November 14, 2014

AeroCentury reports third quarter net loss of US$8.2m

AeroCentury Corp., an independent aircraft leasing company, reported its operating results for the third quarter ended September 30th, 2014. The Company reported a net loss of US$8.2m for the third quarter of 2014, compared to net income of US$4.0m for the third quarter of 2013. The Company reported a net loss of US$11.8m for the first nine months of 2014, compared to net income of US$9.2m for the first nine months of 2013. Total revenues were US$6.6m and US$22.5m for the third quarter and nine months ended September 30th, 2014, respectively, compared to total revenues of US$12.5m and US$32.6m, respectively, for the same periods a year ago. Operating lease revenues were higher in the third quarter and nine months ended September 30th, 2014, compared to the same periods a year ago primarily as a result of increases in operating lease revenue from assets purchased during 2013 and 2014. The effect of these increases was partially offset by the effect of assets that were on lease in the 2013 periods but off lease for all or a portion of the 2014 periods and asset sales during 2013 and 2014. The Company recorded a net gain from the sale of three aircraft in the third quarter of 2014 and recorded a net gain in the third quarter of 2013 from the sale of two aircraft. The Company had previously sold four aircraft and an engine in the first half of 2014. During the first half of 2013, the Company recorded a gain on an engine finance lease and sold two aircraft.



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