AeroCentury reports third quarter 2012 results

AeroCentury, an independent aircraft leasing company, reported its operating results for the third quarter ended September 30, 2012. The Company reported net income of $1.1m for the third quarter of 2012, compared to a net loss of $0.2m for the third quarter of 2011. The Company reported net income of $3.4m for the nine months ended September 30, 2012, compared to a net loss of $2.7m for the nine months ended September 30, 2011. Total revenues were $7.1m and $21.4m for the third quarter and nine months ended September 30, 2012, respectively, compared with total revenues of $6.2m and $17.9m for the same periods a year ago. The year-to-year increases were primarily due to increases in operating lease revenue and maintenance reserves revenue resulting from higher average utilization of the Company’s asset portfolio in the 2012 periods and revenue from assets that were purchased subsequent to the 2011 periods. In addition, the operating lease revenue and maintenance reserves revenue in the 2011 periods were negatively affected by a write-off in those periods regarding the collectability of certain lease and reserves receivables.