AeroCentury reports earnings growth of 80%

Dino D'Amore
By Dino D'Amore August 19, 2015 16:18

AeroCentury reports earnings growth of 80%

AeroCentury has reported earnings growth of 80% to $1.4 million, or $0.87 per diluted share, in the second quarter of 2015, from $752,000, or $0.48 per diluted share, in the first quarter of 2015.

Second quarter profits were fueled by the Company’s portfolio modernization program, which is generating gains from sale of older assets. Following the $6.8 million non-cash, pre-tax write-down of certain older aircraft, the net loss in the second quarter of 2014 was $3.9 million, or ($2.54) per diluted share.

Net income improved to $2.1 million, or $1.36 per diluted share, for the first six months of 2015, compared to a net loss of $3.6 million, or $2.30 per diluted share, for the first six months of 2014. All reported results are unaudited.

“Our initiatives to modernize our portfolio of regional aircraft have generated improved utilization and contributed to strong lease revenues this year,” said Neal D. Crispin, President and Chief Executive Officer. “We are also pleased to have the continuing support of a strong majority of our shareholders in the recent annual election of directors. We view this year’s proxy results from our shareholders as a vote of confidence in both our board of directors and in our business model.”

Dino D'Amore
By Dino D'Amore August 19, 2015 16:18