BARRIE, Ontario, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Student Transportation Inc. ("STI" or the "Company") (TSX:STB) (Nasdaq:STB) today reported financial results for the second quarter of fiscal year 2013, ended December 31, 2012. All financial results are reported in US dollars except as otherwise noted.
Revenue for the second quarter of fiscal 2013 increased 18 percent from the same period last year to $119.4 million from $101.1 million, while adjusted EBITDA* increased 20 percent to $28.4 million compared to $23.7 million for the second quarter last year. STI reported a net income of $3.0 million or $0.04 per common share for the second quarter of fiscal 2013 compared to the prior fiscal year second quarter of $1.3 million or $0.02 per common share. Adding to its future performance the company reported it had over $2 million of deferred revenues in the first half of the fiscal year due primarily to Superstorm Sandy which will be recorded in the third and fourth quarters of this fiscal year. All missed school days from the storm will be made up in the school year according to State officials. As normal course of business the Board of Directors approved its quarterly dividend paid monthly to shareholders of record through the end of the fiscal year. The company plans to pay its 100th consecutive monthly dividend in that period.
"We are pleased with the second quarter results which were an improvement over the prior year same quarter and in line with our internal expectations despite the storm," said Denis J Gallagher, Chairman and CEO. "The improvement reflects the continued momentum of the growth secured in the prior fiscal year as well as a disciplined focus on controls we put in place to reduce our fuel costs despite higher market prices year over year. As previously stated, we have secured an approximate 15 percent increase in annualized revenue for fiscal 2013."