Air Lease Corporation reports third consecutive quarter of profitability growth

For the three months ended September 30, 2011, Air Lease Corporation reported consolidated net income of $18.3m, compared to a consolidated net loss of $7.7m for the three months ended September 30, 2010. The increase in net income for 2011, compared to 2010, was primarily attributable to the acquisition and lease of additional aircraft. For the quarter ended September 30, 2011, the company recorded $90.5m in rental revenue, which includes overhaul revenue of $3.3m. For the quarter ended September 30, 2010, we recorded $19.1 million in rental revenue, which includes overhaul revenue of $1.6 million. The increase in rental revenue for the three months ended September 30, 2011, compared to 2010, was attributable to the acquisition and lease of additional aircraft. The full impact on rental revenue for aircraft acquired during the quarter will be reflected in subsequent periods.