Aircastle releases second quarter 2008 results

Aircastle Limited reported second quarter total revenues of $145.4 million and net income of $35.3 million. Income from continuing operations for the second quarter was also $35.3 million.

During the second quarter, Aircastle acquired two aircraft with an aggregate purchase price of $157.1 million, completing the purchase obligations under the GAIF contract. In addition, Aircastle took delivery of a 747-400 converted freighter from Israel Aerospace Industries, which immediately went on long-term lease. Aircastle sold three Boeing 737-500 aircraft during the second quarter and also completed the sale of a Boeing 757-200 during July that had previously been subject to a forward sales agreement.

Additionally, since the end of the second quarter Aircastle executed long-term lease commitments for three of their early Airbus A330 freighter delivery positions in 2010. Aircastle also amended the Airbus A330 purchase agreement to reduce the overall number of aircraft to be acquired from fifteen to twelve and to change the order to provide a more flexible mix of freighter and passenger aircraft.

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