March 14, 2013
AeroCentury reports fourth quarter and full year 2012 results
AeroCentury an independent aircraft leasing company, reported its operating results for the fourth quarter and the year ended December 31, 2012. The Company reported net income of $1.8m for the fourth quarter of 2012, compared to net income of $1.2m for the fourth quarter of 2012. The Company reported net income of $5.2m for the year ended December 31, 2012, compared to a net loss of $1.5m for the year ended December 31, 2011. Total revenues were $8.0m and $29.4m for the fourth quarter and year ended December 31, 2012, respectively, compared with total revenues of $6.7m and $24.6m 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 that were purchased subsequent to the 2011 periods. The Company also announced that its credit facility has been amended to, among other things, increase borrowing capacity from $90m to $130m, extend the maturity date to September 30, 2015 and add a participant to the lender syndicate. Union Bank, N.A. is the Lead Arranger and Administrative Agent for the facility.