AeroCentury, an independent aircraft leasing company, reported its unaudited operating results for the fourth quarter and year ended December 31st, 2014. Effective as of January 1st, 2014, the Company adopted an alternate method of accounting for non-refundable maintenance reserves and certain lessor maintenance costs. In order to provide a meaningful comparison for 2014 results, the 2013 results were calculated as if the new method of accounting were in effect throughout 2013. In the fourth quarter of 2014, net income was US$0.5m compared to a net loss of US$0.8m for the fourth quarter of 2013. The Company reported that, primarily as a result of a total of US$18.7m of non-cash, pre-tax write-downs of certain aircraft, it had a net loss of US$11.3m in 2014, compared to net income of US$8.3m in 2013.