NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the first quarter 2024. 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 Q1'24 Net Loss Attributable to Stockholders $         (56,582 ) Basic and Diluted Loss per Share of Common Stock $         (0.54 ) Adjusted EBITDA (1) $         27,231   Adjusted EBITDA - Four core segments (1)(2) $         37,168   _______________________________ (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. (2) Excludes Sustainability and Energy Transition and Corporate and Other segments. First Quarter 2024 Dividends On May 7, 2024, the Company's Board of Directors (the "Board") declared a cash dividend on its common stock of $0.03 per share for the quarter ended March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024. Business Highlights Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2. Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels. Long Ridge operated at 98% capacity factor; close to signing several long-term "behind the meter" contracts and seeing rapidly increasing demand in the AI data center space. 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.fipinc.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 In addition, management will host a conference call on Wednesday, May 8, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIca642246d3df458aad5fd075de5e813a. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Wednesday, May 8, 2024 through 11:30 A.M. on Wednesday, May 15, 2024 on https://ir.fipinc.com/news-events/events. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure 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, including, but not limited to, Transtar's continued momentum, and Long Ridge's potential new "behind the meter" contracts. 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 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company's website (www.fipinc.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 AndreiniInvestor RelationsFTAI Infrastructure Inc.(646) Exhibit - Financial Statements   FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data)     Three Months Ended March 31,     2024       2023   Revenues       Total revenues $         82,535     $         76,494           Expenses       Operating expenses           64,575               65,162   General and administrative           4,861               3,201   Acquisition and transaction expenses           926               269   Management fees and incentive allocation to affiliate           3,001               2,982   Depreciation and amortization           20,521               20,135   Asset impairment           —               141   Total expenses           93,884               91,890           Other (expense) income       Equity in (losses) earnings of unconsolidated entities           (11,902 )             4,366   Loss on sale of assets, net           (13 )             (124 ) Interest expense           (27,593 )             (23,250 ) Other income           2,365               221   Total other expense           (37,143 )             (18,787 ) Loss before income taxes           (48,492 )             (34,183 ) Provision for income taxes           1,805               1,729   Net loss           (50,297 )             (35,912 ) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries           (10,690 )             (9,893 ) Less: Dividends and accretion of redeemable preferred stock           16,975               14,570   Net loss attributable to stockholders $         (56,582 )   $         (40,589 )         Loss per share:       Basic $         (0.54 )   $         (0.39 ) Diluted $         (0.54 )   $         (0.40 ) Weighted average shares outstanding:       Basic           104,189,287               102,787,640   Diluted           104,189,287               102,787,640     FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except share and per share data)     (Unaudited)       March 31, 2024   December 31, 2023 Assets       Current assets:       Cash and cash equivalents $         22,968     $         29,367   Restricted cash           41,328               58,112   Accounts receivable, net           53,914               55,990   Other current assets           46,321               42,034   Total current assets           164,531               185,503   Leasing equipment, net           35,652               35,587   Operating lease right-of-use assets, net           68,921               69,748   Property, plant, and equipment, net           1,610,731               1,630,829   Investments           68,085               72,701   Intangible assets, net           50,735               52,621   Goodwill           275,367               275,367   Other assets           70,659               57,253   Total assets $         2,344,681     $         2,379,609           Liabilities       Current liabilities:       Accounts payable and accrued liabilities $         139,662     $         130,796   Current debt, net           77,683