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BURLINGAME, Calif., Nov. 12, 2012 /PRNewswire/ -- AeroCentury Corp. (NYSE Amex: ACY), an independent aircraft leasing company, today reported its operating results for the third quarter ended September 30, 2012.
The Company reported net income of $1.1 million, or $0.71 per diluted share, for the third quarter of 2012, compared to a net loss of $0.2 million, or ($0.16) per diluted share, for the third quarter of 2011. The Company reported net income of $3.4 million, or $2.18 per diluted share, for the nine months ended September 30, 2012, compared to a net loss of $2.7 million, or ($1.73) per diluted share, for the nine months ended September 30, 2011.
Total revenues were $7.1 million and $21.4 million for the third quarter and nine months ended September 30, 2012, respectively, compared with total revenues of $6.2 million and $17.9 million for the same periods a year ago. The year-to-year increases were primarily due to increases in operating lease revenue and maintenance reserves revenue resulting from higher average utilization of the Company's asset portfolio in the 2012 periods and revenue from assets that were purchased subsequent to the 2011 periods. In addition, the operating lease revenue and maintenance reserves revenue in the 2011 periods were negatively affected by a write-off in those periods regarding the collectability of certain lease and reserves receivables.
Total expenses decreased by approximately $1.2 million and $5.7 million in the third quarter and nine months of 2012 as compared to the same periods in 2011, resulting primarily from a year-over-year decrease in maintenance expense, the effect of which was partially offset by an increase in interest expense. The 2011 periods included significant maintenance expense, funded by non-refundable maintenance reserves, on aircraft returned to the Company during 2010. Interest expense was higher in the 2012 periods, primarily as a result of a higher fee amortization related to the Company's credit facility, which was extended for one year in March 2012, and a higher average credit facility balance in 2012 as a result of aircraft acquisitions.
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.
(see tables following)
AeroCentury Corp. Selected Financial Information (in thousands, except share and per share data)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2012
2011
2012
2011
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues and other income:
Operating lease revenue
$5,793
$4,948
$17,389
$13,815
Maintenance reserves revenue
1,264
1,099
3,027
2,275
Gain on disposal of assets
-
-
874
1,371
Other income
26
154
80
390
7,083
6,201
21,370
17,851
Expenses:
Depreciation
1,546
1,445
4,526
4,107
Interest
1,234
978
3,459
2,911
Management fees
1,092
909
3,085
2,785
Maintenance costs
807
2,721
3,175
10,229
Professional fees and other
642
498
1,899
1,853
5,321
6,551
16,144
21,885
Income/(loss) before income tax provision/(benefit)
1,762
(350)
5,226
(4,034)
Income tax provision/(benefit)
649
(107)
1,827
(1,363)
Net income/(loss)
$1,113
$ (243)
$ 3,399
$(2,671)
Earnings/(loss) per share:
Basic
$ 0.72
$ (0.16)
$ 2.20
$ (1.73)
Diluted
$ 0.71
$ (0.16)
$ 2.18
$ (1.73)
Weighted average shares used in earnings per share computations:
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With Cloud Expo New York | 12th Cloud Expo [June 10-13, 2013] hurtling towards us, let's take a look at the distinguished individuals in our incredible Speaker Faculty for the technical and strategy sessions at the conference coming up June 10-13 at the Jacob Javits Center in New York ...
If the leadership in your organization is mature and has a good track record – rest assured that a risk-mitigated decision to dabble in the public cloud is a vote of confidence in your direction.
It's little more than innate human nature to strive to control the environment around us....
The technology infrastructure of today’s business landscape has undergone dramatic shifts in recent years. The consumerization of IT, the Bring Your Own Device (BYOD) movement, and of course the cloud have revolutionized the way corporations manage data, complete transactions and commu...
We must bring together the worlds of SOA, BPM, Cloud, REST, and HOA. The secret to getting all these architectural trends to work well together centers on how we deal with state information. We must first separate application state from resource state, and then subsequently take the co...
Hyper-V Replica is our included asynchronous site-to-site VM replication capability for Windows Server 2012 and our free Hyper-V Server 2012 bare-metal enterprise-grade hypervisor. Using Hyper-V Replica, you can quickly implement a cost-effective disaster recovery plan for your busine...
