AeroCentury earns US$6.4m in 2015

AeroCentury, an independent aircraft leasing company, reported earnings totaling US$3.1m in the fourth quarter of 2015, compared to US$1.3m in the third quarter of 2015, and $0.5 million in the fourth quarter of 2014. The fourth quarter 2015 results reflect increased lease revenue due to improved utilization and higher gains from sales of aircraft. Net income increased to US$6.4m for the full year in 2015, compared to a net loss of US$11.3m for 2014. The 2014 results included US$18.7m of non-cash pre-tax write-downs on older equipment. During the fourth quarter of 2015, the Company sold three aircraft for cash, which generated gains totaling US$6.3m. For all of 2015, the Company recorded gains totaling US$12.0m for the sale of nine aircraft, including five pursuant to sales-type finance leases. Average utilization improved to 96% in the fourth quarter compared to 94% in the third quarter and 88% in the year-ago quarter. For the full years of 2015 and 2014, utilization was 92% and 82%, respectively.