Air Lease Corporation posts $7 million net income for 2nd quarter

Air Lease Corporation released the results of its operations for the second quarter ended June 30, 2011. The Company reported consolidated net income of $7.0 million compared to a consolidated net loss of $41.1 million for the three months ended June 30, 2010. The increase in net income for 2011, compared to 2010, was primarily attributable to the acquisition and lease of additional aircraft and the effects of a one-time $35.8 million charge for the amortization of convertible debt discounts recorded during the second quarter of 2010. For the quarter ended June 30, 2011, ALC recorded $74.0 million in rental revenue, which includes overhaul revenue of $2.6 million. For the quarter ended June 30, 2010, we recorded $1.2 million in rental revenue, which includes overhaul revenue of $0.2 million. During the three months ended June 30, 2011, the Company recorded $48.5 million of cash from operations compared to $0.2 million for the three months ended June 30, 2010. ALC added 16 aircraft during the second quarter of 2011 and ended the quarter with 65 aircraft spread across a diverse and balanced customer base of 43 airlines in 26 countries.