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Student Transportation Inc. Delivers Fourth Quarter & Fiscal Year 2013 Results

"We certainly have taken advantage of the low cost debt environment during the past few years and should be doing so," Gallagher said. "On the leasing side, we received over two times our needs in proposals from lenders for each of fiscal 2013 and 2014 with the majority of rates in the range of 2.5 percent fixed for six years. By using low cost debt, we have been able to fund the last two years of growth without going back to the capital markets. Our last issuance of common shares was back in March 2012 -- eighteen months ago. We will to continue to build on our fleet of clean burning alternative fuel vehicles because it's the right thing to do and I'm convinced it will lower our operating costs. We have a targeted new growth program with a special concentration on asset light revenues which we hope to move forward this year. All of these new revenue and cost saving initiatives will further improve cash flows and net income. We currently have 'booked revenue' increases of 11 percent for fiscal 2014 and are well on our way to another successful year."

Reconciliation of Net income and Adjusted EBITDA *
(Amounts in 000's) Three Months Ended Twelve Months Ended
   6/30/13   6/30/12   6/30/13   6/30/12 
Net income  $ 6,747  $ 9,211  $ 3,869  $ 2,254
Add back:        
Income tax provision (benefit)  3,584  1,307  2,234  (2,092)
Foreign currency (gain) loss  (76)  181  (183)  (929)
Other (income) expense, net  (1,299)  (363)  (2,720)  827
Non-cash (gain) loss on 6.25% Convertible        
Debentures conversion feature  (538)  (881)  (1,142)  972
Unrealized re-measurement loss (gain)  --   1,167  (123)  3,001
Unrealized loss on foreign currency exchange contracts  496  285  656  1,779
Gain on bargain purchase of businesses acquired  --   (6,925)  --   (6,925)
Non-cash stock compensation  415  --   3,326  3,619
Interest expense  3,210  3,499  14,342  15,327
Amortization expense  997  732  4,186  3,437
Depreciation and depletion expense  12,423  11,584  41,861  37,149
Operating lease expense  4,449  3,455  14,917  11,651
Adjusted EBITDA *  $ 30,408  $ 23,252  $ 81,223  $ 70,070
Results of Operations (in 000's of US$, except per share data)
  Three Months Ended Twelve Months Ended
  6/30/13 6/30/12 6/30/13 6/30/12
Revenues  $ 122,279  $ 103,438  $ 423,688  $ 368,986
Costs and expenses        
Cost of operations  85,367  73,608  315,032  271,226
General and administrative  10,953  9,968  42,350  38,455
Non-cash stock compensation  415  --   3,326  3,619
Acquisition expense  --   65  --   886
Depreciation and depletion expense  12,423  11,584  41,861  37,149
Amortization expense  997  732  4,186  3,437
Total operating expenses  110,155  95,957  406,755  354,772
Income from operations  12,124  7,481  16,933  14,214
Interest expense  3,210  3,499  14,342  15,327
Foreign currency (gain) loss   (76)  181  (183)  (929)
Unrealized loss on foreign currency exchange contracts  496  285  656  1,779
Unrealized re-measurement loss (gain)   --   1,167  (123)  3,001
Non-cash (gain) loss on 6.25% Convertible         
Debentures conversion feature  (538)  (881)  (1,142)  972
Gain on bargain purchase of businesses acquired  --   (6,925)  --   (6,925)
Other (income) expense, net  (1,299)  (363)  (2,720)  827
Income before income taxes  10,331  10,518  6,103  162
Income tax provision (benefit)  3,584  1,307  2,234  (2,092)
Net income   $ 6,747  $ 9,211  $ 3,869  $ 2,254
Basic net income per common share   $ 0.08  $ 0.12  $ 0.05  $ 0.03

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 Tuesday, September 17, 2013 at 11:00 a.m. (ET) to discuss its results for the fiscal year 2013 ended June 30, 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 9,600 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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