Aircastle Limited – AYR – 25th consecutive quarterly dividend declared by Aircastle’s Board of Directors

Aircastle Limited (NYSE: AYR) reported second quarter 2012 net income of $16.3 million, or $0.23 per diluted common share, and adjusted net income of $25.8 million, or $0.36 per diluted common share.  The second quarter results included lease rental revenues of $153.6 million versus $143.4 million in the second quarter of 2011.

AYR – Highlights

• Lease rental revenue of $153.6 million and EBITDA of $146.8 million
• Net income of $16.3 million, or $0.23 per diluted common share
• Adjusted net income of $25.8 million, or $0.36 per diluted common share
• Invested $490 million to date in 2012 and signed commitments for more than $200 million in additional aircraft investments
• Issued $800 million of unsecured notes and repaid Term Financing No. 1, increasing our unencumbered asset base to $2.0 billion
• Fleet utilization was 98% while our aircraft portfolio yield remained at 14%
• 25th consecutive quarterly dividend declared by Aircastle’s Board of Directors

Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated: “We are executing our business plan effectively.  During the second quarter, we were very successful in acquiring attractive investments as shrinking bank market capacity is making it more difficult for many of our competitors to source financing.  At the same time and in conjunction with the issuance of $800 million in unsecured notes, we increased our unencumbered asset base to $2.0 billion, or 42% of our fleet, enhancing our profile with capital markets investors.  Operationally, we are continuing to manage our portfolio well and have made good progress with lease placements despite challenging market conditions.”

AYR – Second Quarter Results

Lease rental revenues for the second quarter were $153.6 million, up $10.3 million, or 7%, year over year, due primarily to an increase of $27.0 million from aircraft acquisitions, partially offset by lower revenues from aircraft sold of $8.5 million and lease extensions, transitions and terminations of $8.2 million.

Total revenues for the second quarter were $172.2 million, an increase of $23.3 million, or 16%, versus the previous year.  This increase primarily reflects higher lease rental revenue as discussed above, as well as $5.4 million of higher maintenance revenues and $5.1 million of lower amortization of net lease premiums, discounts and incentives.

About Aircastle Limited – AYR

Aircastle Limited (AYR ) is a global company that acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world.  As of June 30, 2012, AYR ‘s aircraft portfolio consisted of 155 aircraft on lease with 67 customers located in 36 countries.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.