NEW YORK, Aug. 9 /PRNewswire-FirstCall/ -- Macquarie InfrastructureCompany (NYSE: MIC), a leader in the ownership and operation of U.S.infrastructure businesses, reported consolidated revenue for the secondquarter of
The Company reported an operating loss for the period of
MIC reported a 67.6% year over year increase in estimated cash availablefor distribution ("CAD"). CAD is a measure used by the Company to assess itsability to sustain and increase quarterly dividends. Through six months CADincreased to
The Company's board of directors has approved a dividend of
"Our businesses collectively have generated a substantial increase indistributable cash." said Peter Stokes , Chief Executive Officer of MacquarieInfrastructure Company. "Infrastructure businesses tend to be defensive inthat they generate stable, growing cash flows throughout market cycles. Weare pleased with the solid performance of our businesses this quarter."
"MIC does not raise money from investors unless we have a transaction inhand", Stokes added. "To the extent that we have cash on our balance sheet,we invest that cash only in prime short-term instruments, not illiquidinvestments".
Gross profit was
For the six months ended June 30 , the Company reported consolidatedrevenue and an operating loss of
OPERATING BUSINESSES PERFORMANCE HIGHLIGHTS
MIC reports EBITDA and contribution margin, both non-GAAP financialmeasures, as it considers them to be important indicators of overallperformance. The attached tables provide a reconciliation of EBITDA to netincome and contribution margin to revenue. The Company believes that EBITDAprovides insight into the performance of certain of its operating companiesand their ability to generate dividends. The reporting of contribution marginby the gas production and distribution business provides additional insightinto the performance of that business net of changes in fuel prices that aretypically passed through to customers.
ESTIMATED CASH AVAILABLE FOR DISTRIBUTION
The Company believes that its results under GAAP, after certainadjustments, provide better insight into its ability to support itsdistributions. GAAP results alone do not reflect all of the items thatmanagement considers in estimating distributable cash. The table belowsummarizes MIC's estimated cash available for distribution, beginning withcash from operations and adjusted for certain dividend income and cashexpenditures included in the calculation of CAD. Estimated cash available fordistribution totaled
MIC's consolidated cash from operations increased to
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