Market Overview

FTAI Reports Second Quarter 2019 Results, Dividend of $0.33 per Common Share

Share:

NEW YORK, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the "Company") today reported financial results for the three months ended June 30, 2019. The Company's consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

  (in thousands, except per share data)      
  Selected Financial Results   Q2'19  
  Net Cash Provided by Operating Activities $ 37,842  
  Net Income Attributable to Shareholders $ 20,332  
  Basic and Diluted Earnings per Share $ 0.24  
     
  Funds Available for Distribution ("FAD") (1) $ 86,894  
  Adjusted EBITDA(1) $ 94,130  

________________________________
(1)  For definitions and reconciliations of Non-GAAP measures, please refer to the exhibit to this press release.

For the second quarter of 2019, our total FAD was $86.9 million. This amount includes $126.8 million from aviation leasing

activities, offset by $(10.0) million and $(29.9) million from infrastructure and corporate and other activities, respectively.

Second Quarter 2019 Dividend

On August 1, 2019, the Company's Board of Directors declared a cash dividend on its common shares of $0.33 per share for the quarter ended June 30, 2019, payable on August 27, 2019 to the holders of record on August 16, 2019.

"We just completed our most profitable quarter ever both in terms of net income and adjusted EBITDA. Aviation continues to exceed our expectations and we are executing long-term contracts at all four of our infrastructure companies at a pace we have never experienced before," said Joe Adams, the Company's Chief Executive Officer.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company's website, www.ftandi.com, and the Company's Quarterly Report on Form 10-Q, when available on the Company's website. Nothing on the Company's website is included or incorporated by reference herein.

Conference Call

The Company will host a conference call on Friday, August 2, 2019 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing 1-877-447-5636 (from within the U.S.) or 1-615-247-0080 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference "FTAI Second Quarter Earnings Call." A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.ftandi.com.

Following the call, a replay of the conference call will be available after 12:00 P.M. on Friday, August 2, 2019 through midnight Friday, August 9, 2019 at 1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.), Passcode: 7549869.

About Fortress Transportation and Infrastructure Investors LLC

Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company's control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the  risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company's website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
Fortress Transportation and Infrastructure Investors LLC
(212) 798-6128
aandreini@fortress.com

Withholding Information for Withholding Agents

This announcement is intended to be a qualified notice as provided in the Internal Revenue Code (the "Code") and the Regulations thereunder. For U.S. federal income tax purposes, the dividend declared in August 2019 will be treated as a partnership distribution.  For tax withholding purposes, the per share distribution components are as follows:

  Distribution Components      
  Non-U.S. Long Term Capital Gain $  
  U.S. Portfolio Interest Income(1) $ 0.0975  
  U.S. Dividend Income(2) $  
  Income Not from U.S. Sources(3) $ 0.2325  
  Distribution Per Share
$ 0.3300  


     
  (1) Eligible for the U.S. portfolio interest exemption for any holder not considered a 10-percent shareholder under §871(h)(3)(B) of the Code.
     
  (2) This income is subject to withholding under §1441 of the Code.
     
  (3) This income is not subject to withholding under §1441 or §1446 of the Code.

For U.S. shareholders: In computing your U.S. federal taxable income, you should not rely on this qualified notice, but should generally take into account your allocable share of the Company's taxable income as reported to you on your Schedule K-1.

Exhibit - Financial Statements

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollar amounts in thousands, unless otherwise noted)

  Three Months Ended June 30,   Six Months Ended June 30,
  2019   2018   2019   2018
Revenues              
Equipment leasing revenues $ 79,200     $ 59,330     $ 151,652     $ 115,114  
Infrastructure revenues 79,805     12,649     131,980     25,709  
Total revenues 159,005     71,979     283,632     140,823  
               
Expenses              
Operating expenses 92,763     27,593     154,681     55,172  
General and administrative 4,297     4,573     9,029     8,159  
Acquisition and transaction expenses 2,308     1,508     3,782     3,274  
Management fees and incentive allocation to affiliate 5,710     4,495     9,548     8,234  
Depreciation and amortization 42,600     32,844     82,133     62,431  
Interest expense 25,472     12,857     46,775     24,728  
Total expenses 173,150     83,870     305,948     161,998  
               
Other income (expense)              
Equity in losses of unconsolidated entities (169 )   (251 )   (553 )   (156 )
Gain on sale of equipment, net 22,630     4,996     24,355     4,991  
Interest income 240     74     331     250  
Other income 4,938     1,157     2,334     1,337  
Total other income 27,639     5,976     26,467     6,422  
               
Income (loss) before income taxes 13,494     (5,915 )   4,151     (14,753 )
(Benefit from) provision for income taxes (2,299 )   534  
View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com