B&B Air’s net income for the fourth quarter of 2009 was $13.7 million compared to $9.4 million in the same period in the preceding year. The fourth quarter 2009 result includes a pre-tax gain of $12.5 million from purchasing $25.0 million principal amount of notes payable for $12.0 million. The 2008 result included a gain of $6.5 million from the sale of an aircraft.
Net income for the year ended December 31, 2009 were $89.1 million compared to $48.1 million in 2008. The 2009 results include a pre-tax gain of $82.7 million from the purchases of approximately $170 million principal amount of notes payable and a gain of $8.3 million from a lease termination settlement. The 2009 results also include amortization expense of $6.1 million associated with options to purchase $100.0 million principal amount of notes at a discount. The 2008 results included $11.7 million of end of lease revenue and gains of $11.4 million from the sale of two aircraft, neither of which are present in the 2009 results.
