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Genesis Lease releases third quarter 2009 results
For the quarter ended September 30, 2009, Genesis recorded a net loss of $3.0 million compared to net income of $11.4 million for the same period last year. For the nine months ended September 30, 2009, net income was $11.3 million compared to $30.3 million for the same period last year. Results for the quarter and nine months included an accrual of $2.5 million for transaction costs incurred to date associated with the proposed merger with AerCap, as well as a non-cash charge of $7.7 million related to the accelerated amortization of deferred financing costs due to the reduction of capacity under the revolving credit facility from $1 billion to $200 million. These charges were recorded within Other Expenses and Interest Expense, respectively. Excluding the impact of those charges, net income was $6.1 million (EPS of $0.18) and $20.5 million (EPS of $0.60) for the three and nine months ended September 30, 2009, respectively.