August 2, 2012
Aircastle posts second quarter 2012 net income of $16.3m
Aircastle released that lease rental revenues for the second quarter were $153.6m, up $10.3m, or 7%, year over year, due primarily to an increase of $27.0m from aircraft acquisitions, partially offset by lower revenues from aircraft sold of $8.5m and lease extensions, transitions and terminations of $8.2m. Total revenues for the second quarter were $172.2m, an increase of $23.3m, or 16%, versus the previous year. This increase primarily reflects higher lease rental revenue as discussed above, as well as $5.4m of higher maintenance revenues and $5.1m of lower amortization of net lease premiums, discounts and incentives. Net income for the second quarter was $16.3m, down $7.0m, or 30%, as the $23.3m increase in total revenues was offset by higher interest, net of $8.2m, higher depreciation of $8.5m, lower gains on the sale of flight equipment of $7.4m and higher aircraft impairment charges of $4.9m. Adjusted net income for the quarter was $25.8m, down $6.4m year over year, and reflects higher total revenues of $23.3m offset by higher depreciation of $8.5m, higher adjusted interest expense of $7.4m, lower gains on sale of flight equipment of $7.4m, higher aircraft impairment charges of $4.9m and higher maintenance costs of $1.9m.