Macquarie Infrastructure Company LLC (NYSE:MIC) reported 7.9% growth in proportionately combined Free Cash Flow to $64.9 million in the first quarter of 2014 from $60.2 million in the first quarter of 2013. Proportionately combined Free Cash Flow per share declined to $1.15 versus $1.26 in the prior comparable period. Growth in aggregate Free Cash Flow was offset on a per share basis by an 18.5% increase in the weighted number of shares outstanding following equity capital raises by the Company in the second and fourth quarters of 2013 and the reinvestment in shares of base management and performance fees incurred in 2013. MIC noted that the $0.11 decrease in Free Cash Flow per share for the quarter was a function of principally three matters: 1. The absence of approximately $0.07 per share in incremental Free Cash Flow that MIC expects as a result of the acquisitions involving five fixed base operations (FBO) from Galaxy Aviation and one FBO from Boca Aviation (collectively the “Galaxy transactions”) that did not close in the first quarter of 2014 but for which the company raised equity capital to fund in December of 2013. The Galaxy transactions closed on April 30; 2. The unusually low (and temporary) rate of interest on the debt facilities of Atlantic Aviation in the first quarter in 2013 due to the expiration of interest rate swaps. Had Atlantic Aviation’s debt borne interest at the current rate, proportionately combined Free Cash Flow per share would have been $0.10 lower in the first quarter of 2013; and 3. Approximately $0.03 per share from the timing of 2013 federal income tax provisioning by IMTT management that was subsequently corrected during 2013. “The performance of our businesses and investments in the first quarter was marginally ahead of our expectations as both Atlantic Aviation and IMTT posted improved results. Our guidance for the full year 2014 is unchanged,” said James Hooke, Chief Executive Officer of MIC.