AeroCentury Corp. Reports Increased Earnings of $0.33 Per Share For First Quarter

Apr 23, 2001, 01:00 ET from AeroCentury Corp.

    BURLINGAME, Calif., April 23 /PRNewswire Interactive News Release/ --
 AeroCentury Corp., (Amex:   ACY), an independent aircraft leasing company, today
 reported results for first quarter 2001.
     For the quarter ended March 31, 2001, the Company reported revenues of
 $2,869,930, as compared to revenues of $2,678,210 for the same period a year
 ago. Net income was $509,380 or $0.33 per diluted share, versus net income of
 $457,850 or $0.30 per diluted share, in first quarter of 2000.
     "We are pleased to report another quarter of solid revenue and earnings
 growth," said Neal Crispin, president of AeroCentury. "Our focus for the
 balance of the year continues to be active management of our portfolio. We
 believe that we have an efficient, experienced management team in place
 working to maximize value for our shareholders."
     AeroCentury is an operating lessor and finance company which specializes
 in leasing regional aircraft and engines. The Company's aircraft and engines
 are on lease to regional airlines and commercial users in the U.S., the U.K.,
 Europe and South America.
 
     This release includes forward-looking statements such as the active
 management of the Company's portfolio for the balance of the year and
 management's working to maximize value for shareholders. These statements are
 subject to certain risks and uncertainties that could cause actual results to
 differ materially from those anticipated in the forward-looking statements.
 These risks include, but are not limited to, the effect of changing economic
 conditions, particularly as they affect the airline industry, successful
 remarketing of aircraft returned by lessees on expiration of leases, a high
 level of competition in the aircraft leasing industry, the availability of
 appropriate acquisition and lease transactions on terms acceptable to the
 Company and the Company's ability to obtain debt and/or equity financing for
 such acquisitions. The forward-looking statements and reasons why results may
 differ reflect the management's point of view only as of the date hereof. The
 Company undertakes no obligation to publicly revise these statements to
 reflect subsequent events or circumstances. Readers should also carefully
 review the risk factors described in documents the Company files from time to
 time with the Securities and Exchange Commission.
 
 
                               AeroCentury Corp.
                         Selected Financial Information
                                  (Unaudited)
 
                                        For the quarter ended March 31,
     Summary of Operations:                2001                2000
 
     Revenues                            $2,869,930          $2,678,210
     Net income                            $509,380            $457,850
     Earnings per share                       $0.33               $0.30
     Weighted average common
      shares outstanding                  1,543,257           1,543,257
 
                                      March 31, 2001      March 31, 2000
     Summary Balance Sheet:
 
     Total assets                       $68,942,360         $63,847,460
     Total liabilities                  $51,270,310         $47,898,280
     Shareholders' equity               $17,672,050         $15,949,180
 
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SOURCE AeroCentury Corp.
    BURLINGAME, Calif., April 23 /PRNewswire Interactive News Release/ --
 AeroCentury Corp., (Amex:   ACY), an independent aircraft leasing company, today
 reported results for first quarter 2001.
     For the quarter ended March 31, 2001, the Company reported revenues of
 $2,869,930, as compared to revenues of $2,678,210 for the same period a year
 ago. Net income was $509,380 or $0.33 per diluted share, versus net income of
 $457,850 or $0.30 per diluted share, in first quarter of 2000.
     "We are pleased to report another quarter of solid revenue and earnings
 growth," said Neal Crispin, president of AeroCentury. "Our focus for the
 balance of the year continues to be active management of our portfolio. We
 believe that we have an efficient, experienced management team in place
 working to maximize value for our shareholders."
     AeroCentury is an operating lessor and finance company which specializes
 in leasing regional aircraft and engines. The Company's aircraft and engines
 are on lease to regional airlines and commercial users in the U.S., the U.K.,
 Europe and South America.
 
     This release includes forward-looking statements such as the active
 management of the Company's portfolio for the balance of the year and
 management's working to maximize value for shareholders. These statements are
 subject to certain risks and uncertainties that could cause actual results to
 differ materially from those anticipated in the forward-looking statements.
 These risks include, but are not limited to, the effect of changing economic
 conditions, particularly as they affect the airline industry, successful
 remarketing of aircraft returned by lessees on expiration of leases, a high
 level of competition in the aircraft leasing industry, the availability of
 appropriate acquisition and lease transactions on terms acceptable to the
 Company and the Company's ability to obtain debt and/or equity financing for
 such acquisitions. The forward-looking statements and reasons why results may
 differ reflect the management's point of view only as of the date hereof. The
 Company undertakes no obligation to publicly revise these statements to
 reflect subsequent events or circumstances. Readers should also carefully
 review the risk factors described in documents the Company files from time to
 time with the Securities and Exchange Commission.
 
 
                               AeroCentury Corp.
                         Selected Financial Information
                                  (Unaudited)
 
                                        For the quarter ended March 31,
     Summary of Operations:                2001                2000
 
     Revenues                            $2,869,930          $2,678,210
     Net income                            $509,380            $457,850
     Earnings per share                       $0.33               $0.30
     Weighted average common
      shares outstanding                  1,543,257           1,543,257
 
                                      March 31, 2001      March 31, 2000
     Summary Balance Sheet:
 
     Total assets                       $68,942,360         $63,847,460
     Total liabilities                  $51,270,310         $47,898,280
     Shareholders' equity               $17,672,050         $15,949,180
 
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 SOURCE  AeroCentury Corp.