Macquarie Infrastructure Company LLC (NYSE: MIC) reported improved financial results for 2012 including a 9.3% year on year increase in proportionately combined free cash flow per share. Including the effect of refinancing and acquisition related expenses proportionately combined free cash flow totaled $3.45 per share in 2012 compared with $3.16 per share in 2011. Underlying proportionately combined free cash flow improved to $3.66, reflecting improved operating results at each of MIC’s businesses. The improvement was partially offset by $0.19 per share of refinancing related expenses incurred by Hawaii Gas in the third quarter of 2012, and $0.02 per share of costs associated with the acquisition of two solar power generating facilities in the fourth quarter. “Operations at each of our businesses produced financial performance in line with our expectations for the year. At $3.66 per share in underlying proportionately combined free cash flow, we ended the year just about where we expected to given that the impact of Hurricane Sandy was at least $0.10 per share,” said James Hooke, Chief Executive Officer of MIC. MIC regards free cash flow as an important tool in assessing the performance of its capital intensive, cash generative businesses. Proportionately combined free cash flow refers to the sum of the free cash flow generated by MIC’s businesses and investments in proportion to its equity interest in each and after holding company costs. MIC notes that free cash flow does not fully reflect its ability to freely deploy generated cash, as it does not reflect required principal payments on indebtedness, payments of dividends, potential growth capital expenditures and other fixed obligations or the other cash items excluded when calculating free cash flow. Free cash flow may be calculated differently by other companies which limits its usefulness as a comparative measure. Free cash flow, as defined by MIC, should be used as a supplemental measure and not in lieu of financial results reported under GAAP. See “Cash Generation” below for MIC’s definition of free cash flow and further information.