##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended May 31, 2007
 Commission file number 000-10657
 LAIDLAW INTERNATIONAL, INC.
  DELAWARE
    
    98-0390488(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 55 Shuman Boulevard, Suite 400
Naperville, Illinois, 60563
 (630) 848-3000
 þ o
  þ o o
 o þ
 
 þ o




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##### 



LAIDLAW INTERNATIONAL, INC.
 Page No.PART I.
    
    FINANCIAL INFORMATIONItem 1.
    
    Financial Statements:Consolidated Balance Sheets as of May 31, 2007 (Unaudited) and
August 31, 2006
    
    
    2Consolidated Statements of Operations for the Three and Nine
Months Ended May 31, 2007 and 2006 (Unaudited)
    
    
    4Consolidated Statements of Cash Flows for the Nine Months Ended
May 31, 2007 and 2006 (Unaudited)
    
    
    5Notes to Consolidated Financial Statements (Unaudited)
    
    
    6Item 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    11Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    17Item 4.
    
    Controls and Procedures
    
    
    17PART II.
    
    OTHER INFORMATIONItem 1.
    
    Legal Proceedings
    
    
    18Item 1A.
    
    Risk Factors
    
    
    18Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    19Item 6.
    
    Exhibits
    
    
    19SIGNATURE
    
    
    
    
    19302 Certification of Principal Executive Officer302 Certification of Principal Financial OfficerSection 906 Certifications
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##### Table of Contents



PART I.  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 LAIDLAW INTERNATIONAL, INC.
 
 CONSOLIDATED BALANCE SHEETS
($ in millions)
 May 31,
    
    
    August 31,2007
    
    
    2006(unaudited)ASSETSCurrent assetsCash and cash equivalents
    
    $
    190.5
    
    
    $
    318.7Accounts receivable
    
    
    345.3
    
    
    
    210.5Insurance collateral
    
    
    61.5
    
    
    
    106.4Parts and supplies
    
    
    36.6
    
    
    
    40.7Deferred income tax assets
    
    
    43.0
    
    
    
    39.6Other current assets
    
    
    32.3
    
    
    
    24.8Total current assets
    
    
    709.2
    
    
    
    740.7Property and equipmentLand
    
    
    173.5
    
    
    
    164.6Buildings
    
    
    198.8
    
    
    
    191.0Vehicles
    
    
    1,882.4
    
    
    
    1,753.4Other
    
    
    151.5
    
    
    
    137.12,406.2
    
    
    
    2,246.1Less: Accumulated depreciation
    
    
    (794.2
    )
    
    
    (648.2
    )1,612.0
    
    
    
    1,597.9Other assetsInsurance collateral
    
    
    269.8
    
    
    
    303.4Other long-term investments
    
    
    28.0
    
    
    
    29.3Contracts and customer relationships
    
    
    74.6
    
    
    
    68.5Deferred income tax assets
    
    
    193.0
    
    
    
    267.4Deferred charges and other assets
    
    
    38.4
    
    
    
    31.5603.8
    
    
    
    700.1Total assets
    
    $
    2,925.0
    
    
    $
    3,038.7
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##### Table of Contents



LAIDLAW INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
($ in millions)
 May 31,
    
    
    August 31,2007
    
    
    2006(unaudited)LIABILITIESCurrent liabilitiesAccounts payable
    
    $
    78.9
    
    
    $
    140.3Accrued employee compensation
    
    
    121.2
    
    
    
    112.7Other accrued liabilities
    
    
    80.9
    
    
    
    95.8Current portion of insurance reserves
    
    
    133.2
    
    
    
    147.8Current portion of long-term debt
    
    
    55.0
    
    
    
    34.7Total current liabilities
    
    
    469.2
    
    
    
    531.3Long-term debt
    
    
    714.4
    
    
    
    772.6Insurance reserves
    
    
    325.0
    
    
    
    339.7Pension liability
    
    
    103.2
    
    
    
    104.5Other long-term liabilities
    
    
    76.3
    
    
    
    82.7Total liabilities
    
    
    1,688.1
    
    
    
    1,830.8SHAREHOLDERS EQUITYCommon shares; $0.01 par value per share;
issued and outstanding 79.4 million
(August 31, 2006  81.6 million)
    
    
    0.8
    
    
    
    0.8Additional paid in capital
    
    
    750.8
    
    
    
    814.5Accumulated other comprehensive income
    
    
    91.4
    
    
    
    77.8Retained earnings
    
    
    393.9
    
    
    
    314.8Total shareholders equity
    
    
    1,236.9
    
    
    
    1,207.9Total liabilities and shareholders equity
    
    $
    2,925.0
    
    
    $
    3,038.7
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##### Table of Contents



LAIDLAW INTERNATIONAL, INC.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions except per share amounts)
(unaudited)
 Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Revenue
    
    $
    868.9
    
    
    $
    860.7
    
    
    $
    2,517.9
    
    
    $
    2,496.5Compensation expense
    
    
    423.6
    
    
    
    420.2
    
    
    
    1,246.0
    
    
    
    1,222.9Vehicle related costs
    
    
    57.9
    
    
    
    61.3
    
    
    
    178.8
    
    
    
    186.2Fuel
    
    
    70.6
    
    
    
    68.7
    
    
    
    206.4
    
    
    
    194.3Insurance and accident claim costs
    
    
    24.6
    
    
    
    46.7
    
    
    
    97.7
    
    
    
    128.3Occupancy costs
    
    
    41.6
    
    
    
    40.9
    
    
    
    120.7
    
    
    
    121.5Depreciation and amortization
    
    
    66.1
    
    
    
    62.1
    
    
    
    189.0
    
    
    
    177.8Other operating expenses
    
    
    84.8
    
    
    
    77.3
    
    
    
    244.8
    
    
    
    220.0Operating income
    
    
    99.7
    
    
    
    83.5
    
    
    
    234.5
    
    
    
    245.5Interest expense
    
    
    (14.2
    )
    
    
    (5.4
    )
    
    
    (43.4
    )
    
    
    (16.3
    )Other income (expense), net
    
    
    8.7
    
    
    
    1.9
    
    
    
    (1.9
    )
    
    
    5.7Income from continuing operations
before income taxes
    
    
    94.2
    
    
    
    80.0
    
    
    
    189.2
    
    
    
    234.9Income tax expense
    
    
    (33.2
    )
    
    
    (36.5
    )
    
    
    (69.6
    )
    
    
    (95.6
    )Income from continuing operations
    
    
    61.0
    
    
    
    43.5
    
    
    
    119.6
    
    
    
    139.3Loss from discontinued operations
    
    
    
    
    
    
    (9.4
    )
    
    
    
    
    
    
    (12.9
    )Net income
    
    $
    61.0
    
    
    $
    34.1
    
    
    $
    119.6
    
    
    $
    126.4Basic earnings (loss) per shareContinuing operations
    
    $
    0.77
    
    
    $
    0.44
    
    
    $
    1.50
    
    
    $
    1.40Discontinued operations
    
    
    
    
    
    
    (0.09
    )
    
    
    
    
    
    
    (0.13
    )Net income
    
    $
    0.77
    
    
    $
    0.35
    
    
    $
    1.50
    
    
    $
    1.27Diluted earnings (loss) per shareContinuing operations
    
    $
    0.76
    
    
    $
    0.44
    
    
    $
    1.50
    
    
    $
    1.40Discontinued operations
    
    
    
    
    
    
    (0.09
    )
    
    
    
    
    
    
    (0.13
    )Net income
    
    $
    0.76
    
    
    $
    0.35
    
    
    $
    1.50
    
    
    $
    1.27Dividends per share
    
    $
    0.17
    
    
    $
    0.15
    
    
    $
    0.51
    
    
    $
    0.45Average shares outstanding
    
    
    79.3
    
    
    
    97.8
    
    
    
    79.5
    
    
    
    99.3Effect of dilutive securities
    
    
    0.6
    
    
    
    0.5
    
    
    
    0.5
    
    
    
    0.4Average diluted shares outstanding
    
    
    79.9
    
    
    
    98.3
    
    
    
    80.0
    
    
    
    99.7
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LAIDLAW INTERNATIONAL, INC.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
 Nine Months Ended May 31,2007
    
    
    2006Operating activitiesNet income
    
    $
    119.6
    
    
    $
    126.4Loss from discontinued operations
    
    
    
    
    
    
    12.9Non-cash adjustments to net incomeDepreciation and amortization
    
    
    189.0
    
    
    
    177.8Deferred income taxes
    
    
    67.6
    
    
    
    89.0Other non-cash items
    
    
    (2.8
    )
    
    
    1.6Net change in certain operating assets and liabilitiesAccounts receivable
    
    
    (147.6
    )
    
    
    (125.7
    )Insurance collateral
    
    
    72.1
    
    
    
    41.8Accounts payable and accrued liabilities
    
    
    2.4
    
    
    
    17.0Insurance reserves
    
    
    (18.0
    )
    
    
    6.6Other assets and liabilities
    
    
    (21.7
    )
    
    
    (25.8
    )Net cash provided by operating activities
    
    $
    260.6
    
    
    $
    321.6Investing activitiesPurchase of property and equipment
    
    $
    (236.1
    )
    
    $
    (219.0
    )Proceeds from sale of property and equipment
    
    
    29.3
    
    
    
    19.5Net cash expended on acquisitions
    
    
    (25.9
    )
    
    
    (4.5
    )Net decrease in performance bond collateral
    
    
    4.2
    
    
    
    0.6Net proceeds from sale of businesses
    
    
    
    
    
    
    5.8Other investing activities
    
    
    1.9
    
    
    
    7.5Net cash used by investing activities
    
    $
    (226.6
    )
    
    $
    (190.1
    )Financing activitiesRepurchase of common stock
    
    $
    (74.3
    )
    
    $
    (76.8
    )Dividend payments
    
    
    (40.5
    )
    
    
    (44.6
    )Principal payments on long-term debt
    
    
    (25.0
    )
    
    
    (15.0
    )Net decrease in revolver
    
    
    (20.8
    )
    
    
    Other financing activities
    
    
    (1.5
    )
    
    
    (3.6
    )Net cash used by financing activities
    
    $
    (162.1
    )
    
    $
    (140.0
    )Effect of exchange rate changes on cash
    
    $
    (0.1
    )
    
    $
    3.3Net decrease in cash and cash equivalents
    
    $
    (128.2
    )
    
    $
    (5.2
    )Cash and cash equivalents  beginning of period
    
    
    318.7
    
    
    
    217.3Cash and cash equivalents  end of period
    
    $
    190.5
    
    
    $
    212.1
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LAIDLAW INTERNATIONAL, INC.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTH PERIODS ENDED MAY 31, 2007
(Unaudited)
 Note 1  Corporate overview and basis of presentation
 Corporate overview
  Basis of presentation
  Note 2  FirstGroup merger
   6




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Note 3  Comprehensive income
  Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    61.0
    
    
    $
    34.1
    
    
    $
    119.6
    
    
    $
    126.4Net unrealized gain
(loss) on:Securities
    
    
    
    
    
    
    (2.4
    )
    
    
    3.8
    
    
    
    (5.6
    )Interest rate swaps
    
    
    0.3
    
    
    
    0.9
    
    
    
    (0.4
    )
    
    
    2.8Fuel hedge
    
    
    0.6
    
    
    
    0.4
    
    
    
    1.5
    
    
    
    0.4Foreign currency
translation
adjustments
    
    
    20.7
    
    
    
    12.9
    
    
    
    8.7
    
    
    
    29.8Total comprehensive income
    
    $
    82.6
    
    
    $
    45.9
    
    
    $
    133.2
    
    
    $
    153.8
 Note 4  Stock awards and options
  Stock options
 Restricted Shares
 Deferred Shares
 7




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Note 5  Pension plans
  Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Components of net pension costService cost
    
    $
    2.7
    
    
    $
    2.7
    
    
    $
    7.9
    
    
    $
    8.2Interest cost
    
    
    14.4
    
    
    
    13.0
    
    
    
    41.2
    
    
    
    39.2Expected return on plan assets
    
    
    (14.7
    )
    
    
    (13.8
    )
    
    
    (42.3
    )
    
    
    (41.3
    )Net pension cost
    
    $
    2.4
    
    
    $
    1.9
    
    
    $
    6.8
    
    
    $
    6.1
 Note 6  Material contingencies
 Legal proceedings
 Contingent Liabilities Relating to Sale of EmCare Holdings, Inc. and American Medical Response,
Inc.
   Other
  Environmental matters
  8




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##### Table of Contents



Income tax matters
  Note 7  Acquisitions
  Note 8  Statement of cash flows
  Note 9  Repurchase of common stock
  Note 10  Business interruption settlement
  Note 11  Recent accounting pronouncement
 .
 9




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Note 12  Segment information
   Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,2007
    
    
    2006
    
    
    2007
    
    
    2006RevenueEducation services
    
    $
    520.0
    
    
    $
    483.7
    
    
    $
    1,466.1
    
    
    $
    1,367.9Greyhound
    
    
    269.9
    
    
    
    297.9
    
    
    
    820.7
    
    
    
    896.3Public transit
    
    
    79.0
    
    
    
    79.1
    
    
    
    231.1
    
    
    
    232.3Consolidated
    
    $
    868.9
    
    
    $
    860.7
    
    
    $
    2,517.9
    
    
    $
    2,496.5EBITDAEducation services
    
    $
    134.7
    
    
    $
    117.7
    
    
    $
    338.8
    
    
    $
    325.0Greyhound
    
    
    23.6
    
    
    
    22.9
    
    
    
    66.4
    
    
    
    84.1Public transit
    
    
    7.5
    
    
    
    5.0
    
    
    
    18.3
    
    
    
    14.2Consolidated
    
    
    165.8
    
    
    
    145.6
    
    
    
    423.5
    
    
    
    423.3Depreciation and amortization
    
    
    (66.1
    )
    
    
    (62.1
    )
    
    
    (189.0
    )
    
    
    (177.8
    )Operating income
    
    
    99.7
    
    
    
    83.5
    
    
    
    234.5
    
    
    
    245.5Interest expense
    
    
    (14.2
    )
    
    
    (5.4
    )
    
    
    (43.4
    )
    
    
    (16.3
    )Other income (expense), net
    
    
    8.7
    
    
    
    1.9
    
    
    
    (1.9
    )
    
    
    5.7Income tax expense
    
    
    (33.2
    )
    
    
    (36.5
    )
    
    
    (69.6
    )
    
    
    (95.6
    )Income from continuing
operations
    
    
    61.0
    
    
    
    43.5
    
    
    
    119.6
    
    
    
    139.3Loss from discontinued
operations
    
    
    
    
    
    
    (9.4
    )
    
    
    
    
    
    
    (12.9
    )Net income
    
    $
    61.0
    
    
    $
    34.1
    
    
    $
    119.6
    
    
    $
    126.4
  10




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
 General
 Corporate overview
  Results of Operations
 Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,Percentage of revenue
    
    2007
    
    
    2006
    
    
    2007
    
    
    2006Revenue
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Compensation expense
    
    
    48.7
    
    
    
    48.8
    
    
    
    49.5
    
    
    
    48.9Vehicle related costs
    
    
    6.7
    
    
    
    7.1
    
    
    
    7.1
    
    
    
    7.5Fuel
    
    
    8.1
    
    
    
    8.0
    
    
    
    8.2
    
    
    
    7.8Insurance and accident claim costs
    
    
    2.8
    
    
    
    5.4
    
    
    
    3.9
    
    
    
    5.1Occupancy costs
    
    
    4.8
    
    
    
    4.8
    
    
    
    4.8
    
    
    
    4.9Depreciation and amortization
    
    
    7.6
    
    
    
    7.2
    
    
    
    7.5
    
    
    
    7.2Other operating expenses
    
    
    9.8
    
    
    
    9.0
    
    
    
    9.7
    
    
    
    8.8Operating income
    
    
    11.5
    
    
    
    9.7
    
    
    
    9.3
    
    
    
    9.8Interest expense
    
    
    (1.7
    )
    
    
    (0.6
    )
    
    
    (1.7
    )
    
    
    (0.6
    )Other income (expense), net
    
    
    1.0
    
    
    
    0.2
    
    
    
    (0.1
    )
    
    
    0.2Income from continuing operations
before income taxes
    
    
    10.8
    
    
    
    9.3
    
    
    
    7.5
    
    
    
    9.4Income tax expense
    
    
    (3.8
    )
    
    
    (4.2
    )
    
    
    (2.8
    )
    
    
    (3.8
    )Income from continuing operations
    
    
    7.0
    
    
    
    5.1
    
    
    
    4.7
    
    
    
    5.6Loss from discontinued operations
    
    
    
    
    
    
    (1.1
    )
    
    
    
    
    
    
    (0.5
    )Net income
    
    
    7.0
    %
    
    
    4.0
    %
    
    
    4.7
    %
    
    
    5.1
    %
 11




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Revenue and EBITDA by business segment
 Education services
 EBITDA($ in millions)
    
    Revenue
    
    EBITDA
    
    MarginThree months endedMay 31, 2007
    
    $
    520.0
    
    
    $
    134.7
    
    
    
    25.9
    %May 31, 2006
    
    
    483.7
    
    
    
    117.7
    
    
    
    24.3Percentage increase
    
    
    7.5
    %
    
    
    14.4
    %
    
    160
    BP*Nine months endedMay 31, 2007
    
    $
    1,466.1
    
    
    $
    338.8
    
    
    
    23.1
    %May 31, 2006
    
    
    1,367.9
    
    
    
    325.0
    
    
    
    23.8Percentage increase (decrease)
    
    
    7.2
    %
    
    
    4.2
    %
    
    (70
    )BP*
 
 *
    
    Increase (decrease) in EBITDA margin is expressed in basis points   Greyhound
 EBITDA($ in millions)
    
    Revenue
    
    EBITDA
    
    MarginThree months endedMay 31, 2007
    
    $
    269.9
    
    
    $
    23.6
    
    
    
    8.7
    %May 31, 2006
    
    
    297.9
    
    
    
    22.9
    
    
    
    7.7Percentage increase (decrease)
    
    
    (9.4
    )%
    
    
    3.1
    %
    
    100
    BP*Nine months endedMay 31, 2007
    
    $
    820.7
    
    
    $
    66.4
    
    
    
    8.1
    %May 31, 2006
    
    
    896.3
    
    
    
    84.1
    
    
    
    9.4Percentage decrease
    
    
    (8.4
    )%
    
    
    (21.0
    )%
    
    (130
    )BP*
 
 *
    
    Increase (decrease) in EBITDA margin is expressed in basis points 12




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##### Table of Contents



Public transit
 EBITDA($ in millions)
    
    Revenue
    
    EBITDA
    
    MarginThree months endedMay 31, 2007
    
    $
    79.0
    
    
    $
    7.5
    
    
    
    9.5
    %May 31, 2006
    
    
    79.1
    
    
    
    5.0
    
    
    
    6.3Percentage increase (decrease)
    
    
    (0.1
    )%
    
    
    50.0
    %
    
    320
    BP*Nine months endedMay 31, 2007
    
    $
    231.1
    
    
    $
    18.3
    
    
    
    7.9
    %May 31, 2006
    
    
    232.3
    
    
    
    14.2
    
    
    
    6.1Percentage increase (decrease)
    
    
    (0.5
    )%
    
    
    28.9
    %
    
    180
    BP*
 
 *
    
    Increase in EBITDA margin is expressed in basis points   13




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##### Table of Contents



Depreciation and amortization expense
  Three Months Ended
    
    
    Nine Months EndedMay 31,
    
    
    May 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Education services
    
    $
    47.5
    
    
    $
    40.4
    
    
    $
    132.4
    
    
    $
    113.5Greyhound
    
    
    16.2
    
    
    
    19.3
    
    
    
    49.5
    
    
    
    57.1Public transit services
    
    
    2.4
    
    
    
    2.4
    
    
    
    7.1
    
    
    
    7.2Total
    
    $
    66.1
    
    
    $
    62.1
    
    
    $
    189.0
    
    
    $
    177.8
  Interest expense
  Other income (expense), net
   Income tax expense
  14




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##### Table of Contents



Discontinued operations
  Liquidity and capital resources
     Commitments and contingencies
  15




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##### Table of Contents



Forward-looking statements
  
    
    Risks and uncertainties related to the proposed merger with FirstGroup,
including but not limited to receiving approval from the required regulatory
agencies as well as other customary closing conditions;
    
    Economic and other market factors, including competitive pressures and changes
in pricing policies;
    
    The ability to implement initiatives designed to increase operating
efficiencies or improve results;
    
    Costs and risks associated with litigation and indemnification obligations;
    
    Changes in interpretations of existing, or the adoption of new, legislation,
regulations or other laws;
    
    The potential for rising labor costs and actions taken by organized labor unions;
    
    Continued increases in prices of fuel and potential shortages;
    
    Control of costs related to accident and other risk management claims;
    
    Terrorism and other acts of violence;
    
    The ability to produce sufficient future taxable income to allow us to recover
our deferred tax assets;
    
    The ability to pay dividends;
    
    Potential changes in the mix of businesses we operate; and
    
    The inability to earn sufficient returns on pension plan assets thus requiring
increased funding.
 Form
10-K.
 16




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##### Table of Contents



LAIDLAW INTERNATIONAL, INC.
 
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
 Item 4. Controls and Procedures
   17




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##### Table of Contents



LAIDLAW INTERNATIONAL, INC.
 
 PART II. OTHER INFORMATION
 
 Item 1. Legal proceedings
 Contingent Liabilities Relating to Sale of EmCare Holdings, Inc. and American Medical
Response, Inc.
   Other
  
 Item 1A. Risk factors
 The trading price for our common stock is close to the acquisition price per share proposed in the
Merger Agreement.
  Significant fees may be incurred if the Merger Agreement is terminated under certain conditions.
   18




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##### Table of Contents



Item 4. Submission of Matters to a Vote of Security Holders
   
 Item 6. Exhibits
 31.1
    
    Principal Executive Officers Certifications Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.31.2
    
    Principal Financial Officers Certifications Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.32.1
    
    Certification Pursuant to 18 U.S.C. § 1350 (Section 906 of Sarbanes-Oxley Act
of 2002).
 
 SIGNATURE
  LAIDLAW INTERNATIONAL, INC.By:
    /s/ Jeffrey W. SandersDate:  July 6, 2007
    
    Jeffrey W. SandersVice President, Chief Financial Officer

Duly Authorized Officer and Principal Financial Officer 19