This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Macquarie Infrastructure Company LLC Reports Third Quarter 2012 Financial Results, Increases Cash Dividend To $2.75 Annualized

The Company’s Board approved an increase in its quarterly cash dividend from $0.625 per share to $0.6875 per share. The 10% increase in the cash dividend to $2.75 per share is consistent with MIC’s current intent to return a substantial proportion of the cash it generates to shareholders. The increased dividend will be paid on November 15, 2012 to shareholders of record on November 12, 2012.

MIC reported that it has received all distributions for periods through and including the second quarter of 2012 from its investment in International-Matex Tank Terminals, or IMTT, a bulk liquid storage terminal business, consistent with the Shareholders’ Agreement between the Company and its co-investor in the business. The distributions include payments totaling $50.3 million for the first and second quarters of 2012, $18.2 million of which had been received earlier in the year.

A distribution of $15.2 million per shareholder for the third quarter of 2012, also consistent with the Shareholders’ Agreement, was declared by the IMTT board on October 25, 2012. MIC received the payment on October 31, 2012.

“I am pleased that our co-investor in IMTT supported the full payment of the distributions due from IMTT for the first three quarters. We believe that we have a framework for an agreement that will result in the continued payment of full distributions from IMTT,” said Hooke.

MIC updated its guidance with respect to the payment of federal cash income taxes in consolidation. MIC now believes that it will not have a material federal cash income tax liability until early 2015. The further deferral of a federal cash income tax liability is based on revised assumptions regarding the rate of utilization of net operating loss carryforwards. MIC had previously expected to incur federal cash income taxes early in 2014.

Consolidated Results for Third Quarter and Nine Month Periods

The Company reported net loss, before tax, of $1.9 million for the third quarter of 2012 compared with a net income of $14.6 million in the third quarter of 2011. The loss reflects primarily a $23.5 million performance fee payable to MIC’s Manager for the third quarter of 2012 that was not incurred in the prior comparable period. A performance fee is payable when the total return to MIC shareholders at the end of a quarter is in excess of total return produced by the Company’s benchmark, including any prior underperformance. The fee for the third quarter of 2012 will be reinvested in additional MIC LLC interests and is therefore effectively a non-cash expense.

2 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,081.99 +31.24 0.18%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,826.0350 +15.2470 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs