AeroCentury reports first quarter net income of $4.1m

AeroCentury, an independent aircraft leasing company, released its operating results for the first quarter ended March 31, 2013. The Company reported net income of $4.1m for the first quarter of 2013, compared to net income of $1.3m for the first quarter of 2012. Total revenues were $12.8m for the first quarter ended March 31, 2013 compared to total revenues of $6.8m for the same period a year ago. The year-to-year increase was primarily due to an increase in maintenance reserves revenue as a result of a one-time payment of $6.5m received from the prior lessee of two of the Company’s aircraft when the leases were assigned to a new lessee in 2012 and recognized as maintenance reserves revenue upon termination of the leases in the first quarter of 2013. Operating lease revenue was lower in the first quarter of 2013 compared to the same period a year ago, primarily as a result of lower portfolio utilization and reduced revenue from assets for which the Company does not record revenue in advance of receipt as a result of substantial uncertainty of collectability. The effect of these decreases was partially offset by increases in operating lease revenue from assets purchased during 2012.