EXHIBIT 99.1
MACQUARIE INFRASTRUCTURE COMPANY LLC
125 W. 55th Street
New York, NY 10019
USA
Media Release
[MACQUARIE LOGO]
MACQUARIE INFRASTRUCTURE COMPANY REPORTS
FIRST QUARTER 2006 FINANCIAL RESULTS
NEW YORK, NY - MAY 10, 2006 - Macquarie Infrastructure Company (the "Company" or
"MIC") (NYSE: MIC) reported the consolidated results of its operations for the
quarter ended March 31, 2006. Revenue rose to $86.2 million for the period, a
31.1% increase over the first quarter of 2005. MIC generated cash from
operations during the first quarter of 2006 of $11.8 million, an increase of
21.1% over the first quarter of 2005. For the quarter, the Company reported net
loss of $1.3 million or $0.05 per share.
The Company's results for the quarter are consistent with continued growth in
revenue in its airport services and airport parking businesses combined with an
expected seasonal decrease in revenue at its district energy business.
"Once again, our performance in the first quarter underscores the stable,
predictable cash flow generating capacity of our businesses and investments,"
said Peter Stokes, Macquarie's Chief Executive Officer. "In addition to their
consistent generation of cash, our existing businesses have exhibited a
substantial ability to grow revenue and EBITDA, both organically and via
acquisitions."
Cash from operations included a $2.5 million share of earnings from the
Company's 50% ownership of the Yorkshire Link toll road in England.
Earnings before interest, taxes, depreciation and amortization ("EBITDA")
increased 30.1% over the first quarter of 2005 to $16.8 million in the first
quarter of 2006. For a reconciliation of net income to EBITDA, please see the
last page of this release.
FINANCIAL HIGHLIGHTS
MIC's controlled businesses generated increases in revenue over the prior
comparable period, both from existing locations and including the impact of
acquisitions made during the past year. Revenue from the Company's airport
services, airport parking and district energy businesses increased by 13.5%,
7.1% and 4.3%, respectively, at existing locations, over the quarter ended March
31, 2005. Taking into account the acquisitions made by MIC's airport services
and airport parking businesses, revenue increased 33.9% and 36.9%, respectively,
at these businesses. No acquisitions were effected by the district energy
business during the prior year.
The Company's results for the quarter ended March 31, 2006 include the following
highlights:
- Consolidated revenue of $86.2 million - a 31.1% increase over 1Q'05;
- Cash from operations of $11.8 million or $0.44 cents per share - a
21.1% increase over 1Q'05;
- EBITDA (earnings before interest, taxes, depreciation and
amortization) of $16.8 million or $0.62 per share - a 30.1% increase
over 1Q'05;
PERFORMANCE FEE
The Company's total return to shareholders (distributions plus capital
appreciation) exceeded that of its benchmark indices for the quarter ended March
31, 2006. As a result, Macquarie Infrastructure Management (USA) ("MIMUSA" or
"Manager"), the Company's Manager, is entitled to a performance fee in the
amount of $4.13 million.
Based on the volume-weighted average price of MIC shares during the last 15
trading days of the quarter, total MIC shareholder value increased by $59.9
million compared to the same calculation performed at the end of the fourth
quarter of 2005. The MIC Accumulation Index outperformed its utilities-based
benchmark by 2.8% or approximately $23.3 million. 20% of this outperformance,
net of a prior period deficit, is payable to MIC's Manager as a performance fee.
The performance fee is the first to be earned by the Company's Manager since the
period ended December 31, 2004.
MIC's Manager has elected to receive the performance fee in additional shares of
trust stock. The number and per share price of additional shares to be issued
will be calculated based on the volume-weighted average price of MIC's
outstanding shares during a fifteen day trading period that is expected to begin
in the first week of June, 2006.
DISTRIBUTIONS
On May 4, 2006, the Company's Board of Directors declared a distribution to
shareholders for the quarter ended March 31, 2006 of $0.50 per share. Shares of
trust stock will trade ex-distribution on June 1, 2005. The distribution will be
payable on June 9, 2006 to shareholders of record at the close of business on
June 5, 2006.
The Company intends to declare and pay regular quarterly cash distributions on
all outstanding shares. The Company anticipates declaring and paying a quarterly
distribution for the quarter ending June 30, 2006 of $0.50 per share.
The Company's distribution policy is based on the predictable and stable cash
flows of its businesses and investments. The Company's intention is to
distribute to its shareholders the majority of its cash available for
distribution and not to retain significant cash balances in excess of prudent
reserves.
BUSINESS UPDATE
On May 1, 2006, MIC completed its purchase of newly issued common stock of IMTT
Holdings Inc. (fka Loving Enterprises, Inc.), the holding company parent of
International-Matex Tank Terminals. MIC invested $250 million for 50% of the
issued and outstanding common stock of IMTT Holdings Inc. The current
shareholders continue to own the balance of the common stock of IMTT Holdings
Inc.
The Company financed the investment and the associated transaction costs with
$82 million of available cash and $175 million of borrowings under the revolving
acquisition facility of Macquarie Infrastructure Company Inc. ("MIC Inc."). MIC
Inc. is a wholly owned subsidiary of the Company and the holding company for its
businesses and investments in the U.S.
On May 3, 2006, MIC received approval from the Hawaii Public Utilities
Commission for its pending acquisition of The Gas Company, a regulated producer
and distributor of synthetic natural gas and distributor of propane gas on the
six major islands of Hawaii. Subject to satisfaction of customary closing
conditions, the Company expects to close the acquisition of The Gas Company in
June 2006.
ESTIMATED FIRST QUARTER CASH AVAILABLE FOR DISTRIBUTION
The Company believes that EBITDA, in addition to GAAP measures, provides insight
into the performance of its operating businesses and its ability to service its
obligations and support its
ongoing distribution policy. However, EBITDA does not reflect other cash items
that management considers in estimating cash available for distribution.
The table below details year-to-date cash receipts and payments that are not
reflected on the Company's income statement in order to provide additional
insight into management's estimate of cash available for distribution. The
Company believes that cash generated by its businesses and investments, plus its
cash in acquired businesses (net of reserves) will be sufficient to meet its
indicated distributions in 2006.
The Company's district energy businesses experiences seasonal fluctuations in
revenue. In general, the district energy business revenue is positively
correlated to the warmer quarters of the year in which the demand for cooling
services increases.
In the first quarter of 2006 the Company's businesses generated $11.8 million,
or $.44 per share, in cash from operations. Adjusting for timing of certain
receipts and payments, the Company estimates year to date cash available for
distribution to be $11.5 million, or $0.42 per share. This represents an 7.7%
increase over the $0.39 of cash available for distribution from the Company in
the first quarter of 2005.
($ Millions)
CASH FROM OPERATIONS 11.80
ADDITIONAL CASH ITEMS
Working capital 1.32
Maintenance capex (1.21)
Prior year dividend (2.36)
SEW dividend 2.65
Unsuccessful acquisition bid 0.38
YLL principal payment received 0.88
-----
SUB TOTAL 13.47
-----
ADJUSTMENTS
Management fees (3.91)
Performance fee 4.13
Minority interest in cash from operations (0.09)
Investment distribution annualization (1.72)
Maintenance capex annualization (0.42)
-----
SUB TOTAL (2.00)
-----
NORMALIZED CASH AVAILABLE FOR DISTRIBUTION 11.47
=====
- Additional cash items and adjustments reflect the following:
- Normalization of working capital changes;
- Maintenance capital expenditures;
- Prior year dividend from MCG, declared in 2005 received
in 2006;
- Dividend distribution from SEW;
- Unsuccessful acquisition bid costs, paid from
refinancing proceeds;
- YLL principal payment received;
- Base management fees, higher as a result of larger
market cap;
- Performance fee, to be paid in stock;
- Minority interest in cash flows for the district energy
and airport parking businesses;
- Annualization of investment distributions from SEW, MCG
and YLL;
- Annualization of maintenance capital expenditures,
primarily in airport services.
BUSINESS/SEGMENT HIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2006
The following is a segment analysis of results from operations for the quarter
ended March 31, 2006, compared to results for the quarter ended March 31, 2005.
The Company has included EBITDA, a non-GAAP financial measure, on both a
consolidated basis as well as for each of its segments as it considers it to be
an important measure of its overall performance. The Company believes EBITDA
provides additional insight into the performance of its operating companies and
its ability to service its obligations and support its ongoing distribution
policy.
AIRPORT SERVICES
QUARTER OVER
MARCH QUARTER MARCH QUARTER QUARTER GROWTH
2006 2005 %
------------- ------------- --------------
REVENUE ($ MILLIONS)
Fuel 41.992 30.387 38.2%
Non Fuel 18.179 14.557 24.9%
------ ------ ----
TOTAL REVENUE 60.171 44.944 33.9%
------ ------ ----
EBITDA FROM CONTINUING OPERATIONS 13.836 9.395 47.3%
Reconciliation of net income from continuing
operations to EBITDA from continuing operations
NET INCOME FROM CONTINUING OPERATIONS 2.245 1.381 62.6%
Interest Expense, Net 5.589 3.405 64.1%
Provision for income taxes 1.589 1.143 39.0%
Depreciation and amortization 4.413 3.466 27.3%
------ ------ ----
EBITDA FROM CONTINUING OPERATIONS 13.836 9.395 47.3%
KEY FACTORS AFFECTING OPERATING RESULTS
- Contribution of positive operating results from the FBO in Las Vegas
acquired in August 2005
- Higher average dollar per gallon fuel margins at existing locations
- Increases in volume of fuel sold of approximately 2% at comparable
locations
- Continued increases in fuel prices
- Higher interest costs associated with debt facility expansion in
December 2005 (interest cost borne by airport services, although
proceeds reinvested in new, yield generating assets expected to
increase cash available for distribution)
- Lower first quarter de-icing revenues resulting from warmer winter
in 2006 relative to 2005
AIRPORT PARKING
QUARTER OVER
MARCH QUARTER MARCH QUARTER QUARTER GROWTH
2006 2005 %
------------- ------------- --------------
REVENUE ($ MILLIONS) 18.216 13.309 36.9%
------ ------ ----
EBITDA 4.059 2.814 44.2%
------ ------ ----
EBITDA Margin 22.3% 21.1% 5.7%
Reconciliation of net loss to EBITDA
NET LOSS (0.671) (0.412) 62.9%
Interest Expense, Net 3.921 2.114 85.5%
Benefit for income taxes (0.462) 0.000 0.0%
Depreciation and amortization 1.271 1.112 14.3%
EBITDA 4.059 2.814 44.2%
KEY FACTORS AFFECTING OPERATING RESULTS
- Contribution from new locations acquired in 2005
- Implementation of yield management strategy resulting in price
increases and reduced discounting in selected markets, contributed
to 7.5% increase in average revenue per car at comparable locations
- Marketing efforts targeting customers with longer average stay
contributed to 5.8% increase in average overnight occupancy at
comparable locations
- No growth in cars out at comparable locations
- Increased interest expense from higher debt levels and interest
rates caps having been met in the quarter
DISTRICT ENERGY
QUARTER OVER
MARCH QUARTER MARCH QUARTER QUARTER GROWTH
2006 2005 %
------------- ------------- --------------
REVENUE ($ MILLIONS)
Capacity 4.189 4.059 3.2%
Consumption 1.475 1.438 2.6%
Lease and Other 2.143 1.985 8.0%
------ ------ -----
TOTAL REVENUE 7.807 7.482 4.3%
------ ------ -----
EBITDA 2.958 3.108 -4.8%
------ ------ -----
EBITDA Margin 37.9% 41.5% -8.7%
Reconciliation of net loss to EBITDA
NET LOSS (0.539) (0.762) -29.3%
Interest Expense, Net 2.070 2.142 -3.4%
Benefit for income taxes (0.333) 0.000 0.0%
Depreciation 1.423 1.391 2.3%
Amortization of intangibles 0.337 0.337 0.0%
EBITDA 2.958 3.108 -4.8%
KEY FACTORS AFFECTING OPERATING RESULTS
- Capacity revenue generally increased in-line with inflation
excluding a one-time credit to a customer in the first quarter of
2005
- Consumption ton-hours sold were consistent with lower demand for
cooling in winter months
- Expenditure on pre-season maintenance for system reliability earlier
in the year versus 2005
TOLL ROADS (YORKSHIRE LINK)
- The Company recorded a net $2.5 million during the first quarter of
2006 as its share of the earnings of the Yorkshire Link
- As a result of revised traffic forecasts and timing of estimated tax
payments for the fiscal year ending March 31, 2007, cash
distributions for the full year 2006 are expected to be
approximately $7.7 million or $1.4 million less than previously
indicated
INVESTMENTS
Macquarie Communications Infrastructure Group (MCG)
- MCG declared a cash distribution of Australian Dollar 19.5 cents per
stapled security on December 20, 2005 for the 6 month period ended
December 31, 2005 - the Company received $2.2 million net of
withholding taxes in mid-February
- Cash distributions for the full year 2006 are expected to be
approximately $4.3 million net of withholding taxes
South East Water (SEW)
- The Company received distributions of $2.7 million from its
investment in SEW during the first quarter of 2006
- For the full year 2006 the Company expects to receive dividends of
approximately $5.9 million relating to its investment in SEW
CONFERENCE CALL AND WEB CAST
The Company has scheduled a conference call for 11:00 a.m. Eastern Daylight Time
on May 10, 2006, to review the Company's results.
To listen to the conference call, please dial +1(800) 810-0924 (domestic) or
+1(913) 981-4900 (international), at least 10 minutes prior to the scheduled
start time. Interested parties can also listen to the live call, which will be
webcast at the Company website, 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.
For interested individuals unable to join the conference call, a replay will be
available through May 30, 2006, at +1(888) 203-1112 (domestic) or +1(719)
457-0820 (international), Passcode: 1945016. An online archive of the webcast
will be available on the Company's website for one year following the call.
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 and other developed countries. Its businesses and
investments consist of an airport services business, an airport parking
business, a district energy business, a 50% interest in a bulk liquid storage
terminal business, a 50% interest in the company that operates a toll road in
England and investments in a regulated clean water utility in the UK and in a
communications infrastructure investment vehicle listed on the Australian Stock
Exchange.
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. MIC-G
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investor enquiries Media enquiries
Jay A. Davis Alex Doughty
Investor Relations Corporate Communications
Macquarie Infrastructure Company Macquarie Infrastructure Company
(212) 231-1825 (212) 231-1710
MACQUARIE INFRASTRUCTURE COMPANY TRUST
CONSOLIDATED CONDENSED BALANCE SHEETS
As of March 31, 2006 and December 31, 2005
($ in thousands, except share amounts)
March 31,
2006 December 31,
(unaudited) 2005
Assets
Current assets:
Cash and cash equivalents $ 126,483 $ 115,163
Restricted cash 1,471 1,332
Accounts receivable, less allowance for doubtful accounts of $882 and $839,
respectively 21,386 21,150
Dividends receivable 2,651 2,365
Inventories 1,611 1,981
Prepaid expenses 5,545 4,701
Deferred income taxes 2,115 2,101
Income tax receivable 3,420 3,489
Other 5,057 4,394
----------- ------------
Total current assets 169,739 156,676
Property, equipment, land and leasehold improvements, net 334,094 335,119
Restricted cash 19,516 19,437
Equipment lease receivables 42,999 43,546
Investment in unconsolidated business 70,409 69,358
Investment, cost 35,716 35,295
Securities, available for sale 69,233 68,882
Related party subordinated loan 19,492 19,866
Goodwill 281,809 281,776
Intangible assets, net 296,041 299,487
Deposits and deferred costs on acquisitions 18,552 14,746
Deferred financing costs, net of accumulated amortization 12,168 12,830
Fair value of derivative instruments 14,478 4,660
Other 1,614 1,620
----------- ------------
Total assets $ 1,385,860 1,363,298
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Due to manager $ 6,546 2,637
Accounts payable 15,634 11,535
Accrued expenses 12,382 13,994
Current portion of notes payable and capital leases 5,970 2,647
Current portion of long-term debt 146 146
Dividends payable 13,525 --
Other 3,501 3,639
----------- ------------
Total current liabilities 57,704 34,598
Capital leases and notes payable, net of current portion 3,607 2,864
Long-term debt, net of current portion 610,811 610,848
Related party long-term debt 18,714 18,247
Deferred income taxes 114,790 113,794
Income tax liability 2,656 --
Other 7,567 6,342
----------- ------------
Total liabilities 815,849 786,693
----------- ------------
Minority interests 8,803 8,940
----------- ------------
Stockholders' equity:
Trust stock, no par value; 500,000,000 authorized; 27,050,745 shares issued and
outstanding at March 31, 2006 and December 31, 2005 569,497 583,023
Accumulated other comprehensive loss (4,559) (12,966)
Accumulated deficit (3,730) (2,392)
----------- ------------
Total stockholders' equity 561,208 567,665
----------- ------------
Total liabilities and stockholders' equity $ 1,385,860 $ 1,363,298
=========== ============
MACQUARIE INFRASTRUCTURE COMPANY TRUST
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
For the Quarters Ended March 31, 2006 and 2005
(Unaudited)
($ in thousands, except share and per share data)
Quarter Ended
--------------------------------
March 31, 2006 March 31, 2005
-------------- --------------
REVENUES
Revenue from fuel sales $ 41,992 $ 30,387
Service revenue 42,904 34,006
Financing and equipment lease income 1,298 1,342
-------------- -------------
Total revenue 86,194 65,735
-------------- -------------
COSTS AND EXPENSES
Cost of fuel sales 25,269 17,095
Cost of services 21,032 17,256
Selling, general and administrative expenses 23,950 19,162
Fees to manager 6,478 1,943
Depreciation expense 1,710 1,327
Amortization of intangibles 3,446 3,085
-------------- -------------
Total operating expenses 81,885 59,868
-------------- -------------
OPERATING INCOME 4,309 5,867
OTHER INCOME (EXPENSE)
Dividend income 2,651 --
Interest income 1,702 1,099
Interest expense (12,339) (7,758)
Equity in earnings and amortization charges of investee 2,453 1,653
Other expense, net (167) (915)
-------------- -------------
Net loss before income taxes and minority interests (1,391) (54)
Income tax expense 21 --
-------------- -------------
Net loss before minority interests (1,412) (54)
Minority interests (74) 29
-------------- -------------
NET LOSS $ (1,338) $ (83)
-------------- -------------
Basic loss per share: $ (0.049) $ (0.003)
-------------- -------------
Weighted average number of shares of trust stock outstanding: basic 27,050,745 26,610,100
Diluted loss per share: $ (0.049) $ (0.003)
-------------- -------------
Weighted average number of shares of trust stock outstanding: diluted 27,050,745 26,610,100
Cash dividends declared per share $ 0.50 $
-------------- -------------
MACQUARIE INFRASTRUCTURE COMPANY TRUST
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
For the Quarters Ended March 31, 2006 and 2005
(Unaudited)
($ in thousands)
Quarter Ended
--------------------------------
March 31, 2006 March 31, 2005
-------------- --------------
OPERATING ACTIVITIES
Net loss $ (1,338) $ (83)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of property and equipment 3,998 3,221
Amortization of intangible assets 3,446 3,085
Loss on disposal of equipment 44 13
Equity in earnings and amortization charges of investee (56) 238
Amortization of finance charges 720 265
Noncash derivative gain, net of noncash interest expense 897 --
Accretion of asset retirement obligation 55 65
Deferred rent 583 605
Deferred revenue 92 110
Deferred taxes (3,072) --
Minority interests (74) 29
Noncash compensation 543 --
Post retirement obligations 29 (20)
Other noncash income (8) --
Accrued interest expense on subordinated debt - related party 249 259
Changes in operating assets and liabilities:
Restricted cash (139) (13)
Accounts receivable (236) (1,130)
Equipment lease receivable, net 436 306
Dividend receivable (295) 1,743
Inventories 371 451
Prepaid expenses and other current assets 330 407
Accounts payable and accrued expenses (1,163) (1,726)
Income taxes payable 2,720 --
Due to manager 3,909 1,924
Other (220) 11
Net cash provided by operating activities 11,821 9,760
INVESTING ACTIVITIES
-------------- --------------
Acquisition of businesses and investments, net of cash acquired -- (49,594)
Additional costs of acquisitions (33) (68)
Deposits and deferred costs on future acquisitions (111) --
Collection on notes receivable -- 24
Purchases of property and equipment (1,490) (879)
Proceeds received on subordinated loan 611 686
Net cash used in investing activities (1,023) (49,831)
-------------- --------------
FINANCING ACTIVITIES
Proceeds from long-term debt -- 32,000
Proceeds from line-credit facility 1,275 --
Debt financing costs (58) (1,674)
Distributions to minority shareholders (63) --
Payment of long-term debt (37) (26)
Offering costs -- (1,833)
Restricted cash (79) (1,079)
Payment of notes and capital lease obligations (486) (349)
-------------- --------------
Net cash provided by financing activities 552 27,039
Effect of exchange rate changes on cash (30) 11
-------------- --------------
Net change in cash and cash equivalents 11,320 (13,021)
Cash and cash equivalents at beginning of year 115,163 140,050
-------------- --------------
Cash and cash equivalents at end of year $ 126,483 $ 127,029
============== ==============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Noncash investing and financing activity:
Accrued purchases of property and equipment $ 241 $ --
============== ==============
Accrued deposits and deferred costs on acquisitions $ 3,695 $ --
============== ==============
Acquisition of property through capital leases $ 1,669 $ 438
============== ==============
Income taxes paid $ 290 $ 311
============== ==============
Interest paid $ 10,263 $ 7,134
============== ==============
MACQUARIE INFRASTRUCTURE COMPANY TRUST
RECONCILIATION OF NET LOSS TO EBITDA
For the Quarter Ended March 31, 2006, and the Quarter ended March 31, 2005
(Unaudited)
($ in thousands)
QUARTER ENDED
--------------------------------
MARCH 31, 2006 MARCH 31, 2005 CHANGE
-------------- -------------- -------------------
$ %
-------------------
Net loss $ (1,338) $ (83) (1,255) 1,512.0
Interest expense, net 10,637 6,659 3,978 59.7
Income taxes 21 -- 21 --
Depreciation (1) 3,998 3,221 777 24.1
Amortization (2) 3,446 3,085 361 11.7
-------------- -------------- ------ -------
EBITDA $ 16,764 $ 12,882 3,882 30.1
============== ============== ====== =======
- ----------
(1) Includes depreciation expense of $865,000 and $503,000 for the airport
parking business for the quarters ended March 31, 2006 and 2005,
respectively, and $1.4 million and $1.4 million for the district energy
business for the quarters ended March 31, 2006 and 2005, respectively,
which is included in cost of services on our consolidated condensed
statement of operations.
(2) Does not include $933,000 and $1.2 million of amortization expense related
to intangible assets in connection with our investment in the toll road
business for the three month periods ended March 31, 2006 and 2005,
respectively.