Macquarie Infrastructure Posts A Loss In FY07 On Higher Other Expenses; Revenues Up 60% [MIC]

February 28, 2008

RTT News

2/28/2008 3:19:12 PM Thursday morning, Macquarie Infrastructure Co. (MIC), engaged in the diversified group of infrastructure businesses, reported a loss for the fiscal year 2007, compared to profit in the prior year quarter, hurt by higher other expenses.

Macquarie's net loss for the fiscal year 2007 was $52.1 million or $1.27 per share, compared to net income of $49.9 million or $1.73 per share in the previous year. On average, six analysts surveyed by First Call/Thomson Financial estimated a loss of $0.61 per share.

Total revenues for the fiscal year were $831.4 million, up 60% from $520.3 million in the earlier year. Two analysts, on average, anticipated the company to report revenues of $796.68 million.

Operating income for the fiscal year improved to $36.4 million from $26.1 million in the preceding year.

The company said that its fiscal year EBITDA of $73.9 million was much lower than $171.6 million in last year.

Total operating expenses increased to $795.1 million from $494.2 million in the previous year. Loss on derivative instruments fell to $1.2 million from $1.4 million in the prior year.

Interest expenses for the fiscal year increased to $81.7 million from $77.7 million in the preceding year. Prior year quarter's expenses were largely offset by gain on sale of investments of $49.9 million, dividend income of $8.4 million and gain on marketable securities of $6.7 million.

Looking ahead, the company expects continued strong performance from its airport services business. General aviation aircraft manufacturers continue to report strong demand for new planes. The increased number of hours that general aviation aircraft are being flown is expected to continue to drive growth in the volume of fuel sold.

MIC is currently trading at $34.12, up 12 cents or 0.35% from its previous closing of $34.00.