AeroCentury posts lower net income for Q2

California-based aircraft leasing company AeroCentury Corp (NYSE: ACY) reported net income of USD 0.9m or USD 0.57 per diluted share for Q2 ´13 compared to net income of USD 1.0m or USD 0.61 per diluted share for Q2 ´12.

The company reported net income of USD 5.0m or USD 3.12 per diluted share for the six months ended June 30, 2013, compared to net income of USD 2.3m or USD 1.47 per diluted share, for the six months ended June 30, 2012.

Total revenues were USD 7.2m and USD 20.0m for Q2 ´13 and six months ended June 30, 2013, respectively, compared to total revenues of USD 7.5m and USD 14.3m, respectively, for the same periods a year ago.

Operating lease revenue was lower in the second quarter and first six months of 2013 compared to the same periods a year ago primarily as a result of lower portfolio utilization and reduced revenue for assets for which the company does not record revenue in advance of cash receipt as a result of substantial uncertainty of collectability.

The effects of these decreases were partially offset by increases in operating lease revenue from assets purchased during 2012, the firm said.

AeroCentury is an aircraft operating lessor and finance company specialising in leasing regional aircraft and engines utilising triple net leases. The company´s aircraft and engines are leased to regional airlines and commercial users worldwide.

Find out more at www.aerocentury.com.

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