November 6, 2012

Aircastle posts third quarter net loss of $45.8m

Aircastle reported a third quarter 2012 net loss of $45.8m and an adjusted net loss of $37.5m. The third quarter results included total revenues of $172.9m, an increase of 22%, versus $141.5m in the third quarter of 2011. The third quarter 2012 results also include $78.7m of non-cash impairment charges against 15 older technology aircraft, representing approximately 1.7% of the net book value of flight equipment. Excluding the non-cash impairment charge, third quarter net income was $32.8m and adjusted net income was $41.2m. Lease rental revenue for the third quarter was $159.5m, up $13.7m, or 9%, year over year, due primarily to the impact of aircraft acquisitions net of sales of $24.1m, partially offset by lower revenues due to lease extensions and transitions at lower rentals of $4.6 m and the impact from early lease terminations of $4.9m.  Including revenue from finance leases of $3.5m, total lease revenues increased 12%. Total revenues for the third quarter were $172.9m, an increase of $31.4m, or 22%, versus the previous year.  Adjusted EBITDA for the third quarter was $166.3m, up $25.7m, or 18%, from the third quarter of 2011, as higher lease rental revenues of $13.7m and higher maintenance and total other revenues of $19.8m were partially offset by lower gains from the sale of aircraft of $9.0m.



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