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

MIC also reports free cash flow, as defined below, on both a consolidated and operating segment basis as a means of assessing the amount of cash generated by its businesses and as a supplement to other information provided in accordance with GAAP, and reconciles each to cash from operating activities. MIC believes that reporting free cash flow provides additional insight into its ability to deploy cash, as GAAP measures, such as net income (loss) and cash from operating activities, do not reflect all of the items that management considers in estimating the amount of cash generated by its operating businesses. MIC defines free cash flow as cash from operating activities, less maintenance capital expenditures and changes in working capital.

 

For the Quarter Ended September 30, 2012

($ in Thousands) (Unaudited) IMTT 50%   Hawaii Gas   District Energy 50.01%   Atlantic Aviation   MIC Corporate   Proportionately Combined (1)       IMTT 100%   District Energy 100%
           
 
Gross profit 31,590 16,676 3,394 78,069 N/A 129,728 63,179 6,786
EBITDA excluding non-cash items 27,955 12,632 4,019 33,893 (1,875 ) 76,624 55,909 8,037
Free cash flow 12,689     (440 )   2,675     17,679     (552 )   32,050   25,377     5,348  
 

For the Quarter Ended September 30, 2011

IMTT 50%   Hawaii Gas   District Energy 50.01%   Atlantic Aviation   MIC Corporate   Proportionately Combined (1) IMTT 100%   District Energy 100%
 
Gross profit 30,496 15,680 3,393 76,571 N/A 126,140 60,992 6,785
EBITDA excluding non-cash items 26,542 12,072 4,494 32,608 (2,035 ) 73,681 53,083 8,987
Free cash flow 12,099     6,881     2,898     16,178     (1,696 )   36,359   24,197     5,794  
                           
Gross profit variance 3.6 %   6.4 %   0.0 %   2.0 %   N/A     2.8 % 3.6 %   0.0 %
EBITDA excluding non-cash items variance 5.3 %   4.6 %   (10.6 )%   3.9 %   7.9 %   4.0 % 5.3 %   (10.6 )%
Free cash flow variance 4.9 %   (106.4 )%   (7.7 )%   9.3 %   67.5 %   (11.9 )% 4.9 %   (7.7 )%
_____________________
(1) Proportionately combined free cash flow is equal to the sum of free cash flow attributable to MIC's ownership interest in each of its operating businesses and MIC Corporate.
 
 

For the Nine Months Ended September 30, 2012

($ in Thousands) (Unaudited) IMTT 50%   Hawaii Gas   District Energy 50.01%   Atlantic Aviation   MIC Corporate   Proportionately Combined (1) IMTT 100%   District Energy 100%
 
Gross profit 96,484 53,451 7,775 230,863 N/A 388,572 192,967 15,546
EBITDA excluding non-cash items 86,127 41,262 9,141 99,379 (8,848 ) 227,060 172,253 18,278
Free cash flow 50,268     16,165     5,942     51,422     (4,224 )   119,573   100,535     11,882  
 
 

For the Nine Months Ended September 30, 2011

IMTT 50%   Hawaii Gas   District Energy 50.01%   Atlantic Aviation   MIC Corporate   Proportionately Combined (1) IMTT 100%   District Energy 100%
 
Gross profit 87,930 46,204 7,115 224,630 N/A 365,879 175,860 14,228
EBITDA excluding non-cash items 76,764 35,241 9,038 93,846 (5,224 ) 209,665 153,528 18,073
Free cash flow 39,736     18,224     5,767     45,893     (2,036 )   107,584   79,471     11,532  
                           
Gross profit variance 9.7 %   15.7 %   9.3 %   2.8 %   N/A     6.2 % 9.7 %   9.3 %
EBITDA excluding non-cash items variance 12.2 %   17.1 %   1.1 %   5.9 %   (69.4 )%   8.3 % 12.2 %   1.1 %
Free cash flow variance 26.5 %   (11.3 )%   3.0 %   12.0 %   (107.5 )%   11.1 % 26.5 %   3.0 %
_____________________
(1) Proportionately combined free cash flow is equal to the sum of free cash flow attributable to MIC's ownership interest in each of its operating businesses and MIC Corporate.
 

IMTT

MIC has a 50% equity interest in IMTT, the operator of one of the largest independent bulk liquid storage terminal businesses in the U.S. IMTT owns and operates 10 marine storage terminals in the U.S. and is the part owner and operator of two terminals in Canada. The terminals store and handle a wide variety of petroleum grades, chemicals and vegetable and animal oils. To aid in meaningful analysis of the performance of IMTT across periods, the discussion below refer to results for 100% of the business, not MIC’s 50% interest.

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