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STC REDUCES COST TO TAXPAYERS IN 2007

Released on April 9, 2008

The 2007 financial highlights for the Saskatchewan Transportation Company (STC) include a savings to taxpayers of more than a million dollars while the company continues to deliver a much-needed service to the people of Saskatchewan.

In many ways, 2007 can be considered a successful year for STC as indicated by its balanced scorecard in the company's annual report.

"The success of the company is measured in ways other than just financial results," Crown Corporations Minister Ken Cheveldayoff said. "STC places a lot of emphasis on its balanced scorecard because it takes into consideration the very important social objectives that the company delivers. The people of this vast province understand the need to subsidize this service to keep Saskatchewan people and businesses connected."

"The company's financial results were considerably better than planned in 2007," STC president and CEO Ray Clayton said. "This allowed STC to reduce its operating grant request from $6 million to $5 million for the year. STC is very cost conscious and does everything it can to keep the subsidy required to a minimum. At the same time, the company met nearly all of its operating objectives in 2007."

STC's 2007 Annual Report shows the following financial highlights for the year:

  • Revenues of $16.1 million, compared to $15.5 million in 2006.
  • Expenses of $22.7 million, compared to $21.2 million in 2006.
  • Operating grant of $5 million, compared to $4 million in 2006.
  • Net loss of $400,000 remains the same as in 2006

Operational highlights as contained in STC's 2007 Annual Report are:

  • 90 per cent good or excellent approval rating from customers.
  • 91.5 per cent of all expenditures made in Saskatchewan, providing considerable economic benefits to Saskatchewan businesses.
  • Bio-diesel fuel running in 50 per cent of STC's fleet, and a policy developed to commit the company to green initiatives whenever feasible to do so.
  • Significant training provided to staff in areas of technical expertise, customer service and safety.
  • After 15 years of declines of approximately 4 per cent per year, STC's rider-ship was up by approximately 3.6 per cent in each of 2005 and 2006. In 2007, rider-ship fell back by 1.5 per cent.
  • Introduced new financial and fleet management systems to STC, offering improved controls over the company's resources.
  • The announcement of the expansion of service to La Loche in the north, with service expected to commence in late 2008.
  • Significant progress made on STC's new passenger depot and head office, with completion scheduled for fall 2008.

The Saskatchewan Transportation Company is the provincial Crown corporation responsible for the delivery of bus passenger and freight service to the province of Saskatchewan.

More information about STC can be found on the company's website at www.stcbus.com.

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For more information, contact:

Shawn Grice
Saskatchewan Transportation Company
Regina
Phone: 306-787-1664
Email: sgrice@stcbus.com

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