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

In 2012 compared with the prior comparable periods in 2011:

  • Terminal revenue increased 8.5% and 7.1% for the quarter and nine months ended September 30, 2012, respectively;
    • Average storage rental rates increased 9.2% and 6.9% for the quarter and nine months ended September 30, 2012, respectively - average storage rental rates are expected to increase by approximately 7.0% for the full year;
    • Capacity utilization was 93.3% and 94.5% for the quarter and nine months ended September 30, 2012, respectively - utilization decreased from 94.1% in the comparable quarter in 2011 and increased from 94.0% for the nine month period as a relatively larger portion of total capacity was out of service for cleaning and inspection in the third quarter of 2012;
    • Terminal operating costs increased 7.0% and 1.0% for the quarter and nine months ended September 30, 2012, respectively - the majority of the increase in the third quarter was attributable to an approximately $2.0 million increase in repairs and maintenance related to the effects of Hurricane Isaac;
    • Terminal gross profit increased 9.8% and 12.2% for the quarter and nine months ended September 30, 2012, respectively - excluding the expenses incurred in connection with the storm damage, terminal gross profit increased by 13.0% in the quarter and 13.2% in the nine month period.

Free cash flow generated by IMTT increased 4.9% to $25.4 million and 26.5% to $100.5 million for the third quarter and nine months ended September 30, 2012, respectively. The growth in free cash flow reflects the improved operating results, primarily the increased terminal revenue, partially offset by higher operating costs noted above, higher cash interest and cash capital expenditures (in the third quarter), and a reduced contribution from IMTT’s environmental services subsidiary.

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