August 13, 2012
AeroCentury reports second quarter 2012 results
AeroCentury reported net income of $1.0m for the second quarter of 2012, compared to a net loss of $0.1m for the second quarter of 2011. The Company reported net income of $2.3 million for the six months ended June 30, 2012, compared to a net loss of $2.4m, for the six months ended June 30, 2011. Total revenues were $7.5m and $14.3m for the second quarter and six months ended June 30, 2012, respectively, compared with total revenues of $6.8m and $11.7m 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 purchased since June 30, 2011. In addition, the 2011 periods included reductions in operating lease revenue and maintenance reserves revenue due to uncertainty about the collectability of the related receivables. The net increases in operating lease revenue and maintenance reserves were partially offset by a lower gain on sale of aircraft in the 2012 periods compared to the 2011 periods.
