16 May 2014
AeroCentury Corp. (NYSE: ACY) said that effective as of January 1, 2014, it had adopted an alternate method of accounting for non-refundable maintenance reserves and certain lessor maintenance costs. In order to provide a meaningful comparison for first quarter 2014 results, the March 31, 2013 and December 31, 2013 results were calculated as if the new method of accounting were in effect throughout the applicable periods ending on those dates.
The company reported net income of USD0.4m, or USD0.23 per diluted share, for the first quarter of 2014, compared to net income of USD3.8m, or USD2.41 per diluted share, for the first quarter of 2013.
Total revenues were USD8.0m for the first quarter ended March 31, 2014, compared to total revenues of USD12.2m for the same period a year ago.
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.