For the nine months ended September 30, 2012, MIC reported net income, before tax, of $40.8 million compared with net income of $28.1 million for the comparable period in 2011.
MIC’s consolidated revenue for the third quarter of 2012 increased 3.1% to $259.3 million compared with $251.6 million for the third quarter of 2011. Consolidated revenue increased 6.0% for the nine-month period ended September 30, 2012 compared with the same period in 2011. The growth in revenue in 2012 reflects the increased volume of products sold and higher energy costs, such as those for aviation fuel and gas products, which are passed through to customers of MIC’s businesses.
Reported gross profit – defined as revenue less cost of goods sold – removes the volatility in revenue associated with fluctuations in energy costs and provides a clearer indication of trends in both the volume of and margin on the products and services the Company provides. MIC’s consolidated gross profit totaled $101.5 million in the third quarter of 2012, an increase of 2.5% over the same period in 2011. For the nine months ended September 30, 2012 the Company’s gross profit increased 5.2% compared with the same period in 2011.
Cash GenerationMIC reports EBITDA excluding non-cash items on a consolidated and operating segment basis and reconciles each to consolidated net income (loss). EBITDA excluding non-cash items is a measure relied upon by management in evaluating the performance of its businesses and investments. EBITDA excluding non-cash items is defined as earnings before interest, taxes, depreciation and amortization and non-cash items, which include impairments, gains and losses on derivatives and adjustments for certain other non-cash items reflected in the statement of operations. MIC believes that EBITDA excluding non-cash items provides additional insight into the performance of its operating businesses, relative to each other and to similar businesses, without regard to capital structure, their ability to service or reduce debt, fund capital expenditures and/or support distributions to the holding company.