Net of all adjustments, MIC estimates cash available for distribution inthe first half of 2007 increased to
BUSINESS UPDATE AND OUTLOOK
MIC's Manager earned an performance fee of
Airport services business - The Company expects that the airport servicesbusiness will conclude the acquisition of Mercury Air Centers and the San Jose Jet Center in August, 2007. Integration of the 26 FBOs into Atlantic Aviationwill commence immediately and is expected to be completed over a period of 12- 18 months. The additional sites are expected to generate a minimumincremental
MIC expects continued strong performance from the airport services segmentto be supported in part by the full-year contribution from sites acquired in2007. Activity at all sites is being driven by continued increases in thenumber of general aviation aircraft in service and the number of hours thoseaircraft are being flown.
Bulk liquid storage terminal business - The bulk liquid storage businessis expected to continue to perform well as inflation escalators generaterevenue growth from existing contracts, expiring contracts are renewed athigher rates and storage tanks currently under construction becomeoperational. New tanks generated approximately
Approximately 75% of the contracts relating to the construction of theGeismar chemicals logistics center have been awarded. Construction of theGeismar facility remains on pace for completion in the second quarter of 2008.
MIC expects that the
MIC believes that the bulk liquid storage terminal business will continueto generate a quarterly dividend of
Gas production and distribution business - The fundamental driver ofcontinued growth in the gas production and distribution business is populationgrowth in Hawaii. Beyond this, MIC believes that it can effectively marketits synthetic natural gas and liquid petroleum gas products as an efficient,environmentally friendly fuel source, thereby increasing its market sharerelative to other fuel/power sources.
MIC believes that its gas production and distribution business willcontinue to be a stable source of distributable cash consistent with theapproximately 11.0% yield assumed when the business was acquired.
District energy business - The Company expects continued stableperformance from its district energy business assuming a historically normallevel of demand for cooling during the summer. Expansion of the currentsystem, in conjunction with operational strategies and efficiencies, willincrease saleable capacity.
Airport parking business - Yield management strategies continue togenerate improvement in average revenue per car. In addition, management hassignificantly upgraded the operations team of the business and believes thatexpected service improvements and growth in volume and revenue will offset thehigher expenses over the medium term.
Fourth Quarter Highlights - Net Revenue of $524 million - Adjusted Net Revenue of $525 million , representing a (10%) decrease over the fourth quarter of 2007 - EBITDA of...
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