.
Laidlaw
International Reports Second Quarter Fiscal 2006 Results
NAPERVILLE, Ill.--(BUSINESS
WIRE)--April 6, 2006--Laidlaw International, Inc. (NYSE:LI):
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EBITDA Increased by 6% to $122 Million
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Earnings per Share Grew 90% to $0.38 per share
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Repurchase of 1.7 million Shares
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Quarterly Dividend of $0.15 per share
Laidlaw International, Inc.
(NYSE:LI), a holding company for North America's largest operators of school
and inter-city bus transportation and a leading provider of public transit
services, today reported financial results for its fiscal second quarter
ended February 28, 2006. Laidlaw reported net income from continuing operations
of $38 million or $0.38 per share for its second quarter 2006, as compared
to net income from continuing operations of $21 million or $0.20 per share
for second quarter 2005.
"These results reflect our
attention to improvement in all aspects of our business," said Kevin Benson,
President and Chief Executive Officer of Laidlaw International, Inc. "We
also benefited from reduced interest costs following last year's debt refinancing."
Mr. Benson added, "The share buyback program we announced last quarter
is well underway with 1.7 million shares repurchased by the end of the
second quarter."
Second Quarter Results
Laidlaw reported consolidated
revenue for the second quarter of $789 million, up 3% from $764 million
in the prior year. The expansion in revenue is due to Education Service's
efforts to improve school bus contract rates and Greyhound's ticket price
increases.
EBITDA of $122 million was
up 6% from the prior year and EBITDA margin increased as a percentage of
revenue as a result of improved operating profitability at Laidlaw's two
largest segments. Revenue growth and the focus on operating profitability
at both Education Services and Greyhound contributed to the margin expansion,
more than offsetting fuel price increases. EBITDA is a non-GAAP financial
measure representing operating income plus depreciation and amortization.
A schedule reconciling EBITDA to income from continuing operations is provided
as a supplement to this release. |
