Macquarie Infrastructure Company LLC (NYSE:MIC) reported its financial results for 2013 including a 12.2% and 25.4% increase in proportionately combined Free Cash Flow for the fourth quarter and full year, respectively. The increases reflect better than anticipated results at MIC’s Atlantic Aviation business, partially offset by higher operating expenses and maintenance capital expenditures at International-Matex Tank Terminals. Proportionately combined Free Cash Flow per share for the full-year 2013 increased 11.7%, or $0.43, to $4.09 compared with the full-year 2012, excluding swap break fees incurred at Hawaii Gas in 2012. Per share figures for the full year include the impact of a 10.2% increase in the number of the Company’s weighted average shares outstanding at year-end. MIC issued 8.8 million additional shares during 2013 including shares sold in follow on offerings in May and December. The sales increased MIC’s weighted average number of shares outstanding at year end by 4.7 million versus year end 2012. The proceeds of the sales were used primarily to reduce the indebtedness of and facilitate acquisitions by the Company’s Atlantic Aviation business. Proportionately combined Free Cash Flow per share decreased 2.3%, or $0.02 per share, to $0.83 in the fourth quarter of 2013 compared with the fourth quarter in 2012. The decrease in the per share amount was primarily attributable to shares issued and sold by the Company in a public offering on December 18, 2013. The proceeds of these sales are expected to be used to fund acquisitions by its Atlantic Aviation business. These acquisitions are expected to close at the end of the first quarter of 2014 and to be accretive to Free Cash Flow per share on an annualized basis. Excluding the dilutive effect of shares issued on December 18, 2013, Free Cash Flow per share would have been $4.10 for the full year.