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

Stock quotes in this article: MIC 

Business Outlook

MIC has revised its full year 2012 guidance for proportionately combined free cash flow to approximately $3.51 per share taking into consideration the impact of the interest rate swap break payment associated with the refinancing of debt facilities at Hawaii Gas. Normalized for the impact of the swap break payment, the Company’s guidance for proportionately combined free cash flow remains $3.70 per share. For the nine months ended September 30, 2012, MIC’s businesses generated $2.57 per share in proportionately combined free cash flow.

The Company also reaffirmed its segment level guidance for 2012.

IMTT

  • The business is expected to produce EBITDA of between $230.0 and $240.0 million
  • Increases in average storage rates are expected to be between 6.5% and 7.5%
  • Maintenance capital expenditures are expected to be approximately $50.0 million
  • The business is expected to pay cash state and federal income taxes of approximately $20.5 million - IMTT is not a part of MIC’s consolidated federal income tax group

Hawaii Gas

  • The business is expected to generate EBITDA of between $55.0 and $57.5 million
  • Maintenance capital expenditures are expected to be approximately $7.0 million.
  • The business is expected to incur cash state income taxes of approximately $1.5 million - a federal tax liability of approximately $4.8 million will be offset in consolidation by holding company level net operating loss carryforwards

District Energy

  • The business is expected to generate EBITDA of between $21.0 and $22.0 million.
  • Maintenance capital expenditures are expected to be approximately $1.0 million
  • The business is expected to incur cash income taxes totaling $1.0 million after application of available net operating loss carryforwards

Atlantic Aviation

  • The business is expected to generate EBITDA of between $130.0 and $135.0 million.
  • The volume of GA fuel sold and the margin achieved on those sales is expected to continue to improve with the broader economy in the U.S.
  • Maintenance capital expenditures are expected to be approximately $11.5 million
  • The business is expected to incur cash state income taxes totaling $1.8 million - a federal income tax liability of approximately $0.6 million will be offset in consolidation by holding company level net operating loss carryforwards

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on Thursday, November 1, 2012 to review the Company’s results.

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