BARRIE, Ontario, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Student Transportation Inc., ("STI" or the "Company") (TSX:STB) (NASDAQ:STB) today reported financial results for the first quarter of fiscal year 2017, ended September 30, 2016. All financial results are reported in U.S. dollars except as otherwise noted. STI's first quarter results reflect the normal seasonality of the school bus transportation industry. Accordingly, the first quarter results are not considered to be indicative of the Company's annual results. Revenue for the first quarter of fiscal 2017 increased nine percent year over year to $102.2 million from $93.4 million, while Adjusted EBITDA* came in at a positive $140,000 compared to a loss of ($2.3) million for the first quarter of fiscal year 2016. This is the first time the Company has reported positive Adjusted EBITDA in its first quarter which is historically affected by the July and August seasonality of the school year. "Our operating results for the first quarter of fiscal 2017 were in line with our internal expectations and we anticipate we will see positive results in future first quarters," said Denis J. Gallagher, Chief Executive Officer. "As we previously noted, we anticipate an approximate seven percent increase in annualized revenue for the current fiscal year. The first quarter revenue increase results from the net new business secured for fiscal 2017 for both the contracted business and Managed Services Group, along with some price increases on our existing core contracted business. The contribution from these higher revenues offset the higher offseason costs associated with the usual start up of school operations and additional staff associated with the new contracts secured for the current fiscal year." STI reported a net loss of $11.7 million or $0.13 per common share for the first quarter of fiscal year 2017 compared to the prior fiscal year first quarter net loss of $9.5 million or $0.10 per common share.
