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

Stocks in this article: MIC

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.

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