Macquarie Infrastructure Company LLC Reports Second Quarter 2013 Financial Results, Increases Cash Dividend To $3.50 Per Year
Macquarie Infrastructure Company LLC (NYSE: MIC) reported financial
results for the second quarter of 2013 including an announcement that
the Company’s Board approved an increase in MIC’s quarterly cash
Macquarie Infrastructure Company LLC (NYSE: MIC) reported financial results for the second quarter of 2013 including an announcement that the Company’s Board approved an increase in MIC’s quarterly cash dividend to $0.875 per share for the second quarter of 2013 from $0.6875 per share in the first quarter of 2013. MIC is now expected to distribute $3.50 per share in dividends on an annualized basis. MIC’s businesses generated proportionately combined Free Cash Flow of $46.7 million or $0.92 per share during the quarter, compared with $43.5 million or $0.93 per share in the comparable period in 2012. Per share amounts in 2013 reflect an approximately 4.4 million share (9.4%) increase in the weighted average number of shares outstanding. The increase is associated primarily with management and performance fees settled in shares during the past year and with a public equity offering conducted by the Company in May 2013. Proportionately combined Free Cash Flow per share increased 15.1% to $2.17 for the six months ended June 30, 2013 compared with $1.88 for the six months ended June 30, 2012. The increase in MIC’s dividend was anticipated. Management had indicated in its results release in May, that with the refinancing of its Atlantic Aviation business and subject to the continued stability in the performance of MIC’s businesses and the broader market, it expected the higher dividend would be authorized for the second quarter. The refinancing of the long-term debt of Atlantic Aviation was completed on May 31, 2013. The increased dividend will be payable on August 15, 2013 to shareholders of record on August 12, 2013. “The decision by our Board to increase our quarterly cash dividend reflects confidence in the performance and prospects of our businesses and a belief that the increase in MIC’s quarterly cash dividend to an annualized $3.50 per share is prudent” said James Hooke, Chief Executive Officer of Macquarie Infrastructure Company LLC.