Genesis Lease Limited announced its financial results for the fourth quarter and year ended December 31, 2007.
For the quarter ended December 31, 2007, rental revenues were $54.9 million, compared to $41.6 million for the same period in 2006, an increase of 31.8%. Net income was $6.4 million, compared to $7.0 million for the same period last year, a decrease of 9.2%. Net income for the quarter includes a charge of $2.9 million ($3.3 million before tax) relating to a proposed transaction that is unlikely to proceed. Excluding this charge, net income increased by 32.2% quarter over quarter. Results for the quarter also include a non-cash charge of $3.2 million recorded under interest expense relating to the amortization of deferred financing costs, which were paid for by our predecessor and deemed to be a capital contribution to the company.
For the year ended December 31, 2007, rental revenues were $181.3 million, compared to $153.2 million for the same period last year, an increase of 18.4%. Net income was $39.2 million, compared to $28.8 million for the same period last year, an increase of 36.2%. Net income for the year includes the aforementioned, charge of $3.3 million incurred in the fourth quarter of 2007. Excluding this charge, net income increased by 46.3% year over year.
