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Fortress Transportation and Infrastructure Investors LLC Announces First Quarter 2015 Results

20:00 EDT 2 Jun 2015 | Globe Newswire

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

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