AeroCentury reports third quarter 2013 net loss of $0.3m

AeroCentury, an independent aircraft leasing company, reported its operating results for the third quarter ended September 30, 2013. The Company reported a net loss of $0.3 million for the third quarter of 2013, compared to net income of $1.1m for the third quarter of 2012. The Company reported net income of $4.6m for the nine months ended September 30, 2013, compared to net income of $3.4m for the nine months ended September 30, 2012. Total revenues were $6.9m and $27.0m for the third quarter and nine months ended September 30, 2013, respectively, compared to total revenues of $7.1m and $21.4m, respectively, for the same periods a year ago. Operating lease revenue was lower in the third quarter and first nine months of 2013 compared to the same periods a year ago primarily as a result of lower portfolio utilization and reduced revenue for assets for which the Company does not record revenue in advance of cash receipt as a result of substantial uncertainty of collectability. The effects of these decreases were partially offset by increases in operating lease revenue from assets purchased during 2012 and 2013.