TORONTO — Student Transportation of America Ltd. (STA) reported financial results for the second quarter of its fiscal 2008, which ended Dec. 31, 2007.
Second quarter revenue was $54.5 million, up 16.2 percent from $46.9 million in the prior year. Net income for the quarter was $0.7 million, or $0.02 per common share, compared to a net loss of $2.4 million, or a $0.12 net loss per common share.
EBITDAR (earnings before interest, taxes, depreciation, amortization and rent) for the second quarter increased to $12.0 million from $10.2 million for the prior year second quarter, and cash available for distributions increased to $9.7 million from $8.3 million.
The company paid out $5.9 million in Canadian dollars in distributions during the quarter. Net cash provided by operations was $8.5 million for the quarter compared to $3.2 million in fiscal 2007.
In January, STA completed its acquisition of Canadex Resources Ltd., one of the largest independent school bus operators in Ontario.
“This strategic acquisition is STA’s largest investment in Ontario and will significantly increase our Canadian cash flows at a time when the Canadian dollar is near par with the U.S.,” said STA Chairman and CEO Denis Gallagher.