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Student Transportation Inc. Announces Third Quarter Fiscal Year 2013 Interim Results

Stocks in this article: STB

On Wednesday, May 15, 2013 at 12:00 p.m. ET at The Studio of the Toronto Stock Exchange in the Exchange Tower, at 130 King Street West in Toronto, the Company will thank employees and join with shareholders in a ceremony to celebrate the Company's 100th consecutive monthly cash dividend paid to shareholders. The ceremony will also be audio webcast live from STI's website at . As has been the past practice, the Board of Directors approved at its recent meeting the quarterly extension of dividends payable to shareholders of record through September 2013.

Reconciliation of Net Income (loss) and Adjusted EBITDA *
  Year over Year  Year over Year 
(Amounts in 000's) Three Months Ended Nine Months Ended
   3/31/13   3/31/12   3/31/13   3/31/12 
Net income (loss)  $ 1,754  $ 3,035  $ (2,878)  $ (6,957)
Add back:        
Income tax expense (benefit)  938  1,482  (1,350)  (3,399)
Foreign currency gain  (102)  (290)  (107)  (1,029)
Other (income) expense, net  (527)  1,122  (1,421)  1,092
Non-cash loss (gain) on 6.25% Convertible Debentures conversion feature  136  788  (604)  1,870
Unrealized re-measurement loss (gain) on 6.25% Convertible Debentures  1,303  (1,100)  (123)  1,834
Unrealized loss (gain) on foreign currency exchange contracts  482  (27)  160  1,494
Non-cash stock compensation  150  520  2,911  3,619
Interest expense  3,714  3,877  11,132  11,828
Amortization expense  1,017  1,044  3,189  2,705
Depreciation and depletion expense  12,580  11,564  29,438  25,565
Operating lease expense  4,454  3,519  10,468  8,196
Adjusted EBITDA *  $ 25,899  $ 25,534  $ 50,815  $ 46,818
Results of Operations (in 000's of US$, except per share data)
  Three Months Ended Nine Months Ended
  March 31 March 31
  2013 2012 2013 2012
Revenues  $ 120,452  $ 113,319  $ 301,409  $ 265,548
Costs and expenses        
Cost of operations  87,921  80,593  229,665  197,618
General and administrative  11,086  10,300  31,397  28,487
Non-cash stock compensation  150  520  2,911  3,619
Acquisition expense  --   411  --   821
Depreciation and depletion expense  12,580  11,564  29,438  25,565
Amortization expense  1,017  1,044  3,189  2,705
Total operating expenses  112,754  104,432  296,600  258,815
Income from operations  7,698  8,887  4,809  6,733
Interest expense  3,714  3,877  11,132  11,828
Foreign currency gain  (102)  (290)  (107)  (1,029)
Unrealized loss (gain) on foreign currency exchange contracts  482  (27)  160  1,494
Unrealized re-measurement loss (gain) on 6.25% Convertible Debentures  1,303  (1,100)  (123)  1,834
Non-cash loss (gain) on 6.25% Convertible Debentures conversion feature  136  788  (604)  1,870
Other (income) expense, net  (527)  1,122  (1,421)  1,092
Income (loss) before income taxes  2,692  4,517  (4,228)  (10,356)
Income tax expense (benefit)  938  1,482  (1,350)  (3,399)
Net income (loss)   $ 1,754  $ 3,035  $ (2,878)  $ (6,957)
Basic net income (loss) per common share   $ 0.02  $ 0.05  $ (0.04)  $ (0.11)

STI's interim financial statements, notes to financial statements and management's discussion and analysis of financial condition and results of operations will be available at or at the Company's website at .

Conference Call & Live Webcast

Student Transportation Inc. will hold a conference call and live audio webcast on Friday, May 10, 2013 at 11:00 a.m. (ET) to discuss its results for the third quarter of fiscal year 2013 ended March 31, 2013. The call will be hosted by Denis Gallagher, Chairman and Chief Executive Officer, and Patrick Walker, Executive Vice President and Chief Financial Officer. Following management's presentation, there will be a brief question and answer session for analysts and institutional investors. The call can be accessed by dialing 1-877-561-2750. The live audio webcast will be available at . To access the rebroadcast for up to 30 days after the call, visit


Founded in 1997, Student Transportation Inc. is North America's third-largest and fastest-growing provider of school bus transportation services, operating more than 9,500 vehicles. Student Transportation's family of local companies delivers safe, reliable and cost-effective transportation solutions to school districts throughout the U.S. and Canada. Services are delivered by drivers, dispatchers, maintenance technicians, terminal managers and others who are caring members of their local communities. For more information, please visit .

* Non-GAAP Measures

Adjusted EBITDA is a non-GAAP financial measure, but management believes it is useful in measuring STI's performance. Readers are cautioned that this measure should not be construed as an alternative to net income or loss or other comparable measures determined in accordance with GAAP as an indicator of the Company's performance or as a measure of its liquidity and cash flow. The Company's method of calculating non-GAAP measures may differ from the methods used by other issuers and accordingly, the Company's non-GAAP measures may not be comparable to similarly titled measures used by other issuers.

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