PR Newswire
BURLINGAME, Calif., Nov. 9, 2015
BURLINGAME, Calif., Nov. 9, 2015 /PRNewswire/ -- AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today reported earnings totaling $1.3 million, or $0.81 per diluted share, in the third quarter of 2015, compared to $1.4 million, or $0.87 per diluted share, in the second quarter of 2015. Third quarter profits reflect an improvement in utilization as the Company continues to adjust the composition of its portfolio of regional aircraft and engines. Following the $11.7 million non-cash, pre-tax write-down of certain older aircraft, the net loss in the third quarter of 2014 was $8.2 million, or ($5.34) per diluted share.
Net income improved to $3.4 million, or $2.17 per diluted share, for the first nine months of 2015, compared to a net loss of $11.8 million, or ($7.64) per diluted share, for the first nine months of 2014, which included $18.5 million of non-cash pre-tax write-downs on older equipment. All reported results are unaudited.
"Utilization improved to 94% in the third quarter, reflecting acquisitions made in 2014 and our success in re-leasing aircraft that were off lease in 2014," said Neal D. Crispin, President and Chief Executive Officer. "We continued to implement our strategy to reposition our portfolio by selling older aircraft. During the third quarter, we sold three aircraft pursuant to sales-type finance leases, which generated gains totaling $1.1 million and, in October, we sold an additional two aircraft for cash, for a $5.7 million gain. As buyers, we are carefully monitoring market conditions and are currently reluctant to purchase newer aircraft until pricing becomes more rational."
Third Quarter 2015 Highlights (at or for the period ended September 30, 2015, compared to June 30, 2015 and September 30, 2014):
Currently, AeroCentury's portfolio consists of thirty-six aircraft, five of which are operating under sales-type finance leases, covering ten different aircraft types and five engines, compared to thirty-eight aircraft, one of which was operating under a sales-type finance lease, and five engines at September 30, 2014. At September 30, 2015, total assets were $191.3 million, compared to $172.8 million a year ago. The current customer base comprises fourteen airlines operating worldwide.
AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. The Company's aircraft and engines are leased to regional airlines and commercial users worldwide.
Selected Financial Information (in thousands, except share and per share data) (Unaudited) | ||||||
| | | | |||
| For the Three Months Ended | | For the Nine Months Ended | |||
| September 30, | June 30, | September 30, | | September 30, | September 30, |
| 2015 | 2015 | 2014 | | 2015 | 2014 |
| | | | | | |
Revenues and other income: | | | | | | |
Operating lease revenue | $6,511 | $6,332 | $4,815 | | $19,282 | $ 15,998 |
Gain on disposal of assets | 1,095 | 2,682 | 1,809 | | 5,639 | 2,964 |
Maintenance reserves revenue (1) | - | 262 | - | | 589 | 3,394 |
Other income | 185 | 92 | 1 | | 277 | 152 |
| 7,791 | 9,368 | 6,625 | | 25,787 | 22,508 |
Expenses: | | | | | | |
Depreciation | 2,282 | 2,322 | 1,731 | | 6,931 | 5,610 |
Interest | 1,459 | 1,468 | 1,225 | | 4,805 | 3,793 |
Management fees | 1,411 | 1,416 | 1,205 | | 4,261 | 3,865 |
Professional fees and other | 529 | 471 | 1,136 | | 1,454 | 2,929 |
Maintenance costs | 197 | 1,458 | 2,173 | | 3,037 | 5,820 |
Provision for impairment | - | 148 | 11,719 | | 148 | 18,519 |
| 5,878 | 7,283 | 19,189 | | 20,636 | 40,536 |
Income/(loss) before income taxes | 1,913 | 2,085 | (12,564) Werbung Mehr Nachrichten zur AeroCentury Aktie kostenlos abonnieren
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