×

Fortress Transportation and Infrastructure Investors LLC Announces First Quarter 2015 Results

NEW YORK, June 3, 2015 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the "Company") today reported financial results as of and for the first quarter ended March 31, 2015. The Company's financial statements are attached as an exhibit to this press release.

Initial Public Offering

On May 20, 2015, FTAI closed its initial public offering of 20,000,000 common shares. The total gross proceeds of the offering were approximately $340 million. Of the proceeds, approximately $21.25 million was used to pay underwriting discounts and commissions. The Company intends to use the net proceeds from the offering, together with other sources of capital and liquidity, for the acquisition of infrastructure and equipment assets in its target sectors—aviation, energy, intermodal transport and rail—as well as to opportunistically acquire assets across the transportation and transportation-related infrastructure markets. In addition, the Company intends to use the net proceeds for follow-on investments in existing assets, working capital and other general corporate purposes.

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 FIG LLC, an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements

The foregoing information contains certain forward-looking statements that reflect the Company's current views with respect to how the Company intends to use the net proceeds from its initial public offering. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the Company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.

Exhibit – Financial Statements

Fortress Transportation and Infrastructure Investors LLC
Consolidated Statements of Income (Unaudited)
(Dollar amounts in thousands, except share and per share data)
Three Months Ended March 31,
2015 2014
Revenues
Equipment leasing revenues $ 23,038 $ 7,696
Infrastructure revenues 10,935 --
Total revenues 33,973 7,696
Expenses
Operating expenses 14,719 537
General and administrative 348 227
Acquisition and transaction expenses 368 3,333
Management fees to affiliate 2,414 751
Depreciation and amortization 10,562 1,831
Interest expense 4,815 817
Total expenses 33,226 7,496
Other income
Equity in earnings of unconsolidated entities 1,241 1,604
Gain (loss) on sale of equipment, net 3 (40)
Interest income 187 6
Other income (expense) (6) (9)
Total other income 1,425 1,561
Income before income taxes 2,172 1,761
Provision for income taxes 230 159
Net income 1,942 1,602
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries (3,506) 176
Net income attributable to members $ 5,448 $ 1,426
Basic and Diluted Earnings Per Share $ 0.10 $ 0.03
Weighted Average Shares Outstanding 53,502,873 53,502,873
Fortress Transportation and Infrastructure Investors LLC
Consolidated Balance Sheets (Unaudited)
(Dollar amounts in thousands, except share and per share amounts)
March 31,
2015
December 31,
2014
Assets
Cash and cash equivalents $ 37,292 $ 22,125
Restricted cash 16,431 21,084
Accounts receivable, net 10,123 9,588
Leasing equipment, net 502,945 509,379
Finance leases, net 99,872 102,813
Property, plant, and equipment, net 264,421 228,328
Investments in and advances to unconsolidated entities 21,823 21,569
Tendered bonds 298,000 298,000
Intangible assets, net 49,025 52,041
Goodwill 115,226 115,226
Other assets 23,461 24,048
Total assets $ 1,438,619 $ 1,404,201
Liabilities
Accounts payable and accrued liabilities $ 28,744 $ 42,784
Debt 588,603 592,867
Maintenance deposits 35,265 35,575
Security deposits 12,790 13,622
Other liabilities 6,413 5,856
Total liabilities 671,815 690,704
Commitments and Contingencies
Members' Equity
Common Shares ($.01 par value per share; 2,000,000,000 shares authorized; 53,502,873 shares issued and outstanding 535 535
Additional Paid In Capital 657,404 613,683
Accumulated other comprehensive income 75 214
Members' equity 658,014 614,432
Non-controlling interest in equity of consolidated subsidiaries 108,790 99,065
Total members' equity 766,804 713,497
Total liabilities and members' equity $ 1,438,619 $ 1,404,201

CONTACT: For further information, please contact: Alan Andreini Investor Relations Fortress Transportation and Infrastructure Investors LLC (212) 798-6128 aandreini@fortress.com

Source:Fortress Transportation and Infrastructure Investors LLC