Genesis Lease announces first quarter 2008 results

For the quarter ended March 31, 2008, rental revenues were $54.1 million, compared to $40.5 million for the same period in 2007, an increase of 33.6%. The increase in rental revenues was primarily the result of the acquisition of an additional 12 aircraft in 2007, whereby Genesis increased its portfolio from 41 aircraft on January 1, 2007 to 53 aircraft on March 31, 2008.

Net income was $9.9 million including a pre-tax charge of $1.8 million relating to the termination of two leases with Aloha Airlines following the airline’s bankruptcy. The components of this charge were $0.5 million in costs related to the recovery of both aircraft and a non-cash charge of $1.3 million primarily related to the write-off of lessee-specific capital improvements on one aircraft, which were previously incurred and capitalized on commencement of the lease in 2002. Excluding this charge, net income was $11.5 million compared to $11.0 million for the same quarter last year, the company’s first full quarter of operations.

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