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Last $85.16 USD
Change Today +0.16 / 0.19%
Volume 257.7K
MIC On Other Exchanges
Symbol
Exchange
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As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

macquarie infrastructure cor (MIC) Key Developments

Macquarie Infrastructure Company Announces Conversion of the Company to a Corporation from Limited Liability Company

The shareholders of Macquarie Infrastructure Company at the special meeting of shareholders held on May 15, 2015, approved the conversion of the company to a Delaware corporation from a Delaware Limited Liability Company (LLC). The conversion is expected to be completed on May 21, 2015 at which time each existing LLC membership interest will be automatically converted into one share of the Common Stock of Macquarie Infrastructure Corporation. The conversion will have no impact on the business or management of the Company and will be treated as a tax free exchange.

Macquarie Infrastructure Company LLC Declares Cash Dividend for the First Quarter of 2015, Payable on May 19, 2015; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Macquarie Infrastructure Company LLC board of directors has authorized a cash dividend of $1.07 per share, or $4.28 annualized, for the first quarter of 2015. The dividend will be payable on May 19, 2015 to shareholders of record on May 14, 2015. The quarterly cash payment represents a 4.9% increase over the dividend paid for the fourth quarter of 2014. The company reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $398,498,000 against $276,195,000 for the same period a year ago. Operating loss was $115,910,000 against operating income of $27,625,000 for the same period a year ago. Net loss before income taxes was $145,848,000 against net income before income taxes of $28,646,000 for the same period a year ago. The net loss reflects primarily the impact of the performance fees incurred in the 2015 quarter. Net loss attributable to the company was $89,002,000 or $1.22 per basic and diluted share against $20,366,000 or $0.36 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $117,016,000 against $59,077,000 for the same period a year ago. Purchases of property and equipment were $25,481,000 against $21,613,000 for the same period a year ago. Maintenance capital expenditures were $6,115,000 against $2,825,000 for the same period a year ago. Free cash flow was $123,777,000 against $52,794,000 for the same period a year ago. Free cash flow- proportionately combined basis was $122,681,000 against $64,920,000 for the same period a year ago. EBITDA excluding non-cash items was $155,244,000 against $68,792,000 for the same period a year ago. The company's consolidated revenue for the first quarter of 2015 increased by 44.3% compared with the first quarter in 2014 primarily as a result of the inclusion of results for International-Matex Tank Terminals following the acquisition of the second half of that business in July of 2014. The increase was partially offset by lower cost energy inputs in 2015 compared with 2014 resulting from the decline in the price of oil and oil products. The company notes that these decreases in revenue reflect the pass-through nature of energy-related costs.

Macquarie Infrastructure Company LLC, Special/Extraordinary Shareholders Meeting, May 15, 2015

Macquarie Infrastructure Company LLC, Special/Extraordinary Shareholders Meeting, May 15, 2015., at 10:00 US Eastern Standard Time. Location: 125 West 55 Street, 22 Floor. Agenda: To consider the proposal to approve a plan of conversion, including the conversion, certificate of incorporation and bylaws contemplated thereby (collectively, the plan of conversion and the transactions contemplated thereby, collectively, the conversion), dated as of April 10, 2015, providing for the conversion of MIC LLC from a limited liability company organized under the laws of the State of Delaware to Macquarie Infrastructure Corporation, a corporation organized under the laws of the State of Delaware (the conversion proposal ); to consider proposal to approve the authorization of 100,000,000 shares of preferred stock (the preferred stock proposal ); and to consider the proposal to adjourn the special meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the special meeting to approve the foregoing proposals (the adjournment proposal).

Macquarie Infrastructure Company LLC to Report Q1, 2015 Results on May 04, 2015

Macquarie Infrastructure Company LLC announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 04, 2015

Macquarie Infrastructure Company LLC, Q1 2015 Earnings Call, May 05, 2015

Macquarie Infrastructure Company LLC, Q1 2015 Earnings Call, May 05, 2015

 

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Valuation MIC Industry Range
Price/Earnings 6.3x
Price/Sales 4.2x
Price/Book 2.1x
Price/Cash Flow 6.1x
TEV/Sales 3.0x
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