Macquarie Infrastructure Company (NYSE: MIC) operating companies International-Matex Tank Terminals (“IMTT”) and Atlantic Aviation have largely recovered from the effects of Hurricane Sandy. Both businesses report a substantial return to normal operations after the storm.
IMTT reports that its bulk liquid storage facility at Bayonne, NJ is receiving and delivering substantially all products by all modes of transport. While permanent power has been restored to most of the facility, backup systems are in place and working in those parts of the facility still without permanent power.
Atlantic Aviation’s fixed base operations at airports in Teterboro, NJ, Farmingdale, L.I., and Bridgeport, CT, as well as its heliport on East 34th Street in New York City were damaged or disrupted by the hurricane. Each facility has been restored and normal operations have resumed.
“The staff and management of our businesses pulled together to restore these operations with minimal impact on the financial performance of IMTT and Atlantic Aviation in 2012,” said James Hooke, Chief Executive Officer of MIC. “We’re grateful to them and to their families for their exceptional effort during this time.”MIC expects its financial results for the fourth quarter to reflect approximately $2.3 million in payments of insurance deductibles and less than $5 million in total impact from the storm. About Macquarie Infrastructure Company Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic, everyday services, to customers in the United States. Its businesses consist of three energy-related businesses including a gas production and distribution business (Hawaii Gas), a controlling interest in a district energy business (District Energy), and a 50% interest in a bulk liquid storage terminal business (International-Matex Tank Terminals). MIC also owns and operates an aviation-related airport services business (Atlantic Aviation). The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G Forward-Looking Statements This filing contains forward-looking statements. MIC may, in some cases, use words such as "project,” "believe,” "anticipate,” "plan,” "expect,” "estimate,” "intend,” "should,” "would,” "could,” "potentially,” or "may” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this release are subject to a number of risks and uncertainties, some of which are beyond MIC’s control including, among other things: changes in general economic or business conditions; its ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement its strategy; its shared decision-making with co-investors over investments including the distribution of dividends; its regulatory environment establishing rate structures and monitoring quality of service, demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks, fuel and gas costs; its ability to recover increases in costs from customers, reliance on sole or limited source suppliers, risks or conflicts of interests involving its relationship with the Macquarie Group and changes in U.S. federal tax law.