Genesis Lease reports fourth quarter and year end 2007 results

Genesis Lease Limited announced its financial results for the fourth quarter and year ended December 31, 2007.

For the quarter ended December 31, 2007, rental revenues were $54.9 million, compared to $41.6 million for the same period in 2006, an increase of 31.8%. Net income was $6.4 million, compared to $7.0 million for the same period last year, a decrease of 9.2%. Net income for the quarter includes a charge of $2.9 million ($3.3 million before tax) relating to a proposed transaction that is unlikely to proceed. Excluding this charge, net income increased by 32.2% quarter over quarter. Results for the quarter also include a non-cash charge of $3.2 million recorded under interest expense relating to the amortization of deferred financing costs, which were paid for by our predecessor and deemed to be a capital contribution to the company.

For the year ended December 31, 2007, rental revenues were $181.3 million, compared to $153.2 million for the same period last year, an increase of 18.4%. Net income was $39.2 million, compared to $28.8 million for the same period last year, an increase of 36.2%. Net income for the year includes the aforementioned, charge of $3.3 million incurred in the fourth quarter of 2007. Excluding this charge, net income increased by 46.3% year over year.

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