MIC Reports Third Quarter 2021 Financial And Operational Results

NEW YORK, Nov. 2, 2021

"Our reported results reflect the previously announced closing of the sale of Atlantic Aviation which resulted in a distribution of $37.386817 per unit in cash on October 7, 2021," said Christopher Frost, chief executive officer of MIC. "We continue to expect the merger of the Company with an entity managed by Argo Infrastructure Partners, LP will be concluded in the first half of 2022 and result in consideration of $3.83 per unit in cash being distributed."

"Following the sale of Atlantic Aviation, holders of the Company's 2.00% Convertible Senior Notes, due in 2023, were entitled to put their notes to us at par plus accrued interest. Approximately $26.9 million of Notes were repurchased on October 22, 2021, leaving approximately $6.8 million outstanding," Frost added.

Financial and Operational Results

MIC's results from continuing operations for the third quarter of 2021 reflect improving conditions for its businesses as the number of visitors to Hawaii continued to recover from COVID-induced lows. Visitors to the islands increased to approximately 79% of pre-pandemic levels during the period. The resulting increase in hotel occupancy and restaurant patronage contributed to a 47% increase in gas consumption compared with the third quarter of 2020 ("prior comparable period").

The financial impact of the increased consumption was partially offset by a higher wholesale cost of Liquified Petroleum Gas ("LPG") distributed by Hawaii Gas. Overall gas consumption was 7% below the levels recorded in the third quarter of 2019.

Each of MIC's key financial performance metrics reflect the impact of increased expenses of approximately $280.2 million primarily associated with the sale of its Atlantic Aviation business and with the Company's reorganization as a limited liability company.