Macquarie Infrastructure Company Announces Filing of Amended and Restated Financial Results
16 Outubro 2006 - 9:30AM
PR Newswire (US)
NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- Macquarie
Infrastructure Company has filed amended and restated financial
results for the quarters ended March 31, 2006 and June 30, 2006.
The restatements are the result of the Company concluding that its
derivative instruments did not qualify for hedge accounting
treatment under Statement of Financial Accounting Standards No. 133
("SFAS 133"). Both interest rate swaps and foreign currency
exchange rate hedges were reported using hedge accounting during
the affected periods. The restatement has resulted in an increase
in reported net income and has had no impact on reported cash from
operations, operating income or cash available for distribution.
The restatement increased the Company's reported net income for the
quarter ended March 31, 2006 from a loss of $1.3 million, or
($0.049) per share, to a gain of $7.6 million, or $0.28 per share.
Net income for the quarter ended June 30, 2006 increased from $4.5
million, or $0.17 per share, to $9.4 million, or $0.35 per share.
In both quarters the changes are reported as increases in
unrealized gain on derivative instruments. As a result of declines
in interest rates during the third quarter, the Company anticipates
that its earnings for the third quarter will reflect a reversal of
substantially all of the non-cash gains on derivatives recorded in
the first half of 2006. MIC expects to record a cumulative
unrealized gain on derivative instruments (pre-tax) of between $1.0
and $3.0 million through the nine months ended September 30, 2006.
As in the first half of the year, these will be non-cash
adjustments that have no impact on operating income, cash flow or
cash available for distribution. MIC also filed an amended and
restated annual report of its financial results on Form 10-K/A for
the full year 2005 to reflect changes in its quarterly and segment
results for that year. The restatement had an immaterial impact on
the Company's audited full-year results for 2005. MIC believes that
its hedging transactions were, and will continue to be, effective
in reducing its exposure to interest rate and currency exchange
rate fluctuations. The Company will seek hedge accounting treatment
for its derivative instruments in 2007. The restated reports can be
found under "SEC filings" behind the Investor Center tab on the
Company's website at http://www.macquarie.com/mic. About Macquarie
Infrastructure Company Macquarie Infrastructure Company owns,
operates and invests in a diversified group of infrastructure
businesses, which provide basic, everyday services to customers in
the United States. Its businesses and investments consist of an
airport services business, an airport parking business, a district
energy business, a gas production and distribution business, and a
50% interest in a bulk liquid storage terminal business. Forward
Looking Statements This 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 presentation are subject to a number of risks and
uncertainties, some of which are beyond the Company's control
including, among other things: its ability to successfully
integrate and manage acquired businesses, manage growth, make and
finance future acquisitions, service, comply with the terms of and
refinance its debt, and implement its strategy, decisions made by
persons who control the Company's investments including the
distribution of dividends, the regulatory environment, changes in
air travel, automobile usage, fuel and gas prices, foreign exchange
fluctuations, environmental risks 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 the Company
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.
Australian banking regulations that govern the operations of
Macquarie Bank Limited and all of its subsidiaries, including the
Company's manager, require the following statements. Investments in
Macquarie Infrastructure Company Trust are not deposits with or
other liabilities of Macquarie Bank Limited or of any Macquarie
Group company and are subject to investment risk, including
possible delays in repayment and loss of income and principal
invested. Neither Macquarie Bank Limited nor any other member
company of the Macquarie Group guarantees the performance of
Macquarie Infrastructure Company Trust or the repayment of capital
from Macquarie Infrastructure Company Trust. "Macquarie Group "
refers to the Macquarie Group of companies, which comprises
Macquarie Bank Limited and its worldwide subsidiaries and
affiliates. MIC-G DATASOURCE: Macquarie Infrastructure Company
CONTACT: Investors: Jay A. Davis, Investor Relations,
+1-212-231-1825; or Media: Alex Doughty, Corporate Communications,
+1-212-231-1710, both of Macquarie Infrastructure Company Web site:
http://www.macquarie.com/mic
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