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AeroCentury Corp. Reports First Quarter 2012 Results

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BURLINGAME, Calif., May 8, 2012 /PRNewswire/ -- AeroCentury Corp. (NYSE Amex: ACY), an independent aircraft leasing company, today reported its operating results for the first quarter ended March 31, 2012.

The Company reported net income of $1.3 million, or $0.85 per diluted share, for the first quarter of 2012, compared to a net loss of $2.3 million, or ($1.48) per diluted share, for the first quarter of 2011.

Total revenues were $6.8 million for the first quarter ended March 31, 2012 compared with total revenues of $4.9 million for the same period a year ago.  The $1.9 million increase was primarily due to increases of $1.7 million and $0.3 million in operating lease revenue and maintenance reserves revenue, respectively, resulting from higher average utilization of the Company's asset portfolio in the 2012 period.

Total expenses decreased by approximately $3.6 million in the first quarter of 2012 as compared to the same period in 2011, resulting primarily from a year-over-year decrease in maintenance expense. During the 2011 period, the Company incurred significant maintenance expense, funded by non-refundable maintenance reserves, on aircraft returned to the Company during 2010.

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

(Unaudited)

(in thousands, except share and per share data)

 


For the Three Months

Ended March 31,


2012

2011




Revenues and other income:






Operating lease revenue

$5,907

$  4,204

Maintenance reserves revenue

850

540

Other income

26

150


6,783

4,894

Expenses:






Depreciation

1,487

1,239

Interest

1,072

967

Management fees

987

945

Maintenance costs

754

4,568

Professional fees and other

466

614


4,766

8,333




Income/(loss) before income tax provision/(benefit)

2,017

(3,439)




Income tax provision/(benefit)

692

(1,160)




Net income/(loss)

$1,325

$(2,279)




Earnings/(loss) per share:



  Basic

$  0.86

$  (1.48)

  Diluted

$  0.85

$  (1.48)




Weighted average shares used in earnings per share computations:



  Basic

1,543,257

1,543,257

  Diluted

1,550,756

1,543,257

 

Summary Balance Sheet:

March 31,

2012

December 31,

2011

March 31,

2011


(Unaudited)

(Audited)

(Unaudited)

Total assets

$140,182

$130,826

$129,817

Total liabilities

$  98,167

$  90,136

$  89,955

Shareholders' equity

$  42,015

$  40,690

$  39,862

    

SOURCE AeroCentury Corp.



RELATED LINKS
http://www.aerocentury.com

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