PR Newswire
BURLINGAME, Calif., March 2, 2016
BURLINGAME, Calif., March 2, 2016 /PRNewswire/ -- AeroCentury Corp. (NYSE MKT: ACY), an independent aircraft leasing company, today reported earnings totaling $3.1 million, or $1.99 per diluted share, in the fourth quarter of 2015, compared to $1.3 million, or $0.81 per diluted share, in the third quarter of 2015, and $0.5 million, or $0.32 per diluted share, in the fourth quarter of 2014. The fourth quarter 2015 results reflect increased lease revenue due to improved utilization and higher gains from sales of aircraft.
Net income increased to $6.4 million, or $4.17 per diluted share, for the full year in 2015, compared to a net loss of $11.3 million, or ($7.32) per diluted share, for 2014. The 2014 results included $18.7 million of non-cash pre-tax write-downs on older equipment. All reported results are unaudited.
During the fourth quarter of 2015, the Company sold three aircraft for cash, which generated gains totaling $6.3 million. For all of 2015, the Company recorded gains totaling $12.0 million for the sale of nine aircraft, including five pursuant to sales-type finance leases.
Average utilization improved to 96% in the fourth quarter compared to 94% in the third quarter and 88% in the year-ago quarter. For the full years of 2015 and 2014, utilization was 92% and 82%, respectively.
"Neal Crispin, our Founder, Chairman and President since the Company's inception, passed away in January," said Toni Perazzo, Acting President and Chief Financial Officer. "His presence is greatly missed, and we are dedicated to carrying on his work and building on his legacy."
"Our niche in the aircraft leasing industry has gone through several cycles since we launched our business more than 25 years ago," Perazzo noted. "Increased competition in the acquisition market has led to higher aircraft prices and lower lease rates. Additional acquisitions are essential to the Company's continued success, and we carefully monitor market conditions and seek acquisition opportunities that make good economic sense."
Fourth Quarter 2015 Highlights (at or for the period ended December 31, 2015, compared to September 30, 2015 and December 31, 2014):
The following table shows the status of the Company's portfolio of aircraft and engines held for lease as of December 31, 2015, September 30, 2015 and December 31, 2014.
| December 31, 2015 | % of net book value | September 30, 2015 | % of net book value | December 31, 2014 | % of net book value |
Turboprop aircraft (*): | | | | | | |
On lease | 13 | 39% | 15 | 42% | 20 | 47% |
Off lease - re-leasing | 3 | 6% | 3 | 6% | 5 | 5% |
Total turboprop aircraft | 16 | 45% | 18 | 48% | 25 | 52% |
| | | | | | |
Regional jet aircraft: | | | | | | |
On lease | 8 | 49% | 8 | 47% | 8 | 43% |
Off lease - re-leasing | - | - | - | - | - | - |
Total regional jet aircraft | 8 | 49% | 8 | 47% | 8 | 43% |
| | | | | | |
Engines: | | | | | | |
On lease | 2 | 5% | 2 | 4% | - | - |
Off lease - re-leasing | 3 | 1% | 3 | 1% | 5 | 5% |
Total engines | 5 | 6% | 5 | 5% | 5 | 5% |
| | | | | | |
| ||||||
(*) Decreases from period to period reflect cash sales, sales pursuant to sales-type finance leases, and reclassifications of assets to held for sale. |
AeroCentury's portfolio currently consists of twenty-four aircraft and five engines held for lease and four aircraft that are held under sales-type finance leases. The Company also holds three aircraft for sale, which reflects the sale of two regional jet aircraft in February 2016. The Company's portfolio consists of ten different aircraft types. The current customer base comprises fourteen airlines operating worldwide.
At December 31, 2015, total assets were $181.0 million, compared to $197.7 million a year ago, reflecting asset sales during 2015.
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) | ||||||
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| For the Three Months Ended | | For the Years Ended | |||
| December 31, | September 30, | December 31, | December 31, | December 31, | |
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