Aircastle Announces Second Quarter 2013 Results Board Declares Third Quarter Dividend on Common Shares of $0.165 PR Newswire STAMFORD, Conn., Aug. 6, 2013 STAMFORD, Conn., Aug.6, 2013 /PRNewswire/ -- Highlights oLease rental including finance lease revenues of $162.0 million and Adjusted EBITDA^1 of $183.4 million oNet income of $32.9 million, or $0.48 per diluted common share oAdjusted net income^1 of $46.0 million, or $0.67 per diluted common share oMore than $960 million of closed or committed aircraft investments year to date oEleven aircraft sold during the first half of 2013; second quarter gains on sale of $21.3 million oFleet utilization of 98% with an aircraft portfolio yield of 13.4% oIssued 12.3 million shares of common equity, at $17.00 per share, to Marubeni Corporation on July 12, 2013 for $209 million of gross proceeds oIncreased our unsecured revolving credit facility from $150 million to $335 million and expanded the size of the bank group to seven o29^th consecutive dividend declared by Aircastle's Board of Directors Aircastle Limited (the "Company" or "Aircastle") (NYSE: AYR) reported second quarter 2013 net income of $32.9 million, or $0.48 per diluted common share, and adjusted net income of $46.0 million, or $0.67 per diluted common share. The second quarter results included lease rental and finance lease revenues of $162.0 million versus $154.6 million in the second quarter of 2012. Commenting on the results, Ron Wainshal, Aircastle's CEO, stated: "Aircastle's second quarter financial results were very good, reflecting strong portfolio performance and effective asset management. I'm particularly encouraged by our acquisition activity, where we have been able to find attractive investment values consistent with our disciplined approach and return targets. In that regard, the majority of our recent investments have been for new wide-body aircraft on long-term leases with high quality lessees, and this is gradually transforming and enhancing the mix of our portfolio. We're in an excellent position to capitalize on our team's transaction origination capabilities with the new capital we've sourced." Mr. Wainshal added, "We're extremely pleased to welcome Marubeni as an important new strategic shareholder. Marubeni brings a long-term, globally minded perspective to our business and we believe there are exciting business opportunities for us as we work together." Mike Inglese, Aircastle's CFO, stated: "We continue to broaden and diversify our funding sources to strengthen Aircastle's overall liquidity profile. Our enlarged unsecured revolving credit facility, along with the recent Marubeni transaction, complements our capital markets and export credit agency funding sources, strengthening our already deep access to capital." Second Quarter Results Lease rental and finance lease revenues for the second quarter were $162.0 million, up $7.5 million or 5% year over year, due primarily to the impact of aircraft acquisitions of $26.1 million, partially offset by lower revenues due to aircraft dispositions of $9.5 million and from the effect of lease extensions, transitions and terminations of $9.1 million. Total revenues for the second quarter were $170.4 million, a decrease of $1.8 million, or 1% versus the previous year. This was primarily due to the amortization of lease premiums, discounts and lease incentives being $10.8 million 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 $7.5 million of higher lease rental and finance lease revenue, and $1.8 million 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 $183.4 million, up $26.3 million or 17% from the second quarter of 2012. The increase was primarily driven by higher lease rental and finance lease revenue of $7.5 million, higher gain on the sale of flight equipment of $18.5 million, and higher other revenue of $1.8 million. The second quarter gain on sale included the disposition of three A330-200 freighter aircraft. Net income for the second quarter was $32.9 million, up $16.5 million, or 101%. The increase was primarily due to higher gains from the sale of aircraft of $18.5 million and lower aircraft impairment charges of $10.1 million. These improvements were partially offset by higher depreciation of $5.0 million, higher interest expense of $2.5 million, a higher tax provision of $2.4 million and lower total revenues of $1.8 million. Adjusted net income for the quarter was $46.0 million, up $20.3 million year over year, and reflects higher gain on sale of $18.5 million, lower non-cash impairment charges of $10.1 million, and lower adjusted interest of $1.1 million. Partially offsetting these increases were higher depreciation of $5.0 million, a higher tax provision of $2.4 million and higher SG&A of $1.5 million. Aviation Assets To date, we have closed or committed to acquire 17 aircraft for more than $960 million in 2013. During the first half of the year, we acquired ten aircraft for more than $450 million, including nine aircraft in the second quarter. In addition, during the first half of the year we sold eleven aircraft, including three A330-200 freighter aircraft and eight older aircraft with a total net book value of approximately $250 million. As of June 30, 2013, Aircastle owned 158 aircraft having a net book value of $4.8 billion. Owned Aircraft as of June 30, 2013^(1) Flight Equipment Held for Lease ($ mils.) $ 4,779 Unencumbered Flight Equipment. ($ mils.) $ 2,346 Number of Aircraft 158 Number of Unencumbered Aircraft 76 Passenger Aircraft (% of NBV) 77% Freighter Aircraft (% of NBV) 23% Weighted Average Fleet Age – Combined (years)^(^2^) 10.8 Weighted Average Remaining Combined Lease Term (years)^(^3^) 4.7 Weighted Average Fleet Utilization for the Three Months 98% Ended^(^4^) Portfolio Yield for the Three Months Ended^(5) 13.4% (1) Calculated using net book value of flight equipment held for lease, net investment in finance leases and flight equipment held for sale at period end. (2) Weighted average age (years) by net book value. (3) Weighted average remaining lease term (years) by net book value. (4) Aircraft on-lease days as a percent of total days in period weighted by net book value. (5) Lease rental revenue for the period as a percent of the average net book value of flight equipment held for lease for the period; quarterly information is annualized. Common Share Purchase by Marubeni Corporation On July 12, 2013, we successfully completed the issuance to Marubeni Corporation of 12,320,000 common shares, representing 15.25% of Aircastle's issued and outstanding common shares, after giving effect to the issuance, at a price of $17.00 per share, for gross proceeds of approximately $209 million. Financing Update In early August we increased our unsecured revolving credit facility from $150 million to $335 million. We also expanded the bank group from four to seven global financial institutions and extended the maturity of the facility to a three year term to expire in August 2016. The bank group includes Citibank, N.A., Goldman Sachs Bank USA, J.P. Morgan Chase Bank N.A., Royal Bank of Canada, Credit Agricole Corporate & Investment Bank, DBS Bank Ltd., Los Angeles Agency, and Union Bank, N.A. Common Dividend and Share Repurchases On August 2, 2013, Aircastle's Board of Directors declared a third quarter 2013 cash dividend on its common shares of $0.165 per share, payable on September 13, 2013 to shareholders of record on August 30, 2013. Since early 2011, we have repurchased 11.7 million common shares at an average cost of $11.87 per share, and we continue to have $30 million remaining under the current repurchase authorization. Conference Call In connection with this earnings release, management will host an earnings conference call on Tuesday, August 6, 2013 at 10:30AM Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (800) 575-5790 (from within the U.S. and Canada) or (719) 457-2638 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode "7828965". A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for one month following the call. In addition to this earnings release, an accompanying power point presentation has been posted to the Investor Relations section of Aircastle's website. For those who are not available to listen to the live call, a replay will be available until 12:30PM Eastern time on Thursday, September 5, 2013 by dialing (888) 203-1112 (from within the U.S. and Canada) or (719) 457-0820 (from outside of the U.S. and Canada); please reference passcode "7828965". About Aircastle Limited Aircastle Limited acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world. As of June 30, 2013, Aircastle's aircraft portfolio consisted of 158 aircraft on lease with 67 customers located in 36 countries. Safe Harbor Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA and Adjusted Net Income and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this report. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle expectations include, but are not limited to, capital markets disruption or volatility which could adversely affect our continued ability to obtain additional capital to finance new investments or our working capital needs; government fiscal or tax policies, general economic and business conditions or other factors affecting demand for aircraft or aircraft values and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and/or reduced yields, operational disruptions caused by political unrest in North Africa, the Middle East or elsewhere, and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases; termination payments on our interest rate hedges; and other risks detailed from time to time in Aircastle's filings with the SEC, including as previously disclosed in Aircastle's 2012 Annual Report on Form 10-K, and elsewhere in this report. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this report. Aircastle Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. 1. Refer to Supplemental Financial Information accompanying this press release for a reconciliation of GAAP to non-GAAP numbers. Contact: Frank Constantinople, SVP Investor Relations Tel: +1-203-504-1063 firstname.lastname@example.org The IGB Group Leon Berman Tel: +1-212-477-8438 email@example.com Aircastle Limited and Subsidiaries Consolidated Balance Sheets (Dollars in thousands, except share data) December31, June30, 2012 2013 (Unaudited) ASSETS Cash and cash equivalents $ 618,217 $ 430,270 Accounts receivable 5,625 6,025 Restricted cash and cash equivalents 111,942 193,606 Restricted liquidity facility collateral 107,000 107,000 Flight equipment held for lease, net of accumulated 4,662,661 4,651,553 depreciation of $1,305,064 and $1,333,775 Net investment in finance leases 119,951 127,504 Other assets 186,764 168,385 Total assets $ 5,812,160 $ 5,684,343 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Borrowings from secured financings (including borrowings of ACS Ireland VIEs of $207,926 and $ 1,848,034 $ 1,638,835 $176,599, respectively) Borrowings from unsecured financings 1,750,642 1,750,585 Accounts payable, accrued expenses and other 108,593 118,853 liabilities Lease rentals received in advance 53,189 45,011 Liquidity facility 107,000 107,000 Security deposits 87,707 104,455 Maintenance payments 379,391 400,162 Fair value of derivative liabilities 61,978 46,946 Total liabilities 4,396,534 4,211,847 Commitments and Contingencies SHAREHOLDERS' EQUITY Preference shares, $.01par value, 50,000,000shares authorized, no shares issued and outstanding Common shares, $.01par value, 250,000,000shares authorized, 68,639,729 shares issued and outstanding 686 685 at December31, 2012; and 68,460,299 shares issued and outstanding at June 30, 2013 Additional paid-in capital 1,360,555 1,354,135 Retained earnings 180,675 214,028 Accumulated other comprehensive loss (126,290) (96,352) Total shareholders' equity 1,415,626 1,472,496 Total liabilities and shareholders' equity $ 5,812,160 $ 5,684,343 Aircastle Limited and Subsidiaries Consolidated Statements of Income (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2012 2013 2012 2013 Revenues: Lease rental revenue $ 153,624 $ 157,918 $ 305,866 $ 314,508 Finance lease revenue 956 4,114 956 7,998 Amortization of lease premiums, 2,044 (8,709) 446 (15,790) discounts and lease incentives Maintenance revenue 13,535 13,185 26,182 30,051 Total lease revenue 170,159 166,508 333,450 336,767 Other revenue 2,022 3,870 3,646 9,800 Total revenues 172,181 170,378 337,096 346,567 Operating expenses: Depreciation 67,097 72,079 131,611 141,979 Interest, net 64,121 66,656 113,102 125,808 Selling, general and administrative (including non-cash share based payment expense of $929 and $1,053 for the three months ended, and 11,511 13,182 24,709 26,467 $2,105 and $1,864 for the six months ended June 30, 2012 and 2013, respectively) Impairment of Aircraft 10,111 — 10,111 6,199 Maintenance and other costs 5,243 6,138 8,017 9,550 Total expenses 158,083 158,055 287,550 310,003 Other income: Gain on sale of flight equipment 2,855 21,317 3,051 22,509 Other 717 2,946 604 4,161 Total other income 3,572 24,263 3,655 26,670 Income from continuing operations 17,670 36,586 53,201 63,234 before income taxes Income tax provision 1,346 3,732 4,275 7,316 Net income $ 16,324 $ 32,854 $ 48,926 $ 55,918 Earnings per common share — Basic: Net income per share $ 0.23 $ 0.48 $ 0.68 $ 0.82 Earnings per common share — Diluted: Net income per share $ 0.23 $ 0.48 $ 0.68 $ 0.82 Dividends declared per share $ 0.15 $ 0.165 $ 0.30 $ 0.330 Aircastle Limited and Subsidiaries Consolidated Statements of Comprehensive Income (Dollars in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2012 2013 2012 2013 Net income $ 16,324 $ 32,854 $ 48,926 $ 55,918 Other comprehensive income, net of tax: Net change in fair value of derivatives, net of tax expense of $139 and $193 for the three months ended and 5,799 8,127 22,282 11,953 $428 and $311 for the six months ended, June 30, 2012 and 2013, respectively Net derivative loss reclassified into 8,866 9,711 12,937 17,985 earnings Other comprehensive income 14,665 17,838 35,219 29,938 Total comprehensive income $ 30,989 $ 50,692 $ 84,145 $ 85,856 Aircastle Limited and Subsidiaries Consolidated Statements of Cash Flows (Dollars in thousands) (Unaudited) Six Months Ended June 30, 2012 2013 Cash flows from operating activities: Net income $ 48,926 $ 55,918 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 131,611 141,979 Amortization of deferred financing costs 7,691 8,781 Amortization of net lease discounts and lease (446) 15,790 incentives Deferred income taxes 2,457 3,237 Non-cash share based payment expense 2,105 1,864 Cash flow hedges reclassified into earnings 12,937 17,985 Ineffective portion of cash flow hedges 366 104 Security deposits and maintenance payments included (25,818) (25,538) in earnings Gain on sale of flight equipment (3,051) (22,509) Impairment of aircraft 10,111 6,199 Other (1,222) (3,921) Changes in certain assets and liabilities: Accounts receivable (4,434) (410) Other assets (1,970) 4,834 Accounts payable, accrued expenses and other 12,183 (3,824) liabilities Lease rentals received in advance 662 (7,050) Net cash provided by operating activities 192,108 193,439 Cash flows from investing activities: Acquisition and improvement of flight equipment and (324,831) (331,067) lease incentives Proceeds from sale of flight equipment 36,013 253,909 Restricted cash and cash equivalents related to sale 4,762 — of flight equipment Aircraft purchase deposits and progress payments (23,955) (1,869) Net investment in finance leases (91,500) (11,605) Collections on finance leases 1,476 4,052 Purchase of debt investment (43,626) — Principal repayments on debt investment 3,245 42,001 Other (126) (829) Net cash used in investing activities (438,542) (45,408) Cash flows from financing activities: Repurchase of shares (2,129) (7,940) Proceeds from notes and term debt financings 877,100 — Securitization and term debt financing repayments (688,424) (294,064) Deferred financing costs (17,710) (557) Restricted secured liquidity facility collateral 3,000 — Secured liquidity facility collateral (3,000) — Restricted cash and cash equivalents related to 104,887 (81,664) financing activities Security deposits received 8,310 17,015 Security deposits returned (3,067) (3,320) Maintenance payments received 62,496 87,772 Maintenance payments returned (27,020) (30,655) Payments for terminated cash flow hedges (50,757) — Dividends paid (21,712) (22,565) Net cash (used in) provided by financing activities 241,974 (335,978) Net increase (decrease) in cash and cash equivalents (4,460) (187,947) Cash and cash equivalents at beginning of period 295,522 618,217 Cash and cash equivalents at end of period $ 291,062 $ 430,270 Aircastle Limited and Subsidiaries Supplemental Financial Information (Amount in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2012 2013 2012 2013 Revenues $ 172,181 $ 170,378 $ 337,096 $ 346,567 EBITDA $ 146,844 $ 184,030 $ 297,468 $ 346,811 Adjusted EBITDA $ 157,172 $ 183,426 $ 309,085 $ 352,002 Adjusted net income $ 25,756 $ 46,040 $ 58,128 $ 73,452 Adjusted net income $ 25,546 $ 45,615 $ 57,638 $ 72,906 allocable to common shares Per common share - Basic $ 0.36 $ 0.67 $ 0.80 $ 1.07 Per common share - Diluted $ 0.36 $ 0.67 $ 0.80 $ 1.07 Basic common shares 71,723 67,829 71,710 67,863 outstanding Diluted common shares 71,723 67,829 71,710 67,863 outstanding Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information. Aircastle Limited and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures EBITDA and Adjusted EBITDA Reconciliation (Dollars in thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2012 2013 2012 2013 (Dollars in thousands) Net income $ 16,324 $ 32,854 $ 48,926 $ 55,918 Depreciation 67,097 72,079 131,611 141,979 Amortization of net lease discounts and (2,044) 8,709 (446) 15,790 lease incentives Interest, net 64,121 66,656 113,102 125,808 Income tax provision 1,346 3,732 4,275 7,316 EBITDA $ 146,844 $ 184,030 $ 297,468 $ 346,811 Adjustments: Impairment of 10,111 — 10,111 6,199 aircraft Non-cash share based 929 1,053 2,105 1,864 payment expense Gain on mark to market of interest rate (712) (1,657) (599) (2,872) derivative contracts Adjusted EBITDA $ 157,172 $ 183,426 $ 309,085 $ 352,002 We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-USGAAP measure is helpful in identifying trends in our performance. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed. EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the board of directors to review the consolidated financial performance of our business. We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants. Aircastle Limited and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Adjusted Net Income Reconciliation (Dollars in thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2012 2013 2012 2013 (Dollars in thousands) Net income $ 16,324 $ 32,854 $ 48,926 $ 55,918 Loan termination — 2,954 — 2,954 fee^(1) Ineffective portion and termination of 1,885 2,003 366 2,131 hedges^(1) Gain on mark to market of interest rate (712) (1,657) (599) (2,872) derivative contracts^(2) Write-off of deferred 2,914 3,825 2,914 3,825 financing fees^(1) Stock compensation 929 1,053 2,105 1,864 expense^(3) Term Financing No. 1 hedge loss amortization 4,416 4,604 4,416 8,887 charges^(1) Securitization No. 1 hedge loss amortization — 404 — 745 charges ^(1) Adjusted net income $ 25,756 $ 46,040 $ 58,128 $ 73,452 (1) Included in Interest, net. (2) Included in Other income (expense). (3) Included in Selling, general and administrative expenses. Beginning with our report for the quarter ended March31, 2012, management, to be more consistent with reporting practices of peer aircraft leasing companies, has revised the calculation of ANI to no longer exclude gains (losses) on sales of assets, and to exclude non-cash share based payment expense in the calculation of ANI. Beginning with our quarterly report for the quarter ended June30, 2012, we also excluded Term Financing No.1 hedge loss amortization charges which will be reported in Interest, net on our consolidated statement of income from the calculation of ANI. The same applies to hedge loss amortization charges associated with Securitization No. 1, which began in the first quarter of 2013. The calculation of ANI for the three months ended March31, 2012 has been revised to be comparable with the current period presentation. Management believes that ANI, when viewed in conjunction with the Company's results under USGAAP and the below reconciliation, provides useful information about operating and period-over-period performance, and provides additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting and gains or losses related to flight equipment and debt investments. Aircastle Limited and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Reconciliation of Net Income Allocable to Common Shares (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, 2013 June 30, 2013 Weighted-average shares: Shares Percent^(2) Shares Percent^(2) Common shares outstanding – Basic 67,829 99.08% 67,863 99.26% Unvested restricted common shares 631 0.92% 508 0.74% Total weighted-average shares outstanding 68,460 100.00% 68,371 100.00% Net income allocation Net income $32,854 100.00% $55,918 100.00% Distributed and undistributed earnings allocated to unvested (303) (0.92%) (416) restricted shares (0.74%) Earnings available to common shares $32,551 99.08% $55,502 99.26% Adjusted net income allocation Adjusted net income $46,040 100.00% $73,452 100.00% Amounts allocated to unvested restricted shares (425) (0.92%) (546) (0.74%) Amounts allocated to common shares $45,615 99.08% $72,906 99.26% (1) For the three and twelve months ended June 30, 2013 the company had no dilutive shares. (2) Percentages rounded to two decimal places. Aircastle Limited and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures Reconciliation of Net Income Allocable to Common Shares (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, 2012 June 30, 2012 Weighted-average shares: Shares Percent^(2) Shares Percent^(2) Common shares outstanding – Basic 71,723 99.19% 71,710 99.16% Unvested restricted common shares 589 0.81% 610 0.84% Total weighted-average shares 72,312 100.00% 72,320 100.00% outstanding Net income allocation Net income $16,324 100.00% $48,926 100.00% Distributed and undistributed earnings allocated to unvested (133) (0.81%) (412) (0.84%) restricted shares Earnings available to common shares $16,191 99.19% $48,514 99.16% Adjusted net income allocation Adjusted net income $25,756 100.00% $58,128 100.00% Amounts allocated to unvested (210) (0.81%) (490) (0.84%) restricted shares Amounts allocated to common shares $25,546 99.19% $57,638 99.16% (1) For the three and twelve months ended June 30, 2012 the company had no dilutive shares. (2) Percentages rounded to two decimal places. SOURCE Aircastle Limited Website: http://www.aircastle.com
Aircastle Announces Second Quarter 2013 Results
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