NEW YORK, Aug. 9 /PRNewswire-FirstCall/ -- Macquarie Infrastructure Company , a leader in the ownership and operation of U.S. infrastructure businesses, reported consolidated revenue for the second quarter of $177.2 million. Revenue increased 67% over the second quarter in 2006.

The Company reported an operating loss for the period of $22.9 million. The operating loss reflects a performance fee of $43.0 million for the quarter payable to the Company's manager, Macquarie Infrastructure Management (USA) ("MIMUSA"). MIMUSA has elected to reinvest the payment in additional LLC interests. The fee and reinvestment in additional shares will have no impact on MIC's distributable cash.

MIC reported a 67.6% year over year increase in estimated cash available for distribution ("CAD"). CAD is a measure used by the Company to assess its ability to sustain and increase quarterly dividends. Through six months CAD increased to $52.3 million or $1.39 per share, from $31.2 million in the first half of 2006. The increase in CAD was attributable to sound ongoing operations and successful acquisitions concluded during 2006.

The Company's board of directors has approved a dividend of $0.605 per share for the second quarter of 2007. The dividend will be payable on September 11, 2007 to shareholders of record on September 6, 2007.

"Our businesses collectively have generated a substantial increase in distributable cash." said Peter Stokes, Chief Executive Officer of Macquarie Infrastructure Company. "Infrastructure businesses tend to be defensive in that they generate stable, growing cash flows throughout market cycles. We are pleased with the solid performance of our businesses this quarter."

"MIC does not raise money from investors unless we have a transaction in hand", Stokes added. "To the extent that we have cash on our balance sheet, we invest that cash only in prime short-term instruments, not illiquid investments".

Gross profit was $75.8 million or 60.2% more than the $47.3 million reported in the second quarter of 2006. Evaluations based on gross profit remove the volatility in revenue associated with costs that are typically passed through to customers by infrastructure businesses.

For the six months ended June 30, the Company reported consolidated revenue and an operating loss of $346.2 million and $3.1 million, respectively. Revenue increased 80% over the first half of 2006. The year to date operating loss reflects the impact of the $43.0 million performance fee.

OPERATING BUSINESSES PERFORMANCE HIGHLIGHTS

MIC reports EBITDA and contribution margin, both non-GAAP financial measures, as it considers them to be important indicators of overall performance. The attached tables provide a reconciliation of EBITDA to net income and contribution margin to revenue. The Company believes that EBITDA provides insight into the performance of certain of its operating companies and their ability to generate dividends. The reporting of contribution margin by the gas production and distribution business provides additional insight into the performance of that business net of changes in fuel prices that are typically passed through to customers.

-- Gross profit in the Company's airport services business was $55.5 million for the quarter, an increase of 63.7% over the second quarter in 2006. Organic gross profit (excluding sites acquired in the prior 12 months) increased 10.5%. The volume of fuel sold increased with higher levels of activity at our locations. A larger proportion of transient customers resulted in higher average margins on fuel sales. -- EBITDA increased to $27.1 million or 41.4% over the second quarter in 2006. Reported EBITDA included a $0.9 million non-cash gain on certain interest rate hedges compared to a $3.6 million non-cash gain in the prior comparable period. EBITDA at existing locations would have increased by 19.4% excluding the non-cash derivative gains in both the second quarter of 2006 and the second quarter of 2007. -- The growth in the volume of fuel sold reflects the overall increase in activity at our sites. Margin improvement reflects the higher percentage of transient customers versus base tenants being served by the business. Transient customers generally pay higher fuel margins than base tenants. -- In April the Company announced its agreement to acquire Mercury Air Centers, a network of 24 FBOs. In June the transaction was expanded to include the two FBOs that comprise the San Jose Jet Center. The Company expects to close the $615.0 million transaction (including expenses) for the 26 sites in August, 2007. -- The airport services business concluded the acquisition of FBOs at the Santa Monica (CA) and Stewart (NY) airports on May 30. The business invested a total of $87.2 million (excluding $3.0 million of fees and expenses) in the sites and expects that they will generate incremental EBITDA of at least $7.2 million per year. -- The airport services business generated gross profit of $112.5 million and EBITDA $52.7 million through six months. Both metrics are consistent with the guidance previously provided by the Company and exclude the impact of the pending acquisition. -- Terminal revenue at the Company's bulk liquid storage terminal business increased to $54.8 million in the second quarter of 2007 or 19.4% over the second quarter in 2006. The increase was primarily the result of a $4.4 million increase in storage revenue and a $1.0 million increase in throughput revenue. MIC does not consolidate the financial results of the bulk liquid storage terminal business with those of its controlled businesses. -- EBITDA for the second quarter of 2007 was $26.0 million, an increase of 26.0% over the second quarter in 2006. EBITDA would have increased by 11.3% excluding non-cash gains on derivatives. -- The bulk liquid storage terminal business paid a dividend of $7.0 million to MIC for the second quarter of 2007. The dividend payment was accrued at quarter-end and cash was received on July 25, 2007. MIC expects to receive a dividend of $7.0 million each quarter through 2008. The Company expects to receive a dividend equal to 50% of the cash from operations generated by this business, less 50% of maintenance and environmental remediation capital expenditures, beginning with the first quarter in 2009. -- Cash flow from operations in the bulk liquid storage business decreased to $31.5 million or by 18.8% for the first half of 2007 versus the first half of 2006. The decline is primarily the result of increased interest expense associated with a $12.3 million "make whole" payment incurred in connection with the refinancing of two fixed rate debt facilities during the period. -- On June 7, the bulk liquid storage terminal business entered into a $625.0 million revolving credit facility and used $168.5 million of proceeds to repay two fixed rate senior notes and fund letters of credit. The interest rate on the revolving credit facility is LIBOR (hedged to a fixed 5.5%) plus a margin based on IMTT's operating leverage of approximately 1.0% - 1.25%. The rate is an average of 45bp lower than the margin that would have been payable on the business' previous revolving credit facility. At June 30 the drawn balance was $186.6 million. -- At June 30 the business had completed and committed to expansion projects totaling approximately $280.3 million of growth capital expenditures. All projects combined are expected to generate incremental gross profit and EBITDA of approximately $41.5 million per year. The projects include expansions of previously announced developments in Louisiana and Canada and two new projects for the construction and conversion of approximately one million barrels of storage in Bayonne, NJ. The Bayonne effort is expected to cost $28.7 million and generate annual gross profit and EBITDA of $7.1 million as the capacity comes on line in 2008 through 2010. Substantially all of the expansion projects are backed by contracts in place. A portion of the new tanks are for use while existing tanks are undergoing periodic inspection. -- The bulk liquid storage business has chosen to finance a portion of its Louisiana growth capital expenditures through the issuance of $215.0 million of Gulf Opportunity Zone Bonds (GO-Zone Bonds). The bonds bear interest at a low variable rate that has historically been about 67% of LIBOR (bond purchasers exclude bond interest from gross income). The business has hedged its floating exposure with interest rate swaps to a fixed 3.66%. $113.0 million of GO-Zone Bond proceeds were released to the business after the quarter end. The funds were used to reduce the revolver balance. The remaining funds are expected to be released by the end of 2008. -- The bulk liquid storage business generated gross profit and EBITDA of $57.6 million and $53.8 million, respectively, through six months. Excluding derivative gains, EBITDA would have been $49.4 million. The level of gross profit is consistent with the Company's annualized guidance. The level of EBITDA is slightly ahead of guidance on an annualized basis. -- The Company's gas production and distribution business generated a total contribution margin of $15.1 million or 4.5% less than in the second quarter of 2006. Year to date Utility therm (gas volume) sales were slightly higher and Non-Utility sales were flat versus 2006. -- EBITDA of $6.4 million was 3.1% lower than in the second quarter of 2006 on the lower contribution margin and slightly higher production costs. The lower EBITDA amount reflects the non-cash gains on derivatives booked in both periods and transaction related expenses incurred in 2006. -- A portion of the decrease in Utility revenue and contribution margin for the quarter is the result of $331,000 in Fuel Adjustment Charges that were recovered by the business from an escrow established for that purpose at closing of the acquisition. Through six months the Fuel Adjustment Charges recovered total $1.1 million. -- Non-utility revenue declined versus the second quarter in 2006 primarily as a result of an exceptional volume of sales in 2006 resulting from LPG replenishments in April following state-wide shortages in March. -- The gas production and distribution business generated contribution margins and EBITDA of $30.5 million and $12.9 million, respectively, through six months. Excluding non-cash losses on derivatives and the Fuel Adjustment Charges recovered, EBITDA would have been $13.4 million. Both gross profit and EBITDA year to date are in line with the guidance previously provided by the Company. -- District energy business gross profit and EBITDA increased to $4.5 million and $5.1 million, respectively, or 12.1% and 16.5% over the second quarter in 2006. The pass-through of electricity cost increases, inflation-based pricing increases and a warm spring in Chicago all contributed to the improved results. -- Capacity revenue increased with the conversion of four interruptible customers to continuous service during June through September, 2006 and the connection of a new customer in each of the fourth quarter in 2006 and the second quarter in 2007. -- Consumption revenue increased over the second quarter in 2006 as warmer average temperatures in May and June resulted in increased ton-hours of cooling sold. -- The district energy business generated gross profit and EBITDA of $7.2 million and $8.4 million, respectively, during the first half of the year. The results are within the range of guidance provided by the Company. -- Gross profit at the Company's airport parking business declined 13.0% to $5.4 million in the second quarter of 2007 versus 2006. Increased average revenue per car and average overnight occupancy was offset by higher costs and lower volumes. -- Average revenue per car increased 4.4% however the number of cars out declined 2.3%. Management continues to focus on reducing the volume of daily (discount) parkers in favor of higher margin business and leisure travelers. -- Direct expenses increased with the implementation of initiatives designed to improve service levels. Selling, general and administrative expenses were higher as a result of the previously announced re-branding of the business as FastTrack Airport Parking. -- On June 27 the airport parking business sub-leased a parcel of land that had been used intermittently as an overflow facility. The sub- lease revenue will offset all of the lease expense, effectively reducing operating costs of the business by $250,000 per quarter through the first quarter of 2009. -- EBITDA declined $1.9 million versus the second quarter in 2006 to $4.2 million. Excluding a post closing settlement received in the second quarter of 2006 (recorded in "other income"), EBITDA would have declined by $1.5 million. -- The airport parking business generated gross profit and EBITDA of $10.0 million and $8.3 million, respectively, for the first six months of the year. Excluding non-cash gains on derivatives, EBITDA would have been $8.2 million. Both annualized gross profit and EBITDA are below the range of guidance provided by the Company, although re-branding expenses that were expected to be capitalized are now being expensed as incurred. ESTIMATED CASH AVAILABLE FOR DISTRIBUTION

The Company believes that its results under GAAP, after certain adjustments, provide better insight into its ability to support its distributions. GAAP results alone do not reflect all of the items that management considers in estimating distributable cash. The table below summarizes MIC's estimated cash available for distribution, beginning with cash from operations and adjusted for certain dividend income and cash expenditures included in the calculation of CAD. Estimated cash available for distribution totaled $52.3 million through the second quarter.

($ Millions) Total Cash from operations $52.5 Cash from operations adjustments 4.3 Cash from investing and financing activities 4.2 Working capital (8.7) Estimated Cash Available for Distribution $52.3

MIC's consolidated cash from operations increased to $52.5 million in the first half of 2007 from $23.4 million in the first half of 2006. Cash from operations is the starting point for calculating estimated cash available for distribution ("CAD").

-- Estimated CAD is increased by a net $4.3 million of adjustments including primarily income tax refunds received by the airport services and gas production and distribution businesses. -- Estimated CAD is increased by a net $4.2 million in cash from investing and financing activities that includes the $11.7 million portion of the dividend from the Company's bulk liquid storage business that does not flow through earnings or cash from operations offset by $7.5 million of capital expenditures paid in cash or accrued. -- Estimated CAD is reduced by $8.7 million of cash generated by working capital reductions as we do not consider working capital movements when estimating CAD.

Net of all adjustments, MIC estimates cash available for distribution in the first half of 2007 increased to $52.3 million, or $1.39 per share, compared to $31.2 million in the first half of 2006.

BUSINESS UPDATE AND OUTLOOK

MIC's Manager earned an performance fee of $43.0 million for the second quarter of 2007 and has elected to reinvest the payment in additional shares. The number of additional shares to be issued will be determined based on MIC's volume-weighted average price over a fifteen day trading period that begins September 7.

Airport services business - The Company expects that the airport services business will conclude the acquisition of Mercury Air Centers and the San Jose Jet Center in August, 2007. Integration of the 26 FBOs into Atlantic Aviation will commence immediately and is expected to be completed over a period of 12 - 18 months. The additional sites are expected to generate a minimum incremental $47.5 million of EBITDA on an annualized basis.

MIC expects continued strong performance from the airport services segment to be supported in part by the full-year contribution from sites acquired in 2007. Activity at all sites is being driven by continued increases in the number of general aviation aircraft in service and the number of hours those aircraft are being flown.

Bulk liquid storage terminal business - The bulk liquid storage business is expected to continue to perform well as inflation escalators generate revenue growth from existing contracts, expiring contracts are renewed at higher rates and storage tanks currently under construction become operational. New tanks generated approximately $725,000 of incremental gross profit and EBITDA in the first half of 2007 versus 2006.

Approximately 75% of the contracts relating to the construction of the Geismar chemicals logistics center have been awarded. Construction of the Geismar facility remains on pace for completion in the second quarter of 2008.

MIC expects that the $280.3 million of capital projects underway will generate an incremental increase in gross profit and EBITDA of $41.4 million per year when completed.

MIC believes that the bulk liquid storage terminal business will continue to generate a quarterly dividend of $14.0 million, 50% of which is payable to the Company, through the end of 2008. Beginning with the first quarter in 2009 MIC will receive a dividend equal to 50% of the business' cash from operations, less 50% of maintenance and environmental capital expenditures. Continued organic growth in terminal revenue combined with the incremental increase in gross profit expected from growth capital expenditures is expected to support a growing dividend in excess of the current level.

Gas production and distribution business - The fundamental driver of continued growth in the gas production and distribution business is population growth in Hawaii. Beyond this, MIC believes that it can effectively market its synthetic natural gas and liquid petroleum gas products as an efficient, environmentally friendly fuel source, thereby increasing its market share relative to other fuel/power sources.

MIC believes that its gas production and distribution business will continue to be a stable source of distributable cash consistent with the approximately 11.0% yield assumed when the business was acquired.

District energy business - The Company expects continued stable performance from its district energy business assuming a historically normal level of demand for cooling during the summer. Expansion of the current system, in conjunction with operational strategies and efficiencies, will increase saleable capacity.

Airport parking business - Yield management strategies continue to generate improvement in average revenue per car. In addition, management has significantly upgraded the operations team of the business and believes that expected service improvements and growth in volume and revenue will offset the higher expenses over the medium term.

CONFERENCE CALL AND WEBCAST

When: Management has scheduled a conference call for 11:00 a.m. Eastern Daylight Time on August 9, 2007 to review MIC's results.

How: To listen to the conference call, please dial +1(800) 289-0726 (domestic) or +1(913) 981-5545 (international), at least 10 minutes prior to the scheduled start time. Interested parties can also listen to the live call via webcast at http://www.macquarie.com/mic/. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast.

Slides: The Company has prepared slides in support of its conference call presentation. The slides will be available for downloading from the MIC website the morning of August 9, 2007. A link to the slides will be located in the "Latest News" section of the MIC homepage.

Replay: For interested individuals unable to listen to the live conference call, a replay will be available through August 24, 2007, at +1(888) 203-1112 (domestic) or +1(719) 457-0820 (international), Passcode: 7500743. An online archive of the webcast will be available on the MIC website for one year.

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 consist of an airport services business, a 50% indirect interest in a bulk liquid storage terminal business, a gas production and distribution business, a district energy business, and an airport parking business. The Company is managed by a wholly-owned subsidiary of Macquarie Bank Limited. For additional information, please visit the Macquarie Infrastructure Company website at http://www.macquarie.com/mic.

FORWARD LOOKING STATEMENTS

This earnings release contains forward-looking statements. We 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 our control including, among other things: our ability to successfully integrate and manage acquired businesses, manage growth, make and finance future acquisitions, service, comply with the terms of and refinance our debt, and implement our strategy, decisions made by persons who control our investments including the distribution of dividends, our 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.

Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which we are not currently aware could also cause our 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. We undertake 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.

"Macquarie Group" refers to the Macquarie Group of companies, which comprises Macquarie Bank Limited and its worldwide subsidiaries and affiliates.

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 LLC 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 LLC or the repayment of capital from Macquarie Infrastructure Company LLC. MIC-G

MACQUARIE INFRASTRUCTURE COMPANY LLC CONSOLIDATED CONDENSED BALANCE SHEETS As of June 30, 2007 and December 31, 2006 ($ in thousands, except share amounts) June 30, 2007 (unaudited) December 31, 2006 Assets Current assets: Cash and cash equivalents $73,000 $37,388 Restricted cash 1,290 1,216 Accounts receivable, less allowance for doubtful accounts of $1,829 and $1,435, respectively 66 ,291 56,785 Dividends receivable 7,000 7,000 Other receivables 126 87,973 Inventories 12,539 12,793 Prepaid expenses 4,564 6,887 Deferred income taxes 2,411 2,411 Income tax receivable - 2,913 Other 12,747 15,600 Total current assets 179,968 230,966 Property, equipment, land and leasehold improvements, net 550,165 522,759 Restricted cash 25,551 23,666 Equipment lease receivables 40,101 41,305 Investment in unconsolidated business 227,958 239,632 Goodwill 513,867 485,986 Intangible assets, net 553,441 526,759 Deposits and deferred costs on acquisitions 2,717 579 Deferred financing costs, net of accumulated amortization 18,908 20,875 Fair value of derivative instruments 11,681 2,252 Other 2,933 2,754 Total assets $2,127,290 $2,097,533 Liabilities and stockholders' equity Current liabilities: Due to manager $49,871 $4,284 Accounts payable 34,235 29,819 Accrued expenses 27,030 19,780 Current portion of notes payable and capital leases 11,954 4,683 Current portion of long-term debt 6,757 3,754 Fair value of derivative instruments 1,278 3,286 Other 8,484 6,533 Total current liabilities 139,609 72,139 Capital leases and notes payable, net of current portion 2,320 3,135 Long-term debt, net of current portion 991,326 959,906 Deferred income taxes 149,226 163,923 Fair value of derivative instruments - 453 Other 27,959 25,371 Total liabilities 1,310,440 1,224,927 Minority interests 7,677 8,181 Stockholders' equity: LLC interests, no par value; 500,000,000 authorized; 37,562,165 interests issued and outstanding at June 30, 2007 and Trust Stock, no par value; 500,000,000 authorized; 37,562,165 shares issued and outstanding at December 31, 2006 820,700 864,233 Accumulated other comprehensive income 6,044 192 Accumulated loss (17,571) - Total stockholders' equity 809,173 864,425 Total liabilities and stockholders' equity $2,127,290 $2,097,533 MACQUARIE INFRASTRUCTURE COMPANY LLC CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS For the Quarters and Six Months Ended June 30, 2007 and 2006 (Unaudited) ($ in thousands, except share and per share data) Quarter Ended Six Months Ended June 30, June 30, June 30, June 30, 2007 2006 2007 2006 Revenues Revenue from product sales $114,809 $56,922 $225,457 $98,914 Service revenue 61,161 47,726 118,247 90,630 Financing and equipment lease income 1,235 1,285 2,483 2,583 Total revenue 177,205 105,933 346,187 192,127 Costs and expenses Cost of product sales 75,121 36,010 145,605 61,279 Cost of services 26,323 22,632 49,665 43,664 Selling, general and administrative 38,564 24,294 77,542 48,244 Fees to manager 48,964 3,718 54,525 10,196 Depreciation 4,162 2,121 8,053 3,831 Amortization of intangibles 7,004 3,580 13,932 7,026 Total operating expenses 200,138 92,355 349,322 174,240 Operating (loss) income (22,933) 13,578 (3,135) 17,887 Other income (expense) Dividend income - 2,351 - 5,002 Interest income 1,465 1,180 2,924 2,882 Interest expense (17,705) (15,604) (35,271) (31,267) Equity in (losses) earnings and amortization charges of investees (1,145) 3,115 2,320 5,568 Gain on derivative instruments 1,138 6,487 661 20,162 Other income (expense), net 272 94 (644) (73) Net (loss) income before income taxes and minority interests (38,908) 11,201 (33,145) 20,161 Benefit (provision) for income taxes 13,833 (1,618) 15,878 (3,011) Net (loss) income before minority interests (25,075) 9,583 (17,267) 17,150 Minority interests (28) 146 (97) 152 Net (loss) income $(25,047) $9,437 $(17,170) $16,998 Basic (loss) earnings per share: $(0.67) $0.35 $(0.46) $0.63 Weighted average number of shares outstanding: basic 37,562,165 27,062,201 37,562,165 27,056,505 Diluted (loss) earnings per share: $(0.67) $0.35 $(0.46) $0.63 Weighted average number of shares outstanding: diluted 37,562,165 27,073,016 37,562,165 27,069,835 Cash dividends declared per share $0.59 $0.50 $1.16 $1.00 MACQUARIE INFRASTRUCTURE COMPANY LLC CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2007 and 2006 (Unaudited) ($ in thousands) Six Months Ended June 30, 2007 June 30, 2006 Operating activities Net (loss) income $(17,170) $16,998 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization of property and equipment 13,029 8,290 Amortization of intangible assets 13,932 7,026 Equity in earnings and amortization charges of investee (2,320) (5,568) Equity distribution from investee 2,320 2,366 Amortization of finance charges 2,883 1,806 Noncash derivative gain, net of noncash interest expense (2,500) (15,734) Performance fees to be settled in stock 43,962 4,134 Equipment lease receivable, net 1,381 994 Deferred rent 1,264 1,205 Deferred taxes (16,858) (2,444) Other noncash expenses, net 1,118 1,418 Non-operating transactions relating to foreign investments 2,799 - Changes in other assets and liabilities: Restricted cash (74) (177) Accounts receivable (7,013) (2,222) Dividend receivable - 145 Inventories 409 1,353 Prepaid expenses and other current assets 3,963 1,930 Accounts payable and accrued expenses 6,486 (4,650) Income taxes payable 1,977 4,729 Due to manager 1,624 1,192 Other 1,326 610 Net cash provided by operating activities 52,538 23,401 Investing activities Acquisitions of businesses and investments, net of cash acquired (85,934) (501,110) Costs of dispositions (322) - Deposits and deferred costs on future acquisitions (966) (1,134) Proceeds from sale of investment in unconsolidated business 84,977 - Settlements of non-hedging derivative instruments (1,965) - Purchases of property and equipment (18,246) (4,912) Return on investment in unconsolidated business 11,680 - Proceeds received on subordinated loan - 611 Net cash used in investing activities (10,776) (506,545) Financing activities Proceeds from long-term debt 34,500 160,000 Proceeds from line-credit facility 7,130 277,901 Distributions paid to shareholders (43,572) (27,059) Debt financing costs (687) (4,756) Distributions paid to minority shareholders (408) (282) Payment of long-term debt (77) (72) Restricted cash (1,886) 715 Payment of notes and capital lease obligations (1,149) (990) Net cash (used in) provided by financing activities (6,149) 405,457 Effect of exchange rate changes on cash (1) 367 Net change in cash and cash equivalents 35,612 (77,320) Cash and cash equivalents, beginning of period 37,388 115,163 Cash and cash equivalents, end of period $73,000 $37,843 Supplemental disclosures of cash flow information: Noncash investing and financing activities: Accrued deposits and deferred costs on acquisition, and equity offering costs $2,757 $2,639 Accrued purchases of property and equipment $2,620 $1,263 Acquisition of property through capital leases $30 $1,667 Issuance of stock to manager for payment of March 2006 performance fees $- $4,134 Issuance of stock to independent directors $- $450 Taxes paid $1,886 $492 Interest paid $33,016 $24,225

A reconciliation of net (loss) income to EBITDA, on a consolidated basis is provided below:

Quarter Ended June 30, 2007 2006 Change $ $ $ % Net (loss) income (1) (25,047) 9,437 (34,484) NM Interest expense, net 16,240 14,424 1,816 12.6 Income taxes (13,833) 1,618 (15,451) NM Depreciation (2) 6,672 4,292 2,380 55.5 Amortization (3) 7,004 3,580 3,424 95.6 EBITDA (8,964) 33,351 (42,315) (126.9) Six Months Ended June 30, 2007 2006 Change $ $ $ % Net (loss) income (1) (17,170) 16,998 (34,168) NM Interest expense, net 32,347 28,385 3,962 14.0 Income taxes (15,878) 3,011 (18,889) NM Depreciation (2) 13,029 8,290 4,739 57.2 Amortization (3) 13,932 7,026 6,906 98.3 EBITDA 26,260 63,710 (37,450) (58.8) ------------------- NM - Not meaningful (1) Net loss for the six months ended June 30, 2007 includes performance fees earned by our manager, MIMUSA, of $43.0 million in the second quarter and $957,000 in the first quarter. MIMUSA has elected to reinvest these performance fees in additional shares. (2) Includes depreciation expense of $1.4 million, $1.4 million, $2.9 million and $2.8 million for the district energy business for the quarters ended June 30, 2007 and 2006 and the six month periods ended on the same dates, respectively, which are reported in cost of services in our consolidated condensed statements of operations. Also includes depreciation expense of $1.1 million, $744,000, $2.1 million and $1.6 million for the airport parking business for the quarters ended June 30, 2007 and 2006 and the six month periods ended on the same dates, respectively, which are also reported in cost of services in our consolidated condensed statements of operations. Does not include depreciation expense of $1.7 million and $3.4 million in connection with our investment in IMTT for the quarter and six months ended June 30, 2007, respectively, which is reported in equity in earnings and amortization charges of investees in our statements of operations. (3) Does not include amortization expense related to intangible assets in connection with our investment in the toll road business of $974,000 and $1.9 million for the quarter and six months ended June 30, 2006, respectively, which are reported in equity in earnings and amortization charges of investees in our consolidated condensed statements of operations. Also does not include amortization expense related to intangible assets in connection with our investment in IMTT of $283,000, $189,000, $567,000 and $189,000 for the quarters ended June 30, 2007 and 2006 and the six month periods ended on the same dates, respectively, which are reported in equity in earnings and amortization charges of investees in our statements of operations.

A reconciliation of net (loss) income to EBITDA, on a segment basis, and contribution margin to revenue for the gas production and distribution business is provided below.

Note: All $ are in millions. Totals may not foot due to rounding. AIRPORT SERVICES BUSINESS Quarter Ended June 30, Existing Locations 2007 2006 Change Acquisitions $ $ % $ Revenue Fuel 44.87 46.30 (3.1) 28.82 Non-Fuel 20.39 17.65 15.5 8.40 Total Revenue 65.25 63.95 2.0 37.22 Gross Profit Fuel 18.58 17.78 4.5 10.77 Non-Fuel 18.86 16.10 17.2 7.26 Total Gross Profit 37.44 33.88 10.5 18.02 SG&A 18.80 18.26 3.0 10.40 Unrealized Gain on Derivatives 0.87 3.58 (75.6) 0.00 Reconciliation of net income (loss) to EBITDA Net Income (loss) 6.31 6.40 (1.4) (0.04) Interest Expense, Net 4.64 4.86 (4.6) 3.63 Provision (benefit) for income taxes 4.14 3.46 19.8 (0.03) Depreciation and amortization 4.40 4.46 (1.4) 4.06 EBITDA 19.48 19.17 1.6 7.63 Total 2007 2006 Change $ $ % Revenue Fuel 73.69 46.30 59.2 Non-Fuel 28.79 17.65 63.1 Total Revenue 102.48 63.95 60.2 Gross Profit Fuel 29.35 17.78 65.1 Non-Fuel 26.12 16.10 62.2 Total Gross Profit 55.47 33.88 63.7 SG&A 29.20 18.26 59.9 Unrealized Gain on Derivatives 0.87 3.58 (75.6) Reconciliation of net income (loss) to EBITDA Net Income (loss) 6.27 6.40 (2.0) Interest Expense, Net 8.27 4.86 70.2 Provision (benefit) for income taxes 4.12 3.46 19.0 Depreciation and amortization 8.45 4.46 89.6 EBITDA 27.11 19.17 41.4 Six Months Ended June 30, Existing Locations 2007 2006 Change Acquisitions $ $ % $ Revenue Fuel 86.47 88.29 (2.1) 57.07 Non-Fuel 43.31 35.83 20.9 16.69 Total Revenue 129.78 124.12 4.6 73.76 Gross Profit Fuel 36.70 34.50 6.4 21.92 Non-Fuel 39.32 31.94 23.1 14.59 Total Gross Profit 76.01 66.45 14.4 36.52 SG&A 38.53 36.96 4.3 21.20 Unrealized (Loss) Gain on Derivatives (0.08) 10.90 (100.7) 0.00 Reconciliation of net income to EBITDA Net Income 11.29 10.95 3.1 0.61 Interest Expense, Net 9.83 13.77 (28.6) 6.70 Provision for income taxes 7.41 6.73 10.1 0.40 Depreciation and amortization 8.81 8.87 (0.7) 7.61 EBITDA 37.34 40.32 (7.4) 15.33 Total 2007 2006 Change $ $ % Revenue Fuel 143.54 88.29 62.6 Non-Fuel 60.00 35.83 67.4 Total Revenue 203.54 124.12 64.0 Gross Profit Fuel 58.62 34.50 69.9 Non-Fuel 53.91 31.94 68.8 Total Gross Profit 112.53 66.45 69.3 SG&A 59.73 36.96 61.6 Unrealized (Loss) Gain on Derivatives (0.08) 10.90 (100.7) Reconciliation of net income to EBITDA Net Income 11.90 10.95 8.7 Interest Expense, Net 16.53 13.77 20.0 Provision for income taxes 7.82 6.73 16.1 Depreciation and amortization 16.42 8.87 85.1 EBITDA 52.66 40.32 30.6 BULK LIQUID STORAGE BUSINESS Quarter Ended June 30, Six Months Ended June 30, 2007 2006 Change 2007 2006 Change $ $ % $ $ % Revenue Terminal 54.77 45.89 19.4 109.55 92.27 18.7 Heating 4.26 3.03 40.3 11.35 10.54 7.7 Other 7.22 8.35 (13.5) 19.20 16.06 19.5 Total Revenue 66.25 57.27 15.7 140.10 118.87 17.9 Gross Profit Terminal 25.60 21.71 17.9 54.49 44.64 22.1 Environmental Response 0.97 2.39 (59.2) 2.63 4.05 (35.2) Nursery 0.08 (0.34) (124.8) 0.45 (0.22) (307.0) Total Gross Profit 26.66 23.75 12.2 57.56 48.48 18.7 SG&A 6.10 5.31 14.9 11.67 10.87 7.4 Unrealized Gain on Derivatives 4.67 1.46 218.9 4.43 3.51 26.3 Reconciliation of net income to EBITDA Net Income 0.08 5.47 (98.6) 9.60 11.15 (13.9) Interest Expense, Net 16.53 3.91 323.2 19.94 9.32 113.8 Provision for income taxes 0.31 3.73 (91.8) 6.73 7.54 (10.8) Depreciation and Amortization 9.04 7.48 20.8 17.56 15.16 15.8 EBITDA 25.95 20.59 26.0 53.83 43.18 24.6 GAS PRODUCTION AND DISTRIBUTION BUSINESS Quarter Ended June 30, Six Months Ended June 30, 2007 2006 Change 2007 2006 Change $ $ % $ $ % Revenue Utility 22.82 23.96 (4.8) 45.11 48.95 (7.8) Non-utility 18.30 18.38 (0.4) 36.81 35.03 5.1 Total Revenue 41.12 42.34 (2.9) 81.92 83.98 (2.4) Cost of Revenue Utility 15.01 15.81 (5.0) 29.60 30.98 (4.5) Non-utility 10.99 10.71 2.7 21.81 21.17 3.0 Total Cost of Revenue 26.00 26.51 (1.9) 51.40 52.15 (1.4) Contribution Margin Utility 7.81 8.16 (4.2) 15.51 17.97 (13.7) Non-utility 7.31 7.67 (4.7) 15.01 13.86 8.3 Total Contribution Margin 15.12 15.83 (4.5) 30.52 31.83 (4.1) Transmission and Distribution 3.57 3.73 (4.3) 6.95 7.05 (1.4) SG&A 4.03 4.38 (8.1) 8.11 8.41 (3.6) Unrealized Gain (Loss) on Derivatives 0.07 1.91 (96.5) (0.20) 1.91 (110.4) Reconciliation of income before taxes to EBITDA Income before taxes 2.44 2.43 0.4 4.96 7.47 (33.6) Interest Expense, Net 2.29 2.75 (16.8) 4.53 3.96 14.4 Depreciation and amortization 1.67 1.42 17.6 3.40 2.79 22.0 EBITDA 6.39 6.60 (3.1) 12.89 14.22 (9.4) DISTRICT ENERGY Quarter Ended June 30, Six Months Ended June 30, 2007 2006 Change 2007 2006 Change $ $ % $ $ % Revenue Capacity 4.74 4.24 11.7 9.29 8.43 10.2 Consumption 6.80 5.26 29.3 8.66 6.73 28.6 Lease and Other 2.00 2.08 (3.5) 3.90 4.22 (7.6) Total Revenue 13.54 11.58 17.0 21.85 19.38 12.7 Direct Expenses Electricity 4.30 3.34 28.7 5.78 4.29 35.0 Other 4.73 4.21 12.3 8.88 8.53 4.1 Total Direct Expenses 9.03 7.55 19.6 14.66 12.81 14.4 Gross Profit 4.51 4.03 12.1 7.19 6.57 9.5 SG&A 0.82 0.98 (16.0) 1.59 1.78 (10.4) Reconciliation of net income (loss) to EBITDA Net Income (loss) 0.73 0.42 72.7 0.37 (0.12) (411.9) Interest Expense, Net 2.17 2.11 3.1 4.26 4.18 2.0 Provision (benefit) for income taxes 0.43 0.09 358.5 0.22 (0.24) (191.2) Depreciation and amortization 1.78 1.77 0.7 3.55 3.53 0.6 EBITDA 5.11 4.39 16.5 8.39 7.35 14.3 AIRPORT PARKING Quarter Ended June 30, Six Months Ended June 30, 2007 2006 Change 2007 2006 Change $ $ % $ $ % Total Revenue 20.07 19.78 1.4 38.88 38.00 2.3 Direct Expenses 14.62 13.52 8.1 28.91 26.96 7.2 Gross Profit 5.45 6.26 (13.0) 9.97 11.04 (9.7) SG&A 2.78 1.57 76.8 4.39 3.27 34.2 Unrealized Gain on Derivatives 0.18 0.34 (46.7) 0.11 1.00 (89.1) Reconciliation of net (loss) income to EBITDA Net (loss) Income (0.87) 0.43 (303.0) (1.83) 0.14 (1454.1) Interest Expense, Net 4.02 4.33 (7.2) 7.99 8.23 (2.9) Provision for income taxes (0.69) 0.18 (476.0) (1.45) (0.04) 3,276.7 Depreciation and amortization 1.78 1.22 46.0 3.60 2.49 44.7 EBITDA 4.24 6.16 (31.2) 8.31 10.81 (23.1)