Macquarie Infrastructure Company LLC Reports Second Quarter 2013 Financial Results, Increases Cash D

Macquarie Infrastructure Company LLC Reports Second Quarter 2013 Financial Results, Increases Cash Dividend to $3.50 per Year

Quarterly cash dividend increased 27% to $0.875 per share

• Proportionately combined Free Cash Flow increases 7.3%


• Free Cash Flow per share guidance of $4.10 to $4.20 in 2013 reaffirmed

• Proportionately combined leverage reduced to 3.5x from 4.3x

• Atlantic Aviation long-term debt refinanced

• Portfolio of contracted power facilities expanded

NEW YORK--(BUSINESS WIRE)-- Macquarie Infrastructure Company LLC (NYS: 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.

"We are reaffirming our guidance for the full year 2013 with respect to the Free Cash Flow of between $4.10 and $4.20 per share that we expect MIC to generate. We finished the first half of 2013 with $2.17 per share and after six months we are clearly at the higher end of that range. However, with a 2013 increase in maintenance capital expenditures at IMTT, we have decided not to revise our guidance upwards. With the dividend at an annualized $3.50 per share we are also delivering on our expectation of paying out between 80% and 85% of Free Cash Flow."

MIC raised a net $217.8 million in an equity offering during the second quarter and used the proceeds to repay a portion of the long-term debt of Atlantic Aviation. A remaining $465.0 million of long-term debt at Atlantic Aviation was then refinanced using a 7-year term loan. Following these transactions and including MIC's results for the second quarter, the Company's proportionately combined net debt/EBITDA was reduced to 3.5x from 4.3x at the end of the first quarter.

At quarter end the weighted average duration of MIC's debt increased to 5.7 years (excluding MIC Solar debt) from 2.1 years at the same point in 2012. MIC also reported having more than $100.0 million of cash on hand. "With an investment grade rating, a much stronger balance sheet, longer-dated and less expensive debt, and a substantial cash balance, MIC is well positioned," Hooke added.

MIC established a new line of business in the fourth quarter of 2012 with an investment of $5.7 million in two contracted solar power generation facilities. The investment was made in a joint venture with a non-controlling interest co-investor. Located in the southwestern U.S., these photovoltaic facilities have the capacity to generate a combined approximately 30 megawatt hours of electricity. The electricity is sold to nearby utilities pursuant to long-term power purchase agreements.

Following the June quarter end, MIC invested an additional $7.9 million in a third contracted solar power generating facility currently under construction. Upon completion of the project, MIC expects to receive a return of capital that will result in its having made a net investment of approximately $2.2 million. The Tucson, Arizona facility will have the capacity to produce approximately 13 megawatt hours of renewable power and is expected to commence commercial operations near the end of the year. MIC is also in advanced stages of negotiation around the acquisition of a fourth facility.

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 entity after holding company costs. See "Cash Generation" below for MIC's definition of Free Cash Flow and further information.

Consolidated Results for Second Quarter and Six Months

The Company reported a net loss, before tax, of $2.0 million for the second quarter of 2013 compared with net income of $22.0 million for the second quarter of 2012. For the six months ended June 30, 2013, MIC reported net income, before tax, of $9.2 million compared with net income of $42.7 million for the comparable period in 2012. The decrease versus the prior comparable periods is primarily attributable to performance fees incurred in 2013 of $22.0 million in the first quarter and $24.5 million in the second quarter.

MIC's consolidated revenue for the second quarter of 2013 decreased 2.3% to $252.6 million compared with $258.5 million in the second quarter of 2012. Consolidated revenue decreased 1.3% for the six-month period ended June 30, 2013 versus with the comparable period in 2012. The decrease in revenue reflects a decline in the volume of gas sold by Hawaii Gas and lower energy costs, such as those for aviation fuel, which are passed through to customers of MIC's businesses, partially offset by revenue from MIC Solar, a business line that was established in the fourth quarter of 2012.

Reported gross profit - defined as revenue less cost of goods sold - removes the volatility in revenue associated with fluctuations in energy costs. MIC's consolidated gross profit rose 3.8% to $101.4 million in the second quarter of 2013 from $97.7 million in the same period in 2012. For the six months ended June 30, 2013 the Company's gross profit increased 4.0% versus the comparable period in 2012.

Cash Generation

MIC reports EBITDA excluding non-cash items on a consolidated and operating segment basis and reconciles each to consolidated net income (loss). EBITDA excluding non-cash items is a measure relied upon by management in evaluating the performance of its businesses and investments. EBITDA excluding non-cash items is defined as earnings before interest, taxes, depreciation and amortization and non-cash items, which may include impairments, gains and losses on derivatives and adjustments for certain other items reflected in the statement of operations.

MIC believes that EBITDA excluding non-cash items provides additional insight into the performance of its operating businesses, relative to each other and to similar businesses, without regard to capital structure, and their ability to service or reduce debt, fund capital expenditures and/or support distributions to the holding company.

MIC also reports Free Cash Flow, as defined below, on both a consolidated and operating segment basis as a means of assessing the amount of cash generated by its businesses and as a supplement to other information provided in accordance with GAAP, and reconciles each to cash from operating activities. MIC believes that reporting Free Cash Flow provides additional insight into its ability to deploy cash, as GAAP measures, such as net income (loss) and cash from operating activities, do not reflect all of the items that management considers in estimating the amount of cash generated by its operating businesses. MIC defines Free Cash Flow as cash from operating activities, less maintenance capital expenditures and changes in working capital except with respect to MIC Solar for which Free Cash Flow is defined as distributions received or receivable from the business.

Free Cash Flow does not fully reflect MIC's ability to freely deploy generated cash, as it does not reflect required payments to be made on MIC's indebtedness and other fixed obligations or the other cash items excluded when calculating Free Cash Flow. Free Cash Flow may be calculated in a different manner by other companies, which limits its usefulness as a comparative measure. Therefore, Free Cash Flow should be used as a supplemental measure and not in lieu of MIC's financial results as reported under GAAP.

MIC may report certain financial metrics on a proportionately combined basis including, proportionately combined gross profit, proportionately combined EBITDA excluding non-cash items, proportionately combined cash interest, proportionately combined cash taxes, proportionately combined maintenance capital expenditures, proportionately combined Free Cash Flow, proportionately combined Free Cash Flow per share, proportionately combined growth capital expenditures and proportionately combined net debt. The Company believes that such measures provide investors and management with additional insight into the financial results and cash generated on the basis of its varied ownership interests in its businesses and investments for the reporting period.

Proportionately combined metrics used by MIC may be calculated in a different manner by other companies and may limit their usefulness as a comparative measure. Therefore, proportionately combined metrics should be used as a supplement to and not in lieu of financial results reported in accordance with GAAP.

The following table summarizes MIC's financial performance on a proportionately combined basis during the quarter and six month periods ended June 30, 2013 and the prior comparable periods.

   

For the Quarter Ended June 30, 2013

($ in Thousands) (Unaudited)

IMTT
50%

Hawaii
Gas

District
Energy
50.01%

Atlantic
Aviation

MIC
Corporate

Proportionately
Combined(1)

IMTT
100%

 

District
Energy
100%

 
Gross profit37,67117,1472,08677,8392,279137,02275,3424,171
EBITDA excluding non-cash items33,96511,4112,54434,845(193)82,57267,9305,087
Free cash flow12,1456,4891,80126,332(104)46,66324,290 3,601
 

For the Quarter Ended June 30, 2012

IMTT
50%

Hawaii
Gas

District
Energy
50.01%

Atlantic
Aviation

MIC
Corporate

Proportionately
Combined(1)

IMTT
100%

 

District
Energy
100%

 
Gross profit31,70618,0762,53574,542-126,85963,4125,069
EBITDA excluding non-cash items28,44114,4502,94731,335(1,927)75,24656,8825,892
Free cash flow18,5578,5951,92514,634(203)43,50737,113 3,849
         
Gross profit variance18.8%(5.1)%(17.7)%4.4%NM8.0%18.8% (17.7)%
EBITDA excluding non-cash items variance19.4%(21.0)%(13.7)%11.2%90.0%9.7%19.4% (13.7)%
Free cash flow variance(34.6)%(24.5)%(6.4)%79.9%48.8%7.3%(34.6)% (6.4)%

 

NM- Not meaningful
(1) Proportionately combined free cash flow is equal to the sum of free cash flow attributable to MIC's ownership interest in each of its operating businesses and MIC Corporate.
 
 
 

For the Six Months Ended June 30, 2013

($ in Thousands) (Unaudited)

IMTT
50%

Hawaii
Gas

District
Energy
50.01%

Atlantic
Aviation

MIC
Corporate

Proportionately
Combined(1)

 

IMTT
100%

District
Energy
100%

 

Gross profit

74,31837,5643,667157,4733,856276,878148,6367,333

EBITDA excluding non-cash items

66,74227,1264,47070,863(417)168,784133,4848,939

Free cash flow

29,34516,4292,83953,4244,807106,84458,6895,677
 
 

For the Six Months Ended June 30, 2012

 

IMTT
50%

Hawaii
Gas

District
Energy
50.01%

Atlantic
Aviation

MIC
Corporate

Proportionately
Combined(1)

IMTT
100%

District
Energy
100%

 

Gross profit

64,89436,7754,381152,794-258,844129,7888,760

EBITDA excluding non-cash items

58,17228,6305,12265,486(6,973)150,437116,34410,241

Free cash flow

37,57916,6053,26833,743(3,672)87,52375,1586,534

 

        

Gross profit variance

14.5%2.1%(16.3)%3.1%NM7.0%14.5%(16.3)%

EBITDA excluding non-cash items variance

14.7%(5.3)%(12.7)%8.2%94.0%12.2%14.7%(12.7)%

Free cash flow variance

(21.9)%(1.1)%(13.1)%58.3%NM22.1%(21.9)%(13.1)%

 

NM - Not meaningful
(1) Proportionately combined free cash flow is equal to the sum of free cash flow attributable to MIC's ownership interest in each of its operating businesses and MIC Corporate.
 

IMTT

MIC has a 50% equity interest in International-Matex Tank Terminals (IMTT), the operator of one of the largest independent bulk liquid storage terminal businesses in the U.S. IMTT owns and operates 10 marine storage terminals in the U.S. and is the part owner and operator of two terminals in Canada. The terminals store and handle a wide variety of petroleum grades, chemicals and vegetable and animal oils. To aid in meaningful analysis of the performance of IMTT across periods, the table and discussion below refer to results for 100% of the business, not MIC's 50% interest.

For the second quarter of 2013 compared with the second quarter of 2012:

  • Terminal revenue increased 9.5%
  • Average storage rental rates increased 6.5%; MIC continues to believe that average storage rental rates will increase by between 5.0% and 7.0% for the full year
  • Capacity utilization was stable at 92.9%; utilization increased from 92.7% in the first quarter of 2013 but remains below historically normal levels, as expected, as a result of certain large tanks being out of service for cleaning and inspection and conversion to alternate product services

Maintenance capital expenditures increased to $26.9 and $46.0 million for the quarter and year to date periods in 2013 compared with $7.3 and $15.5 million in the prior comparable periods. The majority of the increase in 2013 pertains to costs to repair the damage from Hurricane Sandy at IMTT's Bayonne, New Jersey facility, higher costs related to tank cleaning and repair, the upgrade of fire protection equipment, dock improvements in California and a number of projects that could not be completed in 2012 due to Hurricane Sandy. Maintenance capital expenditures in 2014 are expected to return to the range of levels observed in 2010 through 2012.

IMTT's tax provision contemplates payment of approximately $11.4 million of federal income taxes and $5.2 million of state income taxes for 2013. The $8.2 million provision for the six months ended June 30, 2013 includes $5.7 million for federal income taxes and $2.5 million for state income taxes.

Free Cash Flow generated by IMTT decreased 34.6% to $24.3 million and 21.9% to $58.7 million for the quarter and six months ended June 30, 2013, respectively. The decline in Free Cash Flow stems from higher maintenance capital expenditures and an increased tax provision that more than offset the increase in EBITDA excluding non-cash items in each period.

IMTT made a distribution of $11.1 million for the second quarter to each of its two shareholders on July 30, 2013.

Hawaii Gas

Hawaii Gas is the owner and operator of the only regulated ("utility") gas processing and pipeline distribution network on the islands of Hawaii. The business is also the owner and operator of the largest unregulated ("non-utility") gas distribution operation on the islands.

For the second quarter of 2013 compared with the second quarter of 2012:

  • Non-utility contribution margin decreased 6.8% to $15.1 million from $16.2 million
  • Utility contribution margin decreased 2.0% to $9.5 million from $9.7 million
  • Selling, general and administrative expenses increased 31.4% to $6.0 million from $4.6 million primarily as a result of expenses incurred in connection with the appointment of a new CEO to the business in May

The combined volume of utility and non-utility gas sold decreased 2.9% in the second quarter of 2013 compared with the second quarter in 2012. The decrease reflects reduced consumption resulting from a large commercial customer on Kauai being off-line for a portion of the first half of the year and a reduction in the average amount of customer inventory in 2013 versus 2012. The change in distribution pertains to inventory management associated with uncertainty in the timing of supplies of LPG leading up to and following the closure of the Tesoro refinery. Excluding these two items, non-utility volume increased.

Hawaii Gas expects that the potential for instability in the local supply of LPG and the resultant need to import a larger percentage of the LPG it distributes could cause increased volatility in non-utility contribution margin and exaggerate movements in working capital over the medium term. The business is constructing additional LPG storage facilities that it believes will mitigate a portion of the volatility associated with this instability.

The decrease in the volume of gas sold was partially offset by successful marketing efforts that resulted in an increase in the number of customers being served by both utility and non-utility portions of the business. The volume of gas sold year to date in 2013 was essentially flat with 2012.

The Free Cash Flow generated by Hawaii Gas decreased by 24.5% and 1.1% to $6.5 million and $16.4 million for the quarter and six months ended June 30, 2013, respectively. The decline in Free Cash Flow reflects the reduced revenue and higher operating expenses, including those associated with appointing a new CEO of the business in the second quarter, partially offset by lower interest and taxes.

District Energy

MIC's District Energy business produces chilled water that it distributes via underground pipelines in downtown Chicago to high-rise buildings for use in air conditioning and process cooling systems. The business also operates a facility in Las Vegas, Nevada that supplies both cooling and heating services to three customers there. MIC has a 50.01% (controlling) interest in District Energy. The table and discussion below refer to results for 100% of the business, not MIC's 50.01% interest.

For the second quarter of 2013 compared with the second quarter of 2012:

  • Cooling consumption revenue decreased 24.4% to $5.2 million from $6.9 million in 2012; lower average temperatures in 2013 compared with 2012 and the expected loss of a customer (previously disclosed) reduced demand for cooling
  • Capacity revenue increased 3.4% to $5.8 million from $5.6 million; increases in the number of customers being served and inflation adjustments to existing contracts contributed to the improved performance

District Energy's results for the second quarter reflect the termination of service by one customer resulting in a reduction in cash EBITDA. In addition to terminating its contract, the customer has refused to make unamortized lease principal payments to which District Energy believes it is entitled. The parties have agreed to mediate the matter in a process that is expected to commence in October.

Free Cash Flow generated by District Energy decreased 6.4% to $3.6 million for the second quarter and decreased 13.1% to $5.7 million for the six months ended June 30, 2013. The decreases reflect primarily the reduction in revenue noted above.

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed-base operations (FBO) that primarily provide fuel, terminal and aircraft hangar services to owners and operators of general aviation (GA) aircraft at 62 airports in the U.S. The network is the one of the largest in the U.S. air transportation industry.

For the second quarter of 2013 compared with the second quarter of 2012 (same store basis):

  • Fuel related gross profit increased 5.0% on same store GA volume increases of 2.9% and average margin increases of 3.6%
  • Non-fuel gross profit increased primarily due to higher hangar rental revenue

The performance of Atlantic Aviation is, in general, more closely correlated with the economic vitality of the U.S. as a whole than that of MIC's other businesses. MIC believes that the improvement in gross profit generated by Atlantic Aviation is reflective of the ongoing improvement in the U.S. economy broadly, as well as the popularity of the destinations in the portfolio specifically.

Atlantic Aviation's long term debt was refinanced in May. The refinancing utilized $217.8 million in net proceeds from a public offering of approximately 3.9 million shares of MIC and cash on hand, and a 7-year, $465.0 million term loan facility that bears interest at a rate of LIBOR+2.5%. As a result of these transactions, Atlantic Aviation's net debt/EBITDA decreased to 3.3x from 5.3x at March 31, 2013.

Effective July 31, 2013, Atlantic Aviation entered into a swap agreement hedging the floating rate interest component (the LIBOR element) of the term loan facility. The swap fixed the floating rate component at 2.2% resulting in an all-in cost of 4.7% for the next six years.

As a part of the refinancing of the business' long term debt, Atlantic Aviation secured access to a $70.0 million revolving credit facility. The facility will be used by the business to fund growth projects and working capital needs. The revolving credit facility bears interest at a rate of LIBOR+2.5%. The floating rate exposure is not expected to be hedged and the facility is undrawn at this time.

Free Cash Flow generated by Atlantic Aviation increased 79.9% to $26.3 million and 58.3% to $53.4 million for the quarter and six month periods ended June 30, 2013, respectively.The increase in cash generation reflects primarily the reduction in the amount and cost of the business' long-term debt outstanding versus 2012 and the improved operating results.

Free Cash Flow gains at Atlantic Aviation were partially offset by an increase in the business' provision for current income taxes of $359,000 and $4.2 million in the quarter and six month periods ending June 30, 2013, respectively. The federal portion of Atlantic Aviation's current income taxes for 2013 is expected to be wholly offset in consolidation by the application of Net Operating Loss carryforwards.

MIC Solar

MIC has invested a total of $5.7 million in two contracted solar power generation facilities located in the southwestern U.S. Together these facilities are capable of generating approximately 30 megawatt hours of electricity that is sold to nearby utilities pursuant to long-term power purchase agreements. At June 30, 2013, MIC's investment in solar power generation is reported as a component of its Corporate and Other segment. The power generation assets alone do not constitute a reportable segment under GAAP.

MIC's solar investments performed as anticipated during the second quarter of 2013. The combined operations generated $390,000 and $679,000 in distributions to MIC in the quarter and year to date periods ended June 30, 2013.

Following the June quarter end, MIC invested an additional $7.9 million in a third contracted solar power generating facility currently under construction. Upon completion of the project, MIC expects to receive a return of capital that will result in a net investment of approximately $2.2 million. The Tucson, Arizona facility will have the capacity to produce approximately 13 megawatt hours of renewable power and is expected to commence commercial operations near the end of the year. MIC is also in advanced stages of negotiation around the acquisition of a fourth facility.

Business Outlook

MIC reaffirmed its full year 2013 guidance for proportionately combined free cash flow of between approximately $4.10 and $4.20 per share. Through the six months ended June 30, 2013 MIC's businesses generated $2.17 per share in proportionately combined Free Cash Flow.

  • MIC continues to expect that IMTT will generate EBITDA of between $260.0 and $270.0 million for the full year 2013. Full year increases in average storage rates are expected to be between 5.0% and 7.0%. Utilization is expected to remain lower than historical norms as a result of the cleaning and inspection of certain large tanks in 2013. Maintenance capital expenditures are now expected to be in a range of approximately $80.0 million to $85.0 million for the full year.
  • Hawaii Gas is expected to generate EBITDA of between $57.0 and $63.0 million in 2013 including the impact of costs associated with appointing a new CEO of the business.
  • District Energy is expected to generate EBITDA of approximately $20.0 million in 2013. Cooling demand is typically at its highest during the third quarter of the year.
  • Atlantic Aviation is expected to generate EBITDA in a range between $137.0 and $145.0 million in 2013. The expectation reflects the year to date improvement in gross profit.
  • The MIC Solar portfolio is expected to produce distributable cash totaling approximately $1.0 million in 2013.

Conference Call and WEBCAST

When: Management has scheduled a conference call for 8:00 a.m. Eastern Time on Thursday, August 1, 2013 during which it will review the Company's results and answer questions from analysts and investors.

How: To listen to the conference call, please dial +1(650) 521-5252 at least 10 minutes prior to the scheduled start time. A webcast of the call will be accessible via the Company's website at www.macquarie.com/mic. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the webcast.

Slides: The Company will prepare materials in support of its conference call presentation. The materials will be available for downloading from the Company's website the morning of August 1, 2013 prior to the conference call. A link to the materials will be located on the homepage of the MIC website.

Replay: For interested individuals unable to participate in the live conference call, a replay will be available after 2:00 p.m. on August 1, 2013 through August 8, 2013, at +1(404) 537-3406, Passcode: 93685696. An online archive of the webcast will be available on the Company's website for one year following the call. MIC-G

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a gas processing and distribution business, Hawaii Gas, a controlling interest in a District Energy business in Chicago, and a 50% interest in a bulk liquid storage terminal business, International-Matex Tank Terminals. MIC also owns and operates an airport services business, Atlantic Aviation, and three solar power generation facilities, collectively MIC Solar. 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.

Forward-Looking Statements

This press release 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 report 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.

MIC's actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which MIC is not currently aware could also cause its actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this release may not occur. These forward-looking statements are made as of the date of this release. MIC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

"Macquarie Group" refers to the Macquarie Group of companies, which comprises Macquarie Group Limited and its worldwide subsidiaries and affiliates. Macquarie Infrastructure Company LLC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Infrastructure Company LLC.

 
MACQUARIE INFRASTRUCTURE COMPANY LLC
 
CONSOLIDATED CONDENSED BALANCE SHEETS
($ In Thousands, Except Share Data)
 
 June 30,

2013

 December 31,

2012

ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$106,768$141,376
Restricted cash(1)12,6233,133
Accounts receivable, less allowance for doubtful accounts
of $695 and $875, respectively Read Full Story

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