Aircastle reports first quarter net income of $31.6 million

Aircastle Limited reported first quarter total revenues of $135.0 million and net income of $31.6 million. Income from continuing operations for the first quarter was also $31.6 million and included expenses of approximately $3.3 million comprised of $3.0 million of charges related to the termination and ineffective portion of certain interest rate hedge agreements and a $0.3 million loss on the sale of certain debt investments.

First quarter revenue of $135.0 million increased 92.8% over first quarter 2007. Income from continuing operations grew 51.7% year over year. The year over year increases in revenues and income from continuing operations primarily reflect the growth in our aviation assets to $4.2 billion at March 31, 2008 from $2.1 billion at March 31, 2007 and the corresponding higher weighted average debt balance compared to the prior period.

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