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AeroCentury Corp. Reports Third Quarter 2012 Results

             AeroCentury Corp. Reports Third Quarter 2012 Results

PR Newswire

BURLINGAME, Calif., Nov. 12, 2012

BURLINGAME, Calif., Nov. 12, 2012 /PRNewswire/ -- AeroCentury Corp. (NYSE
Amex: ACY), an independent aircraft leasing company, today reported its
operating results for the third quarter ended September 30, 2012.

The Company reported net income of $1.1 million, or $0.71 per diluted share,
for the third quarter of 2012, compared to a net loss of $0.2 million, or
($0.16) per diluted share, for the third quarter of 2011. The Company
reported net income of $3.4 million, or $2.18 per diluted share, for the nine
months ended September 30, 2012, compared to a net loss of $2.7 million, or
($1.73) per diluted share, for the nine months ended September 30, 2011.

Total revenues were $7.1 million and $21.4 million for the third quarter and
nine months ended September 30, 2012, respectively, compared with total
revenues of $6.2 million and $17.9 million for the same periods a year ago.
The year-to-year increases were primarily due to increases in operating lease
revenue and maintenance reserves revenue resulting from higher average
utilization of the Company's asset portfolio in the 2012 periods and revenue
from assets that were purchased subsequent to the 2011 periods. In addition,
the operating lease revenue and maintenance reserves revenue in the 2011
periods were negatively affected by a write-off in those periods regarding the
collectability of certain lease and reserves receivables.

Total expenses decreased by approximately $1.2 million and $5.7 million in the
third quarter and nine months of 2012 as compared to the same periods in 2011,
resulting primarily from a year-over-year decrease in maintenance expense, the
effect of which was partially offset by an increase in interest expense. The
2011 periods included significant maintenance expense, funded by
non-refundable maintenance reserves, on aircraft returned to the Company
during 2010. Interest expense was higher in the 2012 periods, primarily as a
result of a higher fee amortization related to the Company's credit facility,
which was extended for one year in March 2012, and a higher average credit
facility balance in 2012 as a result of aircraft acquisitions.

AeroCentury is an aircraft operating lessor and finance company specializing
in leasing regional aircraft and engines utilizing triple net leases. The
Company's aircraft and engines are leased to regional airlines and commercial
users worldwide.

(see tables following)

AeroCentury Corp.
Selected Financial Information
(in thousands, except share and per share data)
                          For the Three Months       For the Nine Months

                          Ended September 30,        Ended September 30,
                          2012          2011         2012          2011
                          (Unaudited)   (Unaudited)  (Unaudited)   (Unaudited)
Revenues and other
income:
Operating lease revenue   $5,793        $4,948       $17,389       $13,815
Maintenance reserves      1,264         1,099        3,027         2,275
revenue
Gain on disposal of       -             -            874           1,371
assets
Other income              26            154          80            390
                          7,083         6,201        21,370        17,851
Expenses:
Depreciation              1,546         1,445        4,526         4,107
Interest                  1,234         978          3,459         2,911
Management fees           1,092         909          3,085         2,785
Maintenance costs         807           2,721        3,175         10,229
Professional fees and     642           498          1,899         1,853
other
                          5,321         6,551        16,144        21,885
Income/(loss) before
income tax                1,762         (350)        5,226         (4,034)
provision/(benefit)
Income tax                649           (107)        1,827         (1,363)
provision/(benefit)
Net income/(loss)         $1,113        $  (243)    $ 3,399      $(2,671)
Earnings/(loss) per
share:
 Basic                   $ 0.72       $ (0.16)    $  2.20     $ (1.73)
 Diluted                 $ 0.71       $ (0.16)    $  2.18     $ (1.73)
Weighted average shares
used in earnings per
share computations:
 Basic                   1,543,257     1,543,257    1,543,257     1,543,257
 Diluted                 1,565,057     1,543,257    1,560,453     1,543,257
                          September 30, December 31, September 30,
Summary Balance Sheet:
                          2012          2011         2011
                          (Unaudited)   (Audited)    (Unaudited)
Total assets              $154,557      $130,826     $128,264
Total liabilities         $110,468      $ 90,136    $ 88,794
Stockholders' equity      $ 44,089     $ 40,690    $ 39,470

SOURCE AeroCentury Corp.

Website: http://www.aerocentury.com
Contact: Toni Perazzo, Chief Financial Officer, +1-650-340-1888
 
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