Aircastle released that lease rental and finance lease revenues for the second quarter were $162.0m, up $7.5m or 5% year over year, due primarily to the impact of aircraft acquisitions of $26.1m, partially offset by lower revenues due to aircraft dispositions of $9.5m and from the effect of lease extensions, transitions and terminations of $9.1m. Total revenues for the second quarter were $170.4m, a decrease of $1.8m, or 1% versus the previous year. This was primarily due to the amortization of lease premiums, discounts and lease incentives being $10.8m higher in 2013. In the second quarter of 2012, lease incentive amortization was driven lower by lease incentive reversals resulting from early lease terminations. This revenue decrease was partially offset by $7.5m of higher lease rental and finance lease revenue, and $1.8m of higher other revenues, primarily early lease termination fees relating to an aircraft that transitioned during the quarter. Adjusted EBITDA for the second quarter was $183.4m, up $26.3m or 17% from the second quarter of 2012. Net income for the second quarter was $32.9m, up $16.5m, or 101%. The increase was primarily due to higher gains from the sale of aircraft of $18.5m and lower aircraft impairment charges of $10.1m.
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Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
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Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada