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Student Transportation Inc. Reports Fiscal 2014 First Quarter Results

"We had a very good summer season and are starting to see prices firm up in a number of contracts, fuel cost being reduced with lower prices and the impact of alternative fuels along with some new SchoolWheels.com business we have been developing," added Walker. "That has resulted in a very good start for the new fiscal year. In fact, the first quarter of fiscal 2014 may be one of, if not the best, start we have had entering a new year from an operating and financial standpoint. We have secured many new contracts and renewals of existing contracts, some that now stretch out ten to fifteen years, to further maintain our contracted revenue visibility going forward. We have expanded our infrastructure for additional revenues we are anticipating in our management services group and other non asset businesses."

Reconciliation of Net loss and Adjusted EBITDA *
(Amounts in 000's) Three Months Ended
   9/30/13   9/30/12 
     
Net loss  $ (8,792)  $ (7,611)
     
Add back:    
Income tax benefit  (4,909)  (5,260)
Foreign currency loss  265  64
Other expense (income), net  730  (21)
Non-cash (gain) loss on 6.25% Convertible    
Debentures conversion feature  (435)  389
Unrealized re-measurement gain  --   (2,140)
Unrealized gain on foreign currency exchange contracts  (431)  (558)
Non-cash stock compensation  700  803
Interest expense  3,808  3,814
Amortization expense  995  1,137
Depreciation and depletion expense  4,625  4,357
Operating lease expense  1,994  1,518
Adjusted EBITDA *  $ (1,450)  $ (3,508)
 
Results of Operations (in 000's of US$, except per share data)
 
  Three Months Ended
  9/30/13 9/30/12
     
Revenues  $ 73,140  $ 61,602
     
Costs and expenses    
Cost of operations  65,593  56,657
General and administrative  10,925  9,971
Non-cash stock compensation  700  803
Acquisition expense  66  -- 
Depreciation and depletion expense  4,625  4,357
Amortization expense  995  1,137
Total operating expenses  82,904  72,925
Loss from operations  (9,764)  (11,323)
Interest expense  3,808  3,814
Foreign currency loss   265  64
Unrealized gain on foreign currency exchange contracts  (431)  (558)
Unrealized re-measurement gain   --   (2,140)
Non-cash (gain) loss on 6.25% Convertible     
Debentures conversion feature  (435)  389
Other expense (income), net  730  (21)
Loss before income taxes  (13,701)  (12,871)
Income tax benefit  (4,909)  (5,260)
Net loss  $ (8,792)  $ (7,611)
     
Basic net loss per common share   $ (0.11)  $ (0.10)

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 www.sedar.com or at the Company's website at www.rideSTA.com .

Annual General Meeting

Student Transportation to hold Annual General Meeting on Thursday, November 7, 2013 at 2:00 p.m. ET at The Gallery of the Toronto Stock Exchange Broadcast & Conference Centre in the Exchange Tower, at 130 King Street West in Toronto. The meeting will be audio webcast live at STI's website at www.rideSTBus.com .

Profile

Student Transportation Inc. (TSX:STB) (Nasdaq:STB) is North America's third-largest and most innovative supplier school bus transportation services and management services. Founded in 1997, STI's family of local companies operating more than 10,800 vehicles and transports over 1 million students to and from school each day. STI has a long history of safe, reliable and cost-effective transportation solutions delivered by drivers, dispatchers, maintenance technicians, terminal managers and others who are caring members of their local communities. For more information, please visit www.rideSTBus.com .

* 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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