AeroCentury reports first quarter 2012 results

AeroCentury, an independent aircraft leasing company, reported its operating results for the first quarter ended March 31, 2012. The Company reported net income of $1.3m for the first quarter of 2012, compared to a net loss of $2.3m for the first quarter of 2011. Total revenues were $6.8m for the first quarter ended March 31, 2012 compared with total revenues of $4.9m for the same period a year ago. The $1.9m increase was primarily due to increases of $1.7m and $0.3m in operating lease revenue and maintenance reserves revenue, respectively, resulting from higher average utilization of the Company’s asset portfolio in the 2012 period. Total expenses decreased by approximately $3.6m in the first quarter of 2012 as compared to the same period in 2011, resulting primarily from a year-over-year decrease in maintenance expense. During the 2011 period, the Company incurred significant maintenance expense, funded by non-refundable maintenance reserves, on aircraft returned to the Company during 2010.