Operating lease revenue for the first quarter of 2009 was $53.4 million compared to $48.4 million in the same period of the previous year, an increase of $5.0 million, or 10%. The increase is principally due to the acquisition of aircraft. First quarter 2008 revenue included $3.2 million of end of lease revenue and $2.4 million of financing lease income, neither of which were earned in 2009. Interest and other income was $0.2 million in the first quarter of 2009 compared to $1.1 million in the first quarter of 2008.
B&B Air’s net income for the first quarter of 2009 were $47.0 million to $11.7 million in the same period in the preceding year. The first quarter 2009 result includes a $49.0 million gain, before associated income tax, from purchasing $100 million principal amount of notes payable for $48.7 million and $6.5 million representing a partial settlement in respect of aircraft repossessed in a prior period.