Aircastle reports first quarter 2009 net income of $18.5 million

Aircastle Limited reported first quarter net income of $18.5 million and adjusted net income of $21.1 million. First quarter total revenues were $132.1 million, a decrease of $2.8 million from the first quarter 2008. Lease rental revenue was $126.0 million, down $5.0 million year over year due principally to $7.7 million of revenue downtime in connection with aircraft in transition and freighter conversion and $1.6 million of floating rate lease adjustments, partially offset by the impact of 2008 aircraft acquisitions net of dispositions of $3.4 million and lease rate changes of $0.9 million. End of lease maintenance revenue for the quarter was higher by $6.6 million versus the first quarter 2008 and amortization of net lease discounts and lease incentives was lower by $3.8 million versus the first quarter 2008.