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BARRIE, Ontario, Sept. 25, 2012 (GLOBE NEWSWIRE) -- Student Transportation Inc., ("STI" or the "Company") (TSX:STB) (Nasdaq:STB) today reported fiscal year results for the fourth quarter and fiscal year ended June 30, 2012. All financial results are reported in US dollars, except as otherwise noted.
"Fiscal 2012 was another important and strong year in the Company's development," said Denis J. Gallagher, Chairman and Chief Executive Officer. Our disciplined growth strategy continued with seven key acquisitions and nine targeted new bid contracts. Revenues and EBITDA for the fiscal year increased 20 percent. Our 19% margin achieved again this year is consistent with results we have shown over the past years despite turbulent economic conditions and higher fuel costs. Our results highlight the steady, predictable cash flows indicative of our successful business model in the school bus transportation market."
Fourth quarter revenue and EBITDA were $103.4 million and $23.3 million, respectively, compared to $89.9 million and $20.0 million for the fourth quarter of fiscal 2011. The reported net income for the quarter was $9.2 million, or $0.12 per share compared to $2.0 million or $0.03 per share for the fourth quarter of fiscal 2011. Revenue for fiscal 2012 increased to $369.0 million from $305.3 million for fiscal 2011 and EBITDA increased to $70.1 million from $58.9 million for the prior year. Net income for fiscal year 2012 amounted to $2.3 million or $0.03 per share compared to net income of $1.5 million or $0.03 per share for the fiscal year 2011.
"At the end of May, we closed an asset purchase and sale agreement as our seventh acquisition in fiscal 2012. As part of the acquisition, we acquired assets and eight contracts in Texas and Washington that were required to be divested by regulatory authorities in connection with a merger of two competitors," Gallagher said. "The purchase resulted in a non-cash bargain gain during the fourth quarter which basically offsets the non-cash, non-operational losses from earlier in the year associated with the 6.25% convertible debentures and our foreign currency hedge contracts. More importantly, this acquisition comes with strong operations in two new states for us, an experienced industry operating team that know the markets in these two states and tremendous growth opportunities including the potential for significant managed contract growth through conversions of public operations to private in Texas."