AeroCentury reports profitable first quarter 2015

AeroCentury, an independent aircraft leasing company, reported its unaudited operating results for the first quarter ended March 31, 2015. In the first quarter of 2015, net income was US$0.8m compared to net income of US$0.4m for the first quarter of 2014. Total revenues were US$8.6m for the first quarter ended March 31st, 2015, compared to total revenues of US$8.0m for the same period a year ago. Operating lease revenues increased 10% in the first quarter of 2015 compared to the same period a year ago primarily because of operating lease revenue from aircraft purchased during 2014. The effect of these increases was partially offset by the effect of assets that were on lease in the 2014 period but off lease in the 2015 period and asset sales during 2014. Total expenses were approximately the same in the first quarter of 2015 as compared to the same period in 2014. Depreciation increased 25% in the first quarter of 2015 compared to the same period a year ago, primarily as a result of asset purchases in 2014. Interest expense increased 44% in the 2015 period, primarily as a result of increased amortization of debt issuance costs. Maintenance costs on the Company’s off lease aircraft decreased 41% in the first quarter of 2015 period compared to the same period of 2014, as a result of lower expense to prepare aircraft for re-lease.